The Business Bulletin

This week, let's take a look at mastermind groups and your core values.

If you're interested in taking part in a mastermind group, get in touch. There is one starting soon with up to 6 small business owners. A great opportunity to get involved and to share and learn from others.

With regard to core values - is this something you have considered and do they feature in your own personal and/or business aspirations? I think it's important to have them as part of the foundation for your business. When rebranding to The Business Community, it was a journey that was part of the overall process to establish the core values for the business - take a look at what we came up with .

Too many cooks? Who should join a mastermind group and what size is the best fit?

Mastermind groups have been around for quite some time now and a lot of businesses benefit from them. However, many businesses also don’t use them and seem to manage just fine. So, who will benefit from one and what size is the optimal group?

Benefits of a mastermind group

I am sure, since you are taking the time to read this article, that you have already done the research into what a mastermind is and what the main benefits of being in one are. Just for completeness though let’s just run back over it.

A mastermind usually consists of a small group of business people who come together on a regular basis to share ideas, advice and guidance. They support each other by creating a kind of ‘hive mind’ situation with the intention of helping each other thrive. Instead of working the vacuum of your own business you have the opportunity to mix with others, swap good practice and mutually develop. At the meetings you will take part in what is effectively a communal support and development group.

Read more about the benefits of a mastermind group .

Call to Action: Have you ever been part of a mastermind group or similar? What was your experience? Did it work for you? Feel free to share your thoughts.

What are your core values?

Along with your vision and mission statements, do you have (and share) your company core values? It is worth thinking about having some as they can form the foundations of how you go about your day-to-day business dealings; almost a set of rules to guide you, your employees, your stakeholders and your customers.

Exploring this and establishing these values help align your company, ensuring that you reach your objectives and these set of beliefs can define how a team works together.

Sometimes it could be a list of single words e.g. honesty, integrity, accountability, respect, trust or simplicity. Or maybe phrases that encapsulate your values (see Google’s below). They should be specific to your organisation and, in some ways, may help distinguish you from your competition.

Once you have them in place, you should publish them so anyone associated with your business is aware of what your guiding principles are. You should consider how these values show up in your workplace because there is no point having them and not running your business in line with them.

Find out about Google's core values .

Call to Action: Why not share some of the core values for you/your business?

Top Tips

If you're considering joining a mastermind group, here are some pointers to help you with that decision:

1. Aligned Objectives: Ensure the group's goals resonate with your personal and professional aspirations.
2. Diversity in Expertise: Opt for a group with a mix of backgrounds to enrich discussions and foster creativity.
3. Commitment Level: Look for a group where every member is dedicated to consistent attendance and active participation.
4. Size of the Group: Aim for groups of 6-10 members for a balance between diverse opinions and intimate interactions.
5. Ground Rules and Structure: Before joining, assess the group's operational guidelines to gauge its efficiency.

Tools & Resources

Struggling with your core values, maybe some of the following may help?

1. The Values Deck : A deck of cards, each featuring a different value, can be used in team workshops. Team members can pick cards that resonate with them, facilitating a discussion around shared values.
2. Culture Mapping Tool : This tool can help you visualise and design organisational culture, providing a clear picture of current values and helping identify desired ones.
3. Brainstorming & Mind Mapping Tools: Software like Miro or MindMeister allows teams to collaborate in real-time, visualising and discussing potential core values.

If you've found this useful, then share the newsletter to your networks, like, comment or all three!

Until next time...