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The Power of Masterminds: How Quarterly Strategy Sessions Can Transform Your Business · The Boujee Multipreneur

• 0:16
  SPEAKER_00: Hi, welcome back to the Bougie Multipreneur, where we talk about building bold businesses and beautiful lives, right?
• 0:24
  SPEAKER_00: Well, I'm Dr.
• 0:24
  SPEAKER_00: Hillary, and today I want to talk about one of my favorite growth tools, masterminds.
• 0:31
  SPEAKER_00: So when I say masterminds, I don't mean a super formal room like where you're spending a lot of money on a pricey coaching group or something that you're buying into because it could be really simple as like you just sitting down one-on-one with an employee or with your team, or maybe it's a once a quarter.
• 0:49
  SPEAKER_00: Also, I've also done this with business owners or other like friends that have businesses, and we can share ideas and like things that are going well, um, things that are challenging us and just some overall wins.
• 1:04
  SPEAKER_00: So mastermind can be a lot of things, really.
• 1:07
  SPEAKER_00: The great thing about a mastermind is that you have like the collaboration of people and ideas, but then you can get accountability from them and a different perspective because sometimes we're just like tunnel visioned into certain things, and it might be a different business owner from a totally different business than yours that gives you some great ideas.
• 1:28
  SPEAKER_00: Um, they're flexible to do.
• 1:30
  SPEAKER_00: You know, you can pick your days and your times, and you can pick them in, you know, a weekend, or hopefully not have to take off a lot of time for this, but let's talk about you know what really is a mastermind in case some someone's never done a mastermind, or maybe you've been to one and you didn't know really what it was.
• 1:47
  SPEAKER_00: Um, it's just where it's structured, there's an outline where we come together and we have ideas, but we solve problems and then support each other.
• 1:58
  SPEAKER_00: So you bring to these meetings your challenges, the wins, and then you sit around and you discuss, and usually one person goes first.
• 2:08
  SPEAKER_00: Um, if you um are in a team, then make sure you get everyone to talk on the team too, right?
• 2:17
  SPEAKER_00: So it's like vision for the future, then there's the strategy.
• 2:21
  SPEAKER_00: Like, how are we going to accomplish this for the future?
• 2:24
  SPEAKER_00: And then the problem solving as to like, well, what are gonna be some obstacles?
• 2:29
  SPEAKER_00: Like, what do we know in the past that have been obstacles?
• 2:31
  SPEAKER_00: And then what are we going to fix now so it isn't an obstacle this year?
• 2:36
  SPEAKER_00: So you might think mastermind for the new year, perhaps.
• 2:39
  SPEAKER_00: But what if you're masterminding just for a quarter?
• 2:42
  SPEAKER_00: Um, I like quarterly, but the yearly one is great if you just want to get it over with and you're gonna push through a day or a day and a half of like, let's just sit down and get through this all, have the year planned out, mapped.
• 2:56
  SPEAKER_00: That's also wonderful, too.
• 2:58
  SPEAKER_00: I've done that several different ways too.
• 3:01
  SPEAKER_00: So again, you could do one-on-one, like let's say you are the business owner and you have one employee.
• 3:07
  SPEAKER_00: Still you can do this, or you're a business owner and you have several employees.
• 3:11
  SPEAKER_00: Great.
• 3:12
  SPEAKER_00: You can decide if you want to like just do you and your your right-handed man slash woman, you know, your office manager, your only friend des person, or do you want everyone or just a few of like the key staff members?
• 3:26
  SPEAKER_00: You can decide how you want to do it.
• 3:28
  SPEAKER_00: It just keeps everyone's focused and then connected to the big picture, like let's say it's the new year coming up and what the business is all about, what are the goals?
• 3:38
  SPEAKER_00: And it really brings people together.
• 3:41
  SPEAKER_00: So, you know, everyone, like if we're doing it quarterly, you're getting out of like your daily life from the office, you're you're sitting down and you're envisioning the future, right?
• 3:52
  SPEAKER_00: You get new ideas, but it also really helps with team building and unity.
• 3:57
  SPEAKER_00: You could add in some like team building stuff.
• 3:59
  SPEAKER_00: Um, I like to mix it up a little bit and add some fun parts to it.
• 4:03
  SPEAKER_00: You could do like some cute little games or like a little craft, or you go somewhere and you all get massages and then you come back and you finish it up, you get lunch or dinner, something like that.
• 4:14
  SPEAKER_00: Um, but one of my favorites is sitting down with other business owners because you get so many different viewpoints.
• 4:23
  SPEAKER_00: And although I like to think I think differently and I can think of other viewpoints, it's so different.
• 4:29
  SPEAKER_00: You feel very like tunnel vision.
• 4:31
  SPEAKER_00: Like, let's say um I'm talking about my chiropractic offices, and I'm not thinking about a different way to do things, whereas like maybe my photographer friend would think about something totally different.
• 4:43
  SPEAKER_00: Like, oh, I never thought of it that way.
• 4:46
  SPEAKER_00: And I love that idea.
• 4:48
  SPEAKER_00: So getting together with other business owners, um, ideally, like if you guys had similar clientele or patients, that way um they would have some of the same viewpoints.
• 5:00
  SPEAKER_00: For instance, here's what wouldn't work me sitting down with someone that works um with uh a population that's unemployed.
• 5:09
  SPEAKER_00: It's like that's not gonna really help me as much because though they're not my ideal clients.
• 5:14
  SPEAKER_00: Um, so think about too, like the different industries and friends that maybe you admire their business and you guys want to get together.
• 5:23
  SPEAKER_00: Um, but also these people they could hold you accountable.
• 5:27
  SPEAKER_00: You could have like accountability groups with them after that, or maybe you check in with each other um every month or once a week or something like that, and say, like, hey, Hillary, did you do X, Y, and Z like we talked about?
• 5:39
  SPEAKER_00: And I'll be like, dang it, I haven't done it yet.
• 5:41
  SPEAKER_00: I'm going to do it right now.
• 5:43
  SPEAKER_00: And so that's fun just to like give each other a little hard time about it too, right?
• 5:47
  SPEAKER_00: You know, but then by doing this, there's a good chance too that you could form like a partnership with some of the other people in the group or a collaboration that you never thought of.
• 5:58
  SPEAKER_00: But once you guys start talking about ideas and building the business, et cetera, you might be like, hey, we could collab with this, or like we could do an event together, or we could have a package that works together, something like that.
• 6:10
  SPEAKER_00: Like, you never know.
• 6:11
  SPEAKER_00: Just kind of go out there and see who you can work with, really.
• 6:17
  SPEAKER_00: So when people ask me, uh, like, well, how often should I do a mastermind?
• 6:24
  SPEAKER_00: I like it quarterly because like I'll remember things.
• 6:29
  SPEAKER_00: You can stay on track, right?
• 6:31
  SPEAKER_00: It's not so frequent, like I'm like, oh, it's another week again, we're doing this again, aren't we?
• 6:37
  SPEAKER_00: Or it's every month we're doing this.
• 6:38
  SPEAKER_00: It seems like we just did this last month.
• 6:41
  SPEAKER_00: Um, when it's overwhelming like that, people don't show up, right?
• 6:45
  SPEAKER_00: Like, let's say you're with business owners, something's gonna come up, right?
• 6:49
  SPEAKER_00: So quarterly would be great.
• 6:51
  SPEAKER_00: I mean, heck, if you could only do it once a year, I think that would be great too.
• 6:56
  SPEAKER_00: Um, but you know, what I would do is, and I've done before, go somewhere outside of your normal business setting.
• 7:04
  SPEAKER_00: For instance, one time I rented an Airbnb that was big enough where we could sit around.
• 7:09
  SPEAKER_00: We sat outside for a while on the back porch.
• 7:11
  SPEAKER_00: We we sat inside, we had food there so that we we could make our lunches and stuff like that.
• 7:17
  SPEAKER_00: Um, it's just nice to get out of the normal workplace environment, just sit on the couches if we want to and relax, be in comfy clothes.
• 7:26
  SPEAKER_00: Uh, so think about the environment too.
• 7:28
  SPEAKER_00: Try to get away from your normal environment and then start with like a quick check-in of like where you are, what's what's working for you at the office, what's what's been challenging, and kind of what you're excited about.
• 7:41
  SPEAKER_00: Then what I would do is like a hot seat time where one person can like share something that is a challenge or an opportunity that they have that they want to hear like some more ideas about, and then the whole group can brainstorm the solution.
• 7:56
  SPEAKER_00: And that's really exciting, and that's what I'm talking about when you're with other business owners, especially where you guys can really like throw out ideas into things maybe you've never even considered or thought of.
• 8:08
  SPEAKER_00: You could do something even like educational or inspirational, like you could have someone come and talk to your mastermind.
• 8:15
  SPEAKER_00: Um, one time we did a uh Reiki session and we just kind of tried to clear energy and ground us and keep our minds open for possibilities.
• 8:26
  SPEAKER_00: So that was kind of fun and different, right?
• 8:29
  SPEAKER_00: Um, but in the end, everyone's gonna have like a couple things like to do, some clear takeaways, and then the action steps because it's one thing just to be a visionary, uh, but you need the action steps, you need to implement this things.
• 8:44
  SPEAKER_00: I feel like personally, I'm a visionary, but I do love action steps and accountability.
• 8:51
  SPEAKER_00: And sometimes I'm not the one doing the action steps, but I will delegate that to someone else to do.
• 8:58
  SPEAKER_00: So when you get a whole bunch of visionaries together, make sure someone is doing some delegation to them.
• 9:04
  SPEAKER_00: But when you do some accountability, you could, you know, say, like, hey, last quarter or last year when we did this mastermind, did you hit your goals that you wanted to hit?
• 9:17
  SPEAKER_00: Right.
• 9:17
  SPEAKER_00: And then talk about that, why or why not?
• 9:20
  SPEAKER_00: You could do some problem solving is like what is the biggest challenge you're facing right now, and then just go around the room and listen to these challenges, you know, um, or some opportunities.
• 9:32
  SPEAKER_00: Someone might have some really big wins, and you know, we need to celebrate the wins.
• 9:36
  SPEAKER_00: I am so bad at celebrating wins, to be honest.
• 9:41
  SPEAKER_00: I always am like excited when I hit my goals or something exciting happens, you know, like a patient, you know, they're walking again.
• 9:50
  SPEAKER_00: I'm I am so happy that I was able to help them and you know change their lives, but then that's it.
• 9:55
  SPEAKER_00: It just like goes away for me.
• 9:56
  SPEAKER_00: I don't really celebrate it afterwards.
• 9:59
  SPEAKER_00: Um, and I know that is a fault of mine.
• 10:02
  SPEAKER_00: So maybe put that up in the um itinerary in the agenda for your mastermind is to actually celebrate each other's like big wins that they had because it is important, right?
• 10:14
  SPEAKER_00: Um, and I know with like a lot of my groups, we talk about like how it is as a mom where we're balancing our work and our life.
• 10:21
  SPEAKER_00: Uh, and it's just it's a lot of different things, right?
• 10:25
  SPEAKER_00: But when within those masterminds with these women, I've learned different things like, well, maybe you need a house manager, maybe you need a nanny, maybe you need someone that you know meal preps all your food.
• 10:37
  SPEAKER_00: It's just like these little ideas, like, like, oh, you don't have anyone that picks up your laundry and does your laundry for you.
• 10:43
  SPEAKER_00: And I'm like, I never even thought this existed, right?
• 10:47
  SPEAKER_00: Some things, I swear, you just don't know.
• 10:49
  SPEAKER_00: And if someone's like, well, why not do this?
• 10:51
  SPEAKER_00: And you're like, oh, I just didn't know to think to that I needed that.
• 10:56
  SPEAKER_00: Who should I use?
• 10:58
  SPEAKER_00: So you know, you can get a lot of like help with like the personal aspect too, because honestly, your personal life is directly tied to your business life.
• 11:07
  SPEAKER_00: And when one's up, the other's up, and when one's down, a lot of times the other one's down too.
• 11:13
  SPEAKER_00: So, really to watch that that balance, really, you know.
• 11:17
  SPEAKER_00: And then let's say you want to mastermind about like a new idea or a new product or a new strategy, and you want to test it out and you want to bring it to this mastermind group instead of publishing it right away or doing it, you know, the product right away.
• 11:33
  SPEAKER_00: That that's something too that you could do with a mastermind.
• 11:36
  SPEAKER_00: And maybe that's something you do when you're on the hot seat, so to speak, when you have your time, and maybe your time's a half hour or an hour, whatever, but you get a time to talk about it and then you get ideas directly back, and it's all focused directly on you.
• 11:51
  SPEAKER_00: Um, and that is that's a great way to do a mastermind.
• 11:55
  SPEAKER_00: So let's think about you're thinking about a mastermind, and um, now what?
• 12:01
  SPEAKER_00: You know, get your people, get the type of group that you want, get the location, and then think about some topics that you want to talk about in the mastermind.
• 12:10
  SPEAKER_00: Um come with an agenda, don't just be like to your team, well, we need to do better next year.
• 12:16
  SPEAKER_00: What are we gonna do to do better?
• 12:17
  SPEAKER_00: Right.
• 12:18
  SPEAKER_00: Um, but it might be something as scaling and hiring, you know, how are we gonna bring on the right people at the right time?
• 12:26
  SPEAKER_00: And when is that time?
• 12:28
  SPEAKER_00: And get some ideas from other people or marketing, what's working right now on social media?
• 12:34
  SPEAKER_00: What's not working, or what's something new we should try?
• 12:37
  SPEAKER_00: Has anyone tried anything new?
• 12:38
  SPEAKER_00: And just hearing, you know, some real life stories about that.
• 12:42
  SPEAKER_00: And then how about this?
• 12:44
  SPEAKER_00: Profitability.
• 12:45
  SPEAKER_00: We talk about this a lot in groups that I'm in with my friends.
• 12:48
  SPEAKER_00: Like, are you charging enough?
• 12:50
  SPEAKER_00: You know, if if not, um your overhead is just you're not gonna make it.
• 12:57
  SPEAKER_00: And um, if you are an employer and you have employees, you need to make enough to support everyone and yourself.
• 13:04
  SPEAKER_00: Like you shouldn't be not taking a paycheck home because you actually aren't charging enough and your overhead's too high.
• 13:12
  SPEAKER_00: So, where are these expenses?
• 13:14
  SPEAKER_00: Like, how often do you look at your expenses?
• 13:16
  SPEAKER_00: I look at mine honestly every month.
• 13:18
  SPEAKER_00: And I look at the credit card statement and I think, do I need all of these subscriptions?
• 13:23
  SPEAKER_00: What can I what can I, you know, shave off the top a little bit?
• 13:29
  SPEAKER_00: You could do a topic such as like time management, how you are going to work smarter and not harder, right?
• 13:36
  SPEAKER_00: In your business.
• 13:38
  SPEAKER_00: Maybe you can get ideas from other people in the mastermind group.
• 13:41
  SPEAKER_00: And let's say, like, for my um chiropractic office, we might talk about time management as far as like how are we gonna work smarter and not harder?
• 13:50
  SPEAKER_00: Or are we duplicating something?
• 13:52
  SPEAKER_00: Are two people doing the same task that don't really need to be doing two people on it?
• 13:57
  SPEAKER_00: Just some thoughts.
• 13:59
  SPEAKER_00: And then even like customer experience.
• 14:02
  SPEAKER_00: I feel like that's a big thing right now because so many people are buying and doing things online that maybe aren't having like that direct face customer experience.
• 14:12
  SPEAKER_00: But what are we doing to really wow our clients and then also keep them loyal if that's the type of industry you're in?
• 14:19
  SPEAKER_00: But like with chiropractic, like I do want to wow my patients and I want it to keep them, like I don't want them to go anywhere else.
• 14:28
  SPEAKER_00: Um, so the customer experience, um, even like new products, new services, what's something you want to do?
• 14:36
  SPEAKER_00: Like in my chiropractic office, we do a lot of events in the community.
• 14:40
  SPEAKER_00: So we talk a lot about that in our um team masterminds as far as what are we gonna do this year, what worked last year, what didn't, any ideas?
• 14:49
  SPEAKER_00: Have you guys heard of anything new?
• 14:51
  SPEAKER_00: Like anything like that?
• 14:53
  SPEAKER_00: Let's do some research for about 15 minutes online and see if we can come up with any other ideas.
• 14:58
  SPEAKER_00: Um, and it doesn't have to be like 12 hours of a mastermind.
• 15:02
  SPEAKER_00: I know I gave you a lot of topics, but it's not necessarily meant to do all those topics, you know.
• 15:08
  SPEAKER_00: Um, you can pick one or two and just keep going.
• 15:12
  SPEAKER_00: So, my challenge for you in the next 30 days, kind of schedule your first mastermind.
• 15:19
  SPEAKER_00: Put it on the schedule, right?
• 15:21
  SPEAKER_00: It doesn't have to be big and complicated, you don't even have to go anywhere expensive.
• 15:27
  SPEAKER_00: You could just do yourself and one employee or just you and one other business owner, and then just commit to doing it every quarter.
• 15:35
  SPEAKER_00: I think once you start doing it, you'll like it.
• 15:38
  SPEAKER_00: Um, and in that case too, if you've ever done a mastermind and you didn't like it, now you know what to fix and what to change, right?
• 15:46
  SPEAKER_00: Do it differently.
• 15:47
  SPEAKER_00: It doesn't have to be the same all the time.
• 15:49
  SPEAKER_00: But I think that you'll see how like the progress you get when you collaborate with a mastermind and how things become clear and like the team will work together more, especially if it's like your own business team.
• 16:01
  SPEAKER_00: Um, and they're excited, right, about these conversations and that they've given inputs and they feel heard.
• 16:08
  SPEAKER_00: Um, so I like to say that like multipreneurs, they we just don't grow by accident.
• 16:15
  SPEAKER_00: It's specific, it's a design.
• 16:17
  SPEAKER_00: The masterminds are a really great tool to keep us like aligned, focused, right?
• 16:23
  SPEAKER_00: Uh creative enough to, but we need the accountability.
• 16:27
  SPEAKER_00: It's one thing just to be a visionary, you need to implement and be accountable to.
• 16:31
  SPEAKER_00: And that's why doing these masterminds are great.
• 16:34
  SPEAKER_00: Especially if you don't have a business coach, you definitely need to be doing masterminds because you got to get that accountability.
• 16:41
  SPEAKER_00: I mean, we we are our own worst critics sometimes, but um, if you have any questions, please reach out to me.
• 16:49
  SPEAKER_00: I am on all the social medias, I do business coaching, I can help you through creating your mastermind.
• 16:55
  SPEAKER_00: I've ran a mastermind for my clients before and been there and done it.
• 16:59
  SPEAKER_00: I've hosted my own.
• 17:01
  SPEAKER_00: I have a lot of fun ideas.
• 17:02
  SPEAKER_00: I just didn't want to bore you guys with all the details and all my masterminds.
• 17:07
  SPEAKER_00: I just want to say book it, do it, plan it, and enjoy it.
• 17:12
  SPEAKER_00: Make some money.