Friday, 21 September 2012

Mastermind Results - 2012




While I do not want to write a piece of blatant self-publicity, I do want to share some of the results we have had from working with Mastermind groups. People always ask how these groups do so it seemed appropriate to try to ‘fill in some of the blanks’.

Mastermind groups are pretty trendy right now. The phrase ‘mastermind’ covers everything from a bunch of people talking around a table to highly structured and long term programmes.

Believe it or not, I have been running masterminds since 1995 and they have mostly been of the latter variety – relatively structured, relatively long-term.

While the benefits listed will vary from delegate to delegate, they usually include some combination of “achieve their goals faster”, “be part of a club that understands them”, where they can “share their dreams and their fears”, where they can “learn from the expert”, where they are “working with other people facing similar challenges”. 

Every person’s reason for signing up is different. The soft, less measurable benefits most often quoted are focus, direction, motivation and accountability. But what of the hard measurables?

This year’s results
What is not in dispute is the results. The 2012 group has just come to a close and the real results are just starting to flow in: savings of £24k from applying one idea, additional savings of another £25k from another idea… for one business. Potentially doubling turnover for another. Cumulative results make little sense right now because some businesses have made tremendous short-term progress while others will see the real bottom line benefits next year.

Maybe it is more useful to step back and look at the longer term.


Results: in the long run
To check out the long-run effects, I have just traced a series of mastermind clients from some ten years ago. It makes fascinating reading.

Some harder numbers:
I chose to chase up a typical group of entrepreneur and business owners that I had worked with in 2001. The eight businesses had an average turnover of £1.2million; they varied between £50k and £3m turnovers. They worked with me over the year, coming together in what would now be called a Mastermind Group, to explore and develop their businesses. And what became of them?

Well, the results were almost too good to be true (but I think I can explain that). Depending on how you measure "current business activity" (because of acquisitions, mergers etc), the average £1.2m p.a. turnover is now between £3.5m and £13m.

All are still trading in one form or another. They have gone on to achieve:
• Sales in excess of £500 million 
• One business sold for in excess of £20million
• One business the subject of a full management buy-out in excess of £10million
• One business owner able to retire aged 42 and hand over the business to a management team.

On average, the long-term performance of these businesses has more than outperformed the market.

However, the stats do not tell the whole story.

In the interests of honesty we are not doing what the scientists call a fair test.

In reality, the businesses may have blossomed with or without the programme.

Maybe the programme just attracts high-performers. We need to be a little careful when bandying around these statistics.

Anyhow, what we can say is that those who choose to attend such programmes achieve above-average performance.


So, the question is:
Do you want to be part of that crowd?

More…
You can find out more at http://robert-craven.com/mastermind.php.


Final Thoughts
The return on investment for the latest programme is running well in excess of 100%.  The actual number appears to be considerably larger! There aren’t many programmes that offer that!
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