Set Up a Mastermind Group B2B Peer Advisory Board

A B2B peer group is sometimes also called a Mastermind Group. It is a small group of people, from the same field or business background; they meet regularly to exchange ideas and brainstorm.

What is a B2B Peer Group?

A B2B peer group is sometimes also called a Mastermind Group. It is a small group of people, from the same field or business background; they meet regularly to exchange ideas and brainstorm. They also challenge each other to achieve new goals and give support in times of need. You can harness the power of the inner dynamics of a small group to foster creativity and to realize your full potential.

Who Should Be in a Group?

A Peer Group, as the name suggests, consists of people who have similar interests, skills and success levels. They also want to make changes and drive themselves to success, need a supportive group or a team of partners, want to reach and exceed goals, and are ready to let their desire to succeed overcome all fears of change.

Some mastermind groups may be created by a professional organizer whose job is to bring strangers together and create a peer group, based on some preset criteria. In this kind of group, the participants do not know each other beforehand. They would simply pay their fees and let the organizer set up the meetings and maybe even manage them. However, Napoleon Hill’s theory (of “Think and Grow Rich” fame) was that the success of the mastermind group depends mainly on the relationship between the members.

Another kind of peer group, the CEO Peer Group, is also organized by professional facilitators. It differs, in important ways, from the organizer created groups. In this kind of group, the organizers are already very successful and have acquired a license or franchise with many resources for the people who will be members of their various peer groups. These groups require substantial investments of both time and money, costing $1,000 per month upwards.

The 21st Century B2B Peer Group

Typically, a B2B Peer Group operates twenty-four hours of every day, defeating time and distance and eliminating a large part of the cost. They can also include people with whom it was thought to be impossible to collaborate and communicate with regularly. They use technology, the phone, private Internet discussion groups, and so on, so that time and distance do not matter. They eliminate “dead time” and include others from similar industries even if they are halfway around the world.

How Does a Peer Group Help Business?

A peer group brings a synergy of energy, a sense of commitment, and the excitement that participants bring to it. Generally, the participants challenge each other to reach and exceed goals, brainstorm, and support each other. Participants usually act as catalysts for common growth, help solve problems, and provide support. They provide feedback, help with the brainstorming of new possibilities, and set up accountability structures, which keeps them focused. Everyone benefits from the level of experience, skill and confidence.

Peer Groups are extremely successful because you can learn the most from people in the same field, with similar problems. In this way, B2B Peer Groups can be used as yet another tool to grow and expand your business.

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