Blog Post #11 THE STRUCTURED MASTERMIND GROUPS: MAXIMUM ACCOUNTABILITY

 THE STRUCTURED MASTERMIND GROUPS: MAXIMUM ACCOUNTABILITY

JB:  So this all sounds really good, but here’s the big question.  How do you manage, track and keep the whole thing going?  

MM:  That’s the part that is really unique.  All of these actions are managed in the Core7 structured Mastermind groups.  

 JB:  So that’s where the accountability comes in, right?  So, how are these groups structured?  Can you give us some feedback on that?

 MM:  Yeah.  The Core7 groups meet three times a month. One is with all seven members, and then there are two that are broken into smaller groups that we call the One-on-One Partnership Planning Sessions. Each meeting has a pre-planned Agenda equipped with step-bystep discussion topics and lessons designed to generate business in a predictable, trackable way.  

 JB:  So that’s great.  I’ve been part of networking groups where they really turn into coffee breaks and you are just talking about your families and whatever else.  To have these Agendas and set goals, it’s incredibly effective.       

MM:  Yeah it keeps everybody on point and it gives a specific action that is going to make sense and a predictable outcome will happen.  

 JB:  That sounds good.  So let’s talk a little more about how the One-on-Ones are structured. I know that the meetings are staggered monthly, there’s one group meeting and two One-on One meetings, but can you go into more detail about those?  

 MM:  Well, once a month, there’s group meeting where all seven members, as we discussed, are present.  Then, there are two smaller forums, which are really to focus on some of the more specific elements of the Core7 System.  For example, in the small group, the Mortgage Originator, the Realtor and the Financial Advisor might get together to discuss the Cash Flow Cross-Sell handoff on a purchase loan. They go into something a little bit more specific. 

 JB:  It’s a good opportunity for these guys to get down to the nitty-gritty in a smaller setting.  That makes sense.  So let’s get into some more real details.  Let’s talk about how the big group meetings are structured.   

 MM:  Well, the first thing we do to keep the group organized is that a Timer is selected, as each topic has a specific time limit.  Then we discuss what we call “The Oath”.  We read it out load every time, almost like the National Anthem at a sporting event.   Really, the Oath is the Rules of Engagement that each member must agree to and follow.  

 The next step after the Oath is that each member discusses what’s new and positive and who do I need to meet.

 In this section of the meeting, it’s where members ask other members of the group who they need to meet that will help their business.  This means any professional any specific type of client.  At Core7, we have the abundance mentality where we know if we help our partner become successful, they will help us become successful. It will come back ten-fold.    

 Let me give you an example of what I’m talking about.  As a Mortgage Originator, I actually introduced a lot of other Mortgage Originators that I know to the Real Estate Attorney and the Property and Casualty Insurance Agent in our group to help them grow their business.  This triggered a lot of referrals.  Even the Real Estate Agent in our group introduced some Mortgage Originators that were calling on him to the Real Estate Attorney and the Property and Casualty Insurance Agent, so it really triggered a bunch of good things.  

 JB:  I love that.  There’s a lot going on there.  There’s a lot of psychology but it’s a way to build trust and it’s also a way to get introductions very quickly to group members.  

 MM:  Absolutely, it gets them started right away.   We do teach a methodology to follow but this is a way where you ask someone for a type of professional that you want to meet and if they know someone, you can make a call that day to talk about doing business.  It’s a great business-building tool.

 JB:  I imagine that it’s triggered dozens of introductions.    

 MM:  It absolutely has.  For instance, the Real Estate Agent and the Financial Advisor Partner in my group have introduced me to a couple of their colleagues who they thought would benefit from working with me.   

 JB:  So the Real Estate Agent and the Financial Advisor in your group are introducing you to their colleagues, so other Realtors and other Financial Advisors.  Is there any loyalty concern there?

 MM:  Not at all.  It actually made me feel that I had a great deal of responsibility in helping them grow their business after they did that for me.  

 JB:  That’s great.  So, what’s next?

 MM:  Well the next step in the Mastermind Meetings is the tracking system. Here, we track referrals with the Core7 Tracking Grid.  

 Now, the way it works is, each professional is asked by the group leader who they referred, then the group leader confirms if the contact was made or not.  If contact was made, it is marked as a referral on the Tracking Grid. If contact was not made, it does not count as a referral for that professional.  So typically follow up is suggested which is great for the group because that helps with more conversions of these referrals and introductions.   

 Then there is the Core7 Group Lesson.  Here we review a specific aspect of the Core7 System.  One group member is assigned to teach the segment and a module is assigned for the group to watch on the Core7 website before the meeting.  

 Then one person in the group is put on the Hot Seat, and after that homework is given out for the next meeting and feedback from the Core7 is discussed.

 JB:  So, you’ve got to talk more about the Hot Seat.  It sounds like it’s bad, but tell us more about that.

 MM:  Well, it works like this.  One member at each group meeting is on the Hot Seat.  Each member can ask specific questions, provide constructive criticism, and brainstorm ideas to improve the referral business and quality of the Mastermind Group.  

 The Hot Seat is based on three questions:

 Question #1 – What am I doing that you would like me to stop doing?

 Question #2 – What am I not doing that you would like me to start doing?

 Question #3 – How can I improve?

JB:  So it’s almost like a tough love session.  That makes a lot of sense.  So if the group member is not executing the System properly, it’s addressed, right?  

 MM:  Yeah, absolutely.  Part of the Oath is to maintain a safe environment so that everybody can be 100% honest with constructive feedback.  That’s a critical part.  Everybody can be open and speak freely.  

 JB:  I know in the Core7 groups we actually have homework which differs from other networking groups like this.  Talk about the homework and then encouraging guests to come in.  Talk about that as well. 

 MM:  At the end of each group meeting, we assign the homework.  This could be a training module to listen to.  We then discuss feedback and updates that we receive from the Core7 on questions we had from the previous weeks.  

 We also try to bring in a guest.  It’s another professional, other than the professionals in the Core7, that can help the group.  For example, a business owner, an attorney that specializes in a certain field, like a divorce attorney or an electrician.  Basically someone who can help us grow the business directory for the Core7 so we can expand into other areas if any of our clients need that. 

 An important thing to note is that if your group does not have all the Core7 members, this guest section should be used to interview other Core7 members, and once you get those members in your group, then you start bringing on other business professionals.   

 JB:  That’s good, feedback from the outside.   

 MM:  The last thing we do is assign the One-on-One Partnership Planning sessions for the next two weeks.  

 JB:  Talk more about the One-on-Ones.  I think that that’s absolutely key to the System.   

MM:  Well, the One-on-Ones happen two times a month.  They are called One-on-Ones, but potentially they can include three members sometimes.  

 The purpose of the One-on-One meeting is to provide more focus on a specific aspect of the Core7 System; to really dig down and perfect it.  

 JB:  It’s a fact that the clearer someone is about everyone’s process, the better the execution, right? Mark, can you give an example of that or elaborate on that a little bit? 

 MM:  Sure. A great example would be the Real Estate Agent, the Mortgage Professional, and the Financial Advisor.  They would get together to review the process with a new homeowner; to review how real estate fits into a client’s overall financial plan.  

 It’s key to know how each professional is going to handle the client at each specific time, where the proper hand off is, and when the referral and the introduction is made.  So we would dig down and really get specific on that.

JB:  That’s great Mark.  Before I close, I want to make sure that we address what Core7 does to prepare the members for each Mastermind meeting.  Obviously, we want meetings to be as productive as possible.