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Fri 12 July 2024
Through serving as a leader of an executive mastermind group, advisors broaden their industry knowledge and gain paramount perspectives that enable them to provide experienced guidance to members of their coaching groups. By learning from surrounding perspectives, executive coaches can provide first-rate, credible advice built on a wide range of experiences.  
 
To grow a business as an executive coach, it is imperative that professionals effectively establish trust and credibility. Demonstrating credibility as a potential coach can be daunting because credibility is dependent on individuals varying judgments and interpretations. 
 
To develop business based on experience, professionals should work to understand the components that construct others' perceptions of an individual's credibility. Credibility is proposed to be composed of three components- competence, character, and compassion.  
 
Competence 
Professionals generally establish competence through explicit knowledge and understanding of technical topics. In the workplace, competence is generally measured through accuracy and the ability to demonstrate a thorough knowledge of the subject matter relevant to an individual's role. In forming relationships with prospective participants, appropriately demonstrating competence can be challenging. Individuals are quick to judge and can be easily offended by overbearing or “know-it-all-all” behaviors. Executive coaches must rely on their own past experiences or past coaching experiences to establish their expertise in a specific subject matter when connecting with a potential client.  
 
Character 
Individuals present character by exhibiting their moral compass.  In the workplace, individuals are given opportunities to demonstrate their character in situations of ethical dilemmas. When engaging with a prospective client, coaches should be intentional in building a relationship and effectively pivoting coaching styles to best fit each individual. In speaking to potential clients, executive coaches can show character through honesty, respectfulness, and accountability. However, coaches must be deliberate in their decision-making because a poor impression of character is extremely difficult to reverse. 
 
Compassion 
Compassion is commonly demonstrated through empathy, understanding, and general concern for others. For executive coaches working to grow their businesses, compassion is a vital element to success. In the inherently interpersonal relationship of coaching, it is crucial for coaches to demonstrate compassion in order to grow their business. Individuals seeking guidance and advice value authenticity and genuine interest from their advisors. In the workplace, compassion can be shown through flexibility and understanding or overall care for colleagues. Executive coaches have the responsibility of expressing compassion and support as participants navigate unfamiliar circumstances and problems.  
 
To better explain the benefits of executive coaching experience and the impact of credibility, consider Lori. Lori recently transitioned out of her industry position to follow her passion for coaching. Lori has started an executive mastermind group and leads the group with guidance and structure from Ambition in Motion’s executive coaching licensing opportunities. Through leading her own executive mastermind group and serving as a coach for professionals across industries, Lori has significantly broadened her understanding and experience, enabling her to become a better coach.  
 
To best elaborate on the importance of experience in building business, here are 3 potential streams from which Lori could grow her business and how varying relationships will impact her credibility as an executive coach: 
 
1- Existing Connections 
Lori’s business as an executive coach may grow from existing relationships such as members of her old firm, college classmates, or industry peers she has connected with over her career. Through these existing relationships, Lori’s authority and experience are likely recognized so Lori does not need to establish herself but must work to maintain the credible reputation she has developed. Additionally, in an existing connection, trust has likely been built between Lori and the client, which is a crucial part of establishing a productive coaching relationship and can be a challenging relationship to develop. 
 
2- Referrals  
A common source of new clients for businesses are referrals from peers or colleagues. When engaging with a referred potential client, Lori likely has the advantage of good praise from their mutual connection that referred the prospective client. However, Lori is still responsible for establishing her authority relevant to the industry and circumstances of the potential client. In the circumstance of a referral, Lori has the benefit of a connection that speaks to her character and compassion so, Lori should focus on establishing her competence in the individuals industry to best build her credibility. In addition to building credibility, Lori should focus on establishing a trusting relationship to best advise new participants. 
 
3- Cold Clients  
Cold clients are clients that do not have any mutual connection or referral to a business. Although daunting to most professionals, finding new clients without a previous connection is a crucial component of growing a business. In interacting with a new potential client, the onus is on Lori to establish all three aspects of her credibility and build trust. In the instance of connecting with a new potential client, Lori should focus on communicating the interpersonal-focused aspects (compassion and character) to build trust. Building business through this type of prospect may be challenging because it takes time to develop the trust that is paramount to a successful coaching relationship. Once Lori has established a connection with a prospective client, she can shift to demonstrating her competence in coaching the individual within a specific role or industry.  

In guiding members through new circumstances and experiences, executive coaches build better businesses based on expertise and diverse perspectives. Through providing advice and guidance to their clients, coaches continuously develop their skills and competence, enabling them to grow their businesses. The development of executive coaches and their businesses is exponential; through serving one client, executive coaches are able to learn new ideas and techniques that will improve the guidance given to other members.  
 
Executive coaching requires patience and business development can be a challenging process. However, serving as an executive coach builds experience that continuously improves credibility. From gaining new perspectives, executive coaches can apply diverse approaches to problem-solving in turn, expanding their expertise and business. 


Fri 12 July 2024
In the consulting industry, expertise and analytical skills are paramount in building a client base, however, these technical competencies cannot overshadow the importance of relationship management. While vast technical knowledge is critical in delivering effective consulting services, maintaining strong relationships can be the difference between winning and losing clients. Recognizing the importance of cultivating and maintaining meaningful relationships serves as a crucial step for creating a strong client base. 

The Value of Strong Relationships 
Developing strong relationships with clients takes consistent and substantial effort. Dedicating time to build rapport increases trust, develops a mutual understanding, and sustains the relationship for future projects. 

  1. Trust and Credibility
Clients are more likely to engage with consultants that they trust and have established credibility. This trust is established through many transparent interactions over an extended period of time. While building trust takes a considerable amount of time, clients will more actively seek services and confidently implement strategies from consultants they trust. 

Building trust is partially contingent on technical skills since such skills allow for quality deliverables and a sound knowledge base. Although these skills establish credibility, a trustworthy relationship expands beyond skills and is achieved through dedication to consistently deliver quality services promptly. 

2. Enhanced Understanding
Understanding the scope of a project can be achieved simply through a conversation with a client. Developing strong relationships takes this understanding further by delving into the client's needs, challenges, and aspirations. Truly understanding a client involves working to grasp the client’s organizational culture, business operations, and industry at large. 

By spending time with clients and initiating conversations about broader motivations, consultants can identify conflicts and opportunities that may not have been initially apparent. During conversations, actively listening and carefully posing questions to provoke deep dialogue allows consultants to gain an enhanced perspective on the client's needs. Through a deeper understanding, consultants can provide more targeted strategies and increase client satisfaction. 

3. Relationship Longevity
Creating a long-term partnership with clients is the key to success as a consultant. Providing consulting services to a client isn’t limited to one project. Clients are more likely to reach out to consultants they’ve previously worked with for future consulting services. With an established relationship, there are added benefits of an understanding of the business functions and more efficient integration to the problem at hand. 

In addition to collaborating on multiple projects, long-term relationships allow for increased advisory roles within the decision-making process. When consulting with a client for an extended period of time, they are more receptive to advice and will be more inclined to seek external insights from their consultant on more important issues. This increased involvement within an engagement is only achieved through a strong relationship and immense trust. 

Cultivating Strong Relationships
While the importance of strong relationships may appear evident, cultivating strong relationships often proves more difficult. Time and many interactions are necessary to build and maintain relationships, but implementing effective strategies for approaching client relationships can help expedite and expand upon relationship-building efforts. 

  • Proximity and Communication
Consistent communication with clients works to build comfort and an increased sense of accessibility. Consultants can leverage communication to establish proximity with clients build rapport and establish connections. Regular updates and check-ins allow consultants to stay informed of current projects and the needs of clients or potential clients. 

It can be difficult to stay up to date with former clients or potential clients when not currently collaborating with them. While reaching out on a regular basis may be sufficient in maintaining a relationship, groups such as executive mastermind groups can allow consultants to regularly interact with potential clients and initiate natural conversations about current challenges and changes. 

  • Follow Through 
Following through on commitments is a cornerstone of establishing strong relationships with clients. When consultants make promises to clients, it’s important to deliver on these commitments in a timely manner. Whether it's communicating updates or larger project deadlines, honoring commitments is a crucial way to build trust. 

When following through on commitments, establishing realistic expectations and deadlines are key components. Consultants should be transparent about the level of detail and timeframe they can reasonably complete tasks for their clients. Failure to deliver on commitments or extending deadlines can cause strain on relationships and break previously established trust. 

  • Adaptability and Flexibility
Consultants work with clients to support their needs, so the ability to adapt to the changing needs of clients is vital for consultants. Willingness to be flexible with deadlines and approaches is greatly appreciated by clients. 

Flexibility not only entails adapting to adjusted timelines but also considering client feedback and making adjustments accordingly. Taking into account changing client needs and prioritizing what’s in their best interest demonstrates that a consultant truly values and understands their clients. 


Impact of Strong Relationships 
The strength of client relationships directly impacts the success of consultants. Strong relationships increase client retention rates for consultants because clients are more likely to seek future services from consultants they have an established relationship. With a previously developed understanding of the client’s business functions, consultants can more effectively transition onto new projects without lag time. Not only can strong relationships generate additional projects with former clients, but satisfied clients will be more inclined to provide referrals generating more business. 

In addition to retaining clients, strong relationships provide a competitive advantage. When choosing a consultant, clients are more likely to choose a consultant they have previous positive experiences with and consultants with established credibility. With a competitive consulting market, strong relationships serve as a powerful differentiating factor from competitors with lower prices or comparable capabilities. 

Risk mitigation is another added benefit of strong client relationships. Clients who are comfortable with their consultants may share potential concerns or problems earlier on than those who are unfamiliar with their consultants. Comfortability with addressing concerns allows consultants to proactively address problems and mitigate additional risks from problems being identified later within the project. Risks can also be mitigated through addressing conflicts between consultants and their clients. If a contentious or difficult situation arises, clients are more likely to be cooperative with consultants they have a strong relationship with. 

When seeking consulting services, clients have many options to consider. While technical skills and expertise are important for providing quality services, strong relationships serve as a key differentiating factor. By consistently communicating with clients, following through on commitments, and adapting to evolving client needs, consultants can establish powerful relationships that increase retention rates, develop a competitive edge, and mitigate risks. The impact of implementing strategies to cultivate client relationships is profound and can positively shift consultants' success. With a highly competitive consulting market, consultants must invest in establishing and maintaining strong client relationships. 


Sun 7 July 2024
In part 1 of this 2-part article, I wrote about the psychology of why decision-makers make decisions to hire or not hire certain professionals for work. In a nutshell, people will do more to avoid pain than to gain pleasure. One implication of this is that decision-makers aren’t necessarily going to choose the cheapest option if they already have a pre-approved budget, nor will they choose the option that promises the highest upside. 

The decision-maker will choose the option that represents the lowest risk of them getting fired.

Therefore, if we are in business development, whether that be we are looking to sell our products or services on a B2B level or get hired by a company for employment, we need to position ourselves in a way that demonstrates that we are the low risk option for the company to choose.

How can we do this?

First, identify the risks. There are 3 core risks that decision-makers weigh when making decisions:

  1. Financial
  2. Time
  3. Reputation

Financial risk represents the risk that the money spent with a consultant or contract will be a bust. The more a person charges, the more risk the buyer must weigh when making a purchase decision. But as outlined in part 1 of this article, if a buyer has a pre-approved budget, there is little practical financial risk if the proposal comes in under budget. 

This leaves time and reputation as the two biggest factors business development professionals must overcome to build trust and close the deal.

Time risk represents the total amount of time it will take to implement a solution and the time it will take others at the company to deviate their normal behavior to this new behavior a consultant is prescribing. If a consultant is selling change management consulting, the time is the amount of time it will take to achieve the desired result. If a person is looking to get hired for employment, this is the amount of training time required to develop a self-sufficient and productive team member. For most decision-makers, this unknown intermediary period is the risk they are worried about. 

The pivot point centers around the credibility of the person proposing this change. They need to demonstrate to the decision maker that their plan is achievable within the proposed timeline. If someone promises too short of a timeline without much proof or track record of achieving that, then it represents high risk. If someone shares a timeline that is too long, much longer than the buyer has patience for, then it represents high risk as well because there is no chance of meeting expectations. The only success condition would be over performing expectations, and that’s a prayer, not a plan. The person doing business development needs to find the middle ground.

Reputational risk is the amount of people being impacted by this decision-maker’s decision. If a decision maker hires a consultant that only impacts the work of a few people then the reputational risk is relatively low. But if the decision-maker is making a decision that will impact everyone at the company, there is high reputational risk. If they hire the wrong person, or if the person hired does a bad job, it reflects poorly on them, increasing their chances of getting fired or losing credibility for making a poor choice. 

When people share the adage, “nobody ever got fired for buying IBM”, it truly holds a lot of weight. Even if it costs more, decision-maker’s are seeking the lowest risk option for whom to do business with.

Therefore, if we are a small to medium-sized consulting company looking to get business (or a candidate for hire that doesn’t have a ton of experience), we need to do things to de-risk the decision for the decision-maker.

Unfortunately, there isn’t a credit rating check for one’s credibility. Sure, people have references, but nobody is ever going to list a bad reference for themselves.

Therefore, if we are looking to develop business, we need to be creative about de-risking the financial, time, and reputational risk when it comes to deciding who to hire. 

Proximity + Follow Through = Trust

  1. Proximity
The more someone spends time with another person, the more comfortable they feel with that person. If a business development professional can spend more time with a prospect, they build rapport and connection to that person.
2. Follow Through
Do what you say and say what you do. If a business development professional says they are going to do something or deliver value in some way, they better do it.

How can consultants achieve this with their prospects?

One thing my team at Ambition In Motion has done for consultants is help them set up their own executive mastermind groups. An executive mastermind group is a group of leaders coming together to work through a challenge. The consultant facilitating the group isn’t there to solve their challenges, but rather create a safe space for leaders to discuss their challenges and work through the challenges together. This builds trust through proximity, and it’s also a low-risk decision for the decision-makers. 

This has been incredibly helpful for consultants because it oftentimes creates an opportunity for them to engage with a prospect before they are ready to commit to a bigger contract for more services. And it keeps the consultants from seeming like door-to-door salesmen when an opportunity for partnership arises. 

For example, a consultant might propose their services at $20,000 per month over a 6-month period and incorporate 50% of the company to achieve a certain result. 

Financial risk = $120,000

Time risk = 6 months and a certain number of hours from each employee participating deviating from what they normally do

Reputational risk = 50% of the company

Without trust, it will be incredibly hard for a consultant to land this deal. 

The prospect might say “I am interested but follow up with me in 3 months.”

Will this lead to a deal? Maybe. But a lot of things can happen between now and 3 months. 

  • The prospect could meet another consultant that they build greater rapport with and sign a contract with them.
  • The needs of the company can alter, and the decision-maker assumes that the consultant can’t be flexible to the changes so they don’t let the consultant know.
  • The prospect could just decide that they want to try doing this internally.

Instead, the consultant can offer the prospect the ability to be in their executive mastermind group and offer a helpful service now while building long-term trust. 

Financially, the group is much more cost-effective than their consulting services. 

Time-wise, the group represents a much smaller time investment compared to the consulting services.

Reputationally, the group only involves them, the decision-maker and nobody else at their company.

Participating in an executive mastermind group represents a low-risk option for the decision maker to be around the consultant more and assess the consultant’s ability to follow through. Furthermore, the group gives both parties a chance to learn more about each other. It won’t always be a perfect fit, and this also helps the consultant avoid over-committing as they learn more about prospective companies and their needs.

And, over time, if the prospect feels trust with the consultant, it will be a very low risk proposition for them to hire the consultant for expanded services. The key to this method’s success is the mutually assured benefits for both parties throughout the process. 

If you are a consultant, executive coach, or anyone in B2B sales and would like to learn about setting up an executive mastermind group for yourself, reach out to me on LinkedIn and I’d love to tell you about it. 



Fri 28 June 2024
Welcoming new hires into company culture is an integral part of sustaining a productive workplace environment. Through integrating new hires into organizational norms, values, and expectations, the workplace culture built by today's leaders is carried into future generations of professionals. The process of cultural integration promotes continuity and bolsters growth within an organization. 

However, new hires face challenges when the company culture is not accurately communicated to them. A misrepresentation of a firm's work culture can create an alarming environment for new team members. Effectively communicating and integrating new hires into firm culture is paramount for long-term success and organizational commitment. Ensuring that each member of a team embodies the groups culture will testify to the importance of upholding a positive work environment. Furthermore, when leaders emphasize the value of firm culture, their direct reports will follow suit in working to continuously build and integrate company culture. 

Additionally, it is crucial for company professionals to authentically demonstrate workplace culture. Although challenging for many, it is necessary to display culture in an authentic manner rather than creating a company profile that is not necessarily an accurate representation. Integrating new hires into a developing culture can be a challenging task, here are 7 tips leaders should consider to streamline new hires into company culture: 

  1. Structured Onboarding Processes
Through structured onboarding processes, new hires can better grasp company culture, group norms, and expectations. In structured onboarding, companies will have planned timelines and content to share with incoming professionals. On their first day, a new hire may receive a training timeline, a list of their expected role competencies, and human resources information. Pieces of training in onboarding could include a basic skill overview, speeches from human resources, or even professionalism training. After receiving this information, individuals in a structured onboarding process will have a firm lead training to slowly walk through different procedures and office norms to help new members better grasp the company culture. Discussing company expectations and benefits is a great way to exhibit a company-wide culture or initiative. 

2. Buddy or Mentor Pairings
In addition to helping train individuals, buddy or mentor pairings serve as a fantastic tool to communicate a company's norms. Suppose a new hire mentor is outgoing and willing to answer any questions. In that case, this experience will provide a different understanding of culture for new hires compared to a mentor who is closed off and not very easy to communicate with. Additionally, mentors aid in demonstrating company culture by telling stories and building genuine connections that make someone new feel welcomed in a new and intimidating environment. 

3. Social Events
Company-wide orchestrated social events can be a great way to help demonstrate workplace culture and facilitate connections. Through out-of-office social events, individuals tend to come out of their shells, talk to new colleagues, and build friendships. Social events can display company culture through professionals enjoying discussing with their colleagues and spending time as a group whereas, without these opportunities to openly converse, new hires tend to feel isolated. 

Social events enable employees to connect with each other beyond their responsibilities within an office. Through social events, new employees are able to openly discuss and learn from professionals within the firm who will help them transition into their new roles. By providing opportunities for new hires to connect with their colleagues, organizational culture will strengthen, a benefit to both employees and the company. 

4. Live the Culture
Many companies' culture and their advertised culture do not align. Every employer markets themselves to have great working environments and cultures yet, only some actually fulfill these claims. Ensuring that all employees embody the company culture throughout the workday is paramount to effectively integrating new employees into the firm culture. New employees observing the attitudes and behaviors of professionals embodying the values of firm culture is an outstanding method to foster informal learning of both technical and interpersonal expectations. 

5. Cross Team Collaboration
Cross-team collaboration is a great way for firms to showcase a company-wide culture. Individuals willing to discuss, collaborate, and learn from each other create a welcoming culture that supports new hires through stages of onboarding and learning. Lack of cross-team collaboration can leave new hires both lacking education in certain subject matters and isolated from other groups within the company. To best encourage new hires to integrate, managers should consider assigning projects that will move them slightly out of their comfort zone, encouraging meeting new individuals in building connections. 

6. Open Communication
Open communication is crucial to creating a harmonious alignment of new hires' values and norms within a group. Through open communication, company leaders are enabled to share their expectations and experiences that shape the work environment. Additionally, in a positive work environment, open communication encourages learning, growth, and embracing mistakes. 

Through open communication, leaders are able to effectively set clear expectations and establish cultural norms from the start of a new hire's career at a firm. Furthermore, open communication promotes psychological safety within the workplace, creating an environment that promotes discussion, asking questions and learning from feedback. 

7. Aligned Opportunities
When company opportunities promote firm initiatives, new employees can clearly understand the culture within the workplace. Aligned opportunities for learning and growth convey the value of a long-term, sustainable, company culture. Additionally, cultural immersion through training opportunities generally involves exposure to executives within a firm along with further explanations of how each individual may contribute to firm culture.  

Changing workplace behavior requires a sustained effort and is a daunting task. Leaders must prioritize their values and find creative methods to create an environment where employees embrace change in the workplace. 

Many leaders face challenges in shifting from negative or counterproductive workplace habits to favorable workplace practices. Once a group or team has routined unfavorable work habits, it is significantly more challenging to pivot behavior.  As always, it is essential to be patient in orchestrating workplace activities and changes, specifically in changing culture. Leaders should be prepared to readjust and pivot their efforts based on employee receptiveness. Nevertheless, if leaders remain diligent and dedicated to promoting positive change, they will inspire confidence through cultural changes. 


Fri 28 June 2024
Mid-year evaluations are critical for maintaining motivation, addressing concerns, and setting goals for a successful performance during the year's second half. During these evaluations, Managers and employees can openly discuss past performance, current focuses, and future expectations to ensure continuous improvement and engagement. Through effective and meaningful performance reviews, managers can align team goals with organizational objectives to set their team up for success during the year's second half. 

Importance of Mid-Year Reviews

When preparing for mid-year reviews, recognizing the importance of evaluations and their critical functions can greatly increase effectiveness and efficiency. Establishing meetings with each team member to provide feedback allows for increased communication and problem-solving abilities. While performance metrics may be utilized to gather information on each individual's performance throughout the year, underlying factors may be impacting the success of some team members. Creating this opportunity to communicate with them can identify challenges and allow for discussion on possible solutions. 

Along with facilitating communication, mid-year reviews serve as a means for goal adjustments. While establishing goals at the beginning of the year can be effective, team members must reflect upon their goals throughout the year and make adjustments accordingly. Factors impacting a goal may have developed throughout the year resulting in the completion of goals or potential setbacks. These new factors are important to incorporate into mid-year reviews to establish attainable goals for the second half of the year.  

One of the most crucial benefits of conducting effective mid-year reviews is maintaining motivation and engagement for team members. During the year, team members can lose motivation and struggle to recognize the purpose of their work. By allowing for one-on-one conversations that focus on supporting each individual, managers can collaborate with team members to develop solutions to re-engage their team. 

Strategies for Effective Mid-Year Reviews: 

  1. Prepare Thoroughly 
Proper preparation for mid-year reviews is indicative of the effectiveness of mid-year reviews. Throughout the year, managers should keep track of the performance of their team members to incorporate within their reviews. Performance software can be utilized to gather data on individual team members to track progress and drive goal-setting. In addition to manager preparation, it is important to encourage team members to prepare for their performance reviews. Encouraging self-reflection on employee performance for the first half of the year will allow them to come prepared for the meeting and highlight success potentially overlooked by management. Reflection can also identify areas for improvement, helping team members to make adjustments to their personal goals. 
To ensure effectiveness for mid-year reviews, managers should encourage open dialogue during the meeting. Identifying open-ended questions that allow team members the opportunity to share their insights can drive meaningful discussions on team productivity. Creating an open and honest environment will encourage team members to provide authentic feedback and areas for improvement benefiting the team as a whole. Ultimately, the goal of establishing open communication is to demonstrate support for team members and continue to motivate their continued growth. 

3. Constructive Feedback 
A key element of conducting effective mid-year evaluations is to deliver constructive feedback to each individual. Collecting specific behaviors to improve upon and highlighting specific achievements are beneficial to creating individualized performance reviews. Emphasizing specific occurrences rather than generalizations is important because it allows the feedback to be more understandable and easier to implement solutions for within the remainder of the year. 

4. Goal Setting 
Establishing metrics and means for team members to develop goals creates motivations for team improvement. When conducting goal setting, establishing specific performance criteria develops a more structured means for team members to gauge their performance throughout the year. Collaborate with each team member to ensure that the goals created best reflect the objectives of the team and each individual. 

5. Action Steps and Follow-ups
Conducting mid-year reviews are incomplete if they lack further actionable steps and methods for goal applications. Identifying development opportunities for team members to have a curated improvement plan can serve as an effective means for learning and growth. Within development plans, incorporating a timeline for following up on the implementation of development plans will encourage accountability and maintain motivation. 

Employee Bonus Structure 
An important aspect of mid-year reviews is recognizing achievements and rewarding team members accordingly. While it may seem motivating to distribute bonuses to all team members on a semiannual or annual basis, direct reports with exceptional performance may lose motivation due to a lack of incentive. Developing a structure to motivate team members and recognize achievements is a primary purpose of effective bonus structures. 

In addition to considering who receives bonuses, an important consideration is who will determine bonuses. Upper management or middle management may be tasked with determining which team members receive bonuses based on their annual or semiannual performance. Both approaches have benefits and drawbacks to consider when implementing. 

Upper Managers Determining Bonuses
Pros: 
  • Fairness: Upper management interacts less with team members, which can prevent favoritism or potential bias. Additionally, upper management can ensure bonuses that are more standardized across all teams. 
  • Organizational Goal Alignment: Since upper management has a better understanding of organizational objectives, they can ensure that bonus allocations properly align with the direction of the organization. 
  • Resource Allocation: With increased knowledge of the financial resources available, upper management can reward bonuses that are consistent with the organization's budget. 

Cons:
  • Limited Direct Interaction: Upper management doesn’t interact directly with employees daily. This limited interaction can lead to less of a perspective on the actual performance of individuals. 
  • Employee Morale: Since employees aren’t directly interacting with upper management, they may feel disconnected from them. This lack of interaction may lead employees to feel unmotivated and unable to change bonus outcomes due to their actions. 

Middle Managers Determining Bonuses
Pros: 
  • Proximity to Employee: Middle management works directly with employees, thus allowing them to have a greater understanding of each individual's actual contributions. 
  • Timeliness: When relaying review feedback to employees, middle managers can inform them of bonus decisions associated directly with the feedback. This allows for a more comprehensive understanding of how performance is tied to bonus rewards. 
  • Increased Motivations: Employees may feel more motivated to perform well daily because they know their interactions with their manager are directly influencing their bonus potential. 

Cons: 
  • Potential for Bias: Middle managers can possess bias towards employees since they interact directly with them. This bias or potential favoritism can influence the perceived performance of employees and who is deserving of a bonus. 
  • Limited Perspective: Middle managers may have limited knowledge of organizational goals, leading their bonus allocation to be misaligned with company objectives 

Balancing Approaches 
A balance of both approaches can be utilized to mitigate the weaknesses of each approach while leveraging the strengths of both. This can be achieved through collaboration between middle managers and upper management to develop a comprehensive approach to bonus determination. Since middle managers have more direct interactions with team members, they can convey insights to upper management on team member performance beyond the statistics. Using a balanced approach, upper management can monitor for potential middle manager bias, ensuring a fair bonus recipient structure. 

Mid-year performance reviews are a powerful tool for ensuring motivation, goal progression, and continued development. Through proper preparation, honest communication, relaying feedback, setting goals, and establishing actionable plans, managers can maximize the effectiveness of individual reviews. Along with ensuring review effectiveness, providing incentives for high-performing team members encourages motivation throughout the year. Considering approaches for establishing objective and accurate allocation of bonuses is critical. 

As the year approaches the halfway mark, managers must consider strategies to ensure their teams are on track to meet their yearly goals. Mid-year reviews are a crucial tool to motivate employees to continue to excel towards their goals or to redirect employees struggling to perform, ultimately serving as a support system for all team members to reach organizational goals. 


Sun 16 June 2024
When confronted with complex challenges, gaining a clear perspective and developing an effective strategy can be daunting. During these situations, it may prove valuable to utilize external resources to receive a fresh perspective on the matter at hand. Recognizing when to pursue external expertise can transform problem-solving through added insights and industry-specific knowledge pertaining to intricate issues. 

Although seeking a consultant may present as the most impactful solution, not all challenges are suitable for receiving external assistance. Knowing how to navigate challenges and identify when to pursue outside aid can be pivotal to making informed decisions that best align with company goals. The following signs can help identify when to reach out for assistance from a consultant. 

  1. Inability to Meet Goals 
Utilizing metrics to measure individual and company performance is the best indicator of success. While failure to meet expectations once can be a fluke, persistent failure to adhere to performance expectations signifies a larger problem. If considerable effort to remedy this inability to meet goals leads to no avail, hiring a consultant is a powerful next step. Clear indications that the company as a whole needs assistance is through monitoring quarterly financial goals. Consistent decreases in quarterly financials can indicate that an outside perspective is needed to help identify the causes of underperformance. 
Other metrics to consider are employee-specific metrics. Using executive insight software, management can gauge the performance and sentiments of direct reports. Misalignment of management expectations and real employee data may indicate the need for external perspectives. The people within the company largely impact the productivity of the company, so ensuring the satisfaction of management and team members is fundamental. Seeking assistance from management consultants can help to regain organizational buy-in

2. Limited In-House Resources 
A lack of team members who have expertise within an area required for a specific project may indicate a need to hire a consultant. For example, the lack of a social media strategist for a large-scale marketing project can limit the success of a project. While the company may not require a full-time team member to maintain the company's social media presence, expertise on the best initial approaches to establishing the company within the space will help guide the team. Depending on the time and importance of the project at hand, it may be wise to seek external guidance rather than relying on current team members to gain additional skills. 

Technological advancements possess the potential to revolutionize the way that a company operates. From general bookkeeping or communication software advancements to intricate industry-specific technological developments, updating current company technology can prove beneficial. Failure to keep up with technological advancements can leave a company far behind competitors. Lacking in-house knowledge about current technological trends and implementation methods can be incredibly limiting for companies. Industry consultants have insights into technological changes within the industry and may be familiar with the best implementation strategies. Recognizing that a consultant is more knowledgeable about the technological space may indicate that getting assistance with new technology implementation is necessary. 

3. Lacking Inspiration and Burn-out
Stalling with idea creation is a glaring indication that additional help should be explored. It is difficult to determine what to do next and leaders must maintain a clear vision and direction for their company. While sharing ideas with other management members is a great step for gaining inspiration, a completely external source can provide a new source for ideation. Impartial and fresh perspectives gained from consultants present an effective addition to ideation processes. 

Along with needing additional inspiration sources, personal burnout as an executive or manager can be detrimental to the productivity of the company. Management positions are rigorous and demanding on a daily basis. It is normal for managers to need additional emotional support. Reaching out to consultants to develop strategies to combat symptoms of burnout or decrease overall stress from work is a useful tool. If hiring a consultant to manage burnout symptoms seems overwhelming, a lower commitment alternative such as peer mentor groups can be an effective first step. 

4. Time-Sensitive Projects 
An important consideration when determining whether to seek consulting is the time sensitivity of the project. Different projects possess varying degrees of time sensitivity. A project with a quickly approaching deadline or a short turnaround time may signal external aid should be utilized. Consultants are familiar with working under strict time constraints, so additional expertise working in a short time frame can relieve some stress. 

While having more hands on deck through the utilization of consultations may save time, it is important to evaluate the time-sensitive project on a case-by-case basis. Hiring consultants and updating them on the current project may prove to take a lot of time. Collaborating with a consulting team that has been utilized by the company in the past and is incredibly familiar with the company will require less time to update. Keeping this in mind can help guide the decision-making process on whether to involve an external consulting team.  

Hiring a consultant can appear to be an intimidating process. Determining whether a consultant would be beneficial is the first step in tackling any complex challenge at hand. While consulting may not be the right fit for a problem, hiring a new employee or contracting out work are other alternatives to get increased manpower to delegate tasks. 

Another solution for management who is hesitant to seek guidance from a consultant is to join a consultant-led mastermind group. These mastermind groups are comprised of other executives who have encountered similar problems. Together, group members can collaborate and seek advice from one another. Consultant-led mastermind groups allow executives and consultants leading the group to develop a relationship before committing to full consulting services. 

Regardless of the challenge at hand, knowing what tools are available and being familiar with them can simplify the problem-solving process. Consultants serve a multitude of functions including, improving performance, providing additional resources, assisting with creative ideation, and expediting time-sensitive projects. While consultants are a valuable resource, considering other problem-solving tools and critically evaluating each project are crucial to determining the optimal solution. 



Sun 16 June 2024
The atmosphere of a small consulting company shifted as Mark, the VP of Sales, walked into the conference room with a determined look on his face. He had just finished a call with a big prospect, who expressed frustration over the lack of personalized service and the impersonal nature of recent interactions. This wasn't the first time Mark had heard such feedback, but today, it hit him harder than ever. The constant cold calling and transactional nature of their sales approach were no longer cutting it. Something had to change.

Mark had long relied on traditional methods of sales outreach. Cold calling had been the backbone of their strategy for years. But with the rise of technology and changing customer behaviors, fewer and fewer prospects were answering calls from unknown numbers. Mark knew it was time for a new approach, one that would not only capture attention but also build lasting relationships.

One evening, while attending a business conference, Mark found himself in a conversation with Laura, an influential business leader known for her innovative networking techniques. Laura introduced Mark to the concept of executive mastermind groups. These groups, she explained, were designed to bring together like-minded professionals to share insights, solve problems, and build meaningful connections.

Intrigued by the idea, Mark began to envision how such a group could transform his own company's approach to sales. He realized that building genuine relationships through structured networking opportunities could not only enhance client satisfaction but also drive long-term business growth.

The Shift from Cold Calling to Relational Selling

Cold calling had been a staple in sales strategies for decades. However, the effectiveness of this method has significantly declined. With people becoming increasingly protective of their time and privacy, answering calls from unknown numbers has become a rarity. This shift in behavior highlights the need for more innovative and effective networking methods.

Relational selling focuses on creating and nurturing long-term relationships with clients. Instead of viewing each interaction as a transaction, relational selling emphasizes understanding the client's needs, providing value, and building trust. This approach aligns perfectly with the concept of executive mastermind groups, where the primary goal is to foster deep, collaborative relationships.

Implementing Executive Mastermind Groups

Determined to make a change, Mark decided to implement executive mastermind groups within his organization. Here’s how he did it:

  • Identifying Key Members: Mark began by identifying key individuals within the industry who would benefit from and contribute to the mastermind group. He reached out to executives, thought leaders, and innovators who shared a common goal of enhancing their professional growth and expanding their networks.
  • Creating a Structured Agenda: To ensure the meetings were productive and valuable, Mark developed a structured agenda for each session. Topics included industry trends, common challenges, and opportunities for collaboration. Each member was encouraged to share their experiences and insights, creating a rich exchange of knowledge.
  • Fostering a Collaborative Environment: Mark emphasized the importance of a collaborative environment. He encouraged members to offer support, provide constructive feedback, and actively participate in discussions. This collaborative spirit helped build trust and fostered a sense of community within the group.
  • Providing Value Beyond Meetings: To maintain engagement and add value, Mark ensured that the group continued to provide benefits beyond the regular meetings. This included access to exclusive resources, opportunities for joint ventures, and personalized introductions to other industry leaders.
  • Measuring Success: Finally, Mark implemented metrics to measure the success of the mastermind groups. These metrics included client satisfaction scores, referral rates, and overall business growth. Regular feedback from members also helped refine and improve the group's structure and activities.

One of the pivotal aspects of executive mastermind groups is the emphasis on fostering a collaborative environment. This collaborative spirit is crucial for several reasons. Firstly, it allows for the sharing of diverse perspectives and experiences, which is invaluable in today’s fast-paced business world. When professionals from various industries and backgrounds come together, they bring unique insights and solutions to the table. This diversity of thought leads to more innovative ideas and approaches, helping companies stay competitive and ahead of industry trends.

A collaborative environment builds trust among members. Trust is the cornerstone of any successful relationship, and in the context of mastermind groups, it enables open and honest communication. Members feel comfortable sharing their challenges and seeking advice without fear of judgment. This openness not only strengthens the bond between members but also leads to more effective problem-solving. When trust is established, members are more likely to offer genuine support and constructive feedback, creating a safe space for personal and professional growth. 

By nurturing a collaborative environment, mastermind groups become more than just a networking tool; they become a powerful engine for sustained growth and innovation, driving both individual and organizational success.

Benefits of Executive Mastermind Groups

The introduction of executive mastermind groups brought about significant positive changes for Mark’s company. Here are 5 key benefits:

  1. Enhanced Relationships: Members developed deeper, more meaningful relationships with clients and industry peers. This relational approach led to increased client loyalty and retention.

2. Increased Knowledge Sharing: The diverse backgrounds and experiences of the group members resulted in a wealth of knowledge sharing. This collaborative environment fostered innovation and helped members stay ahead of industry trends.

3. Improved Business Performance: The mastermind groups provided a platform for members to discuss challenges and brainstorm solutions. This collective problem-solving approach led to improved business performance and growth.

4. Expanded Network: Members gained access to an extensive network of professionals, opening doors to new opportunities and partnerships.

5. Personal and Professional Growth: The mastermind groups offered continuous learning and development opportunities, contributing to the personal and professional growth of each member.

Two years after the implementation of executive mastermind groups, the landscape at the small consulting company transformed. Mark's decision to shift from cold calling to relational selling through these groups had paid off immensely. Client satisfaction was at an all-time high, and the company experienced significant growth in both revenue and reputation.

Reflecting on the journey, Mark realized that the key to success lay in the power of relationships. By embracing innovative networking methods and focusing on building meaningful connections, he had unlocked new potential for his team and his company. The era of cold calling was behind them, and a new era of networking had begun.

In the end, it was the ability to adapt and embrace change that made all the difference. Mark's story serves as a testament to the power of relational selling and the transformative impact of executive mastermind groups. For business leaders looking to stay ahead in a rapidly evolving landscape, the message is clear: invest in relationships, and success will follow.


Fri 31 May 2024
Over the past month, I have been obsessing and diving deeper into research from Daniel Kahneman and Amos Tversky – specifically Daniel Kahneman’s Prospect Theory (of which Kahneman won the Nobel Prize in Economic Sciences in 2002) and their research on loss aversion.

Despite this research being out for 20+ years, I believe that most sales and business development professionals are practicing outdated methodologies. Up until now, these professionals were able to achieve some semblance of results with brute force tactics. They still race to the bottom to see who can provide a product or service cheapest, or cycle through business development representatives instead of building relationships with prospects and then pass that prospect to someone else and potentially other people on the team to try and get a deal signed. Or they are spending money on Google Ads or other ads with the hope of booking conversations. 

With the tightening of spending by companies and increased private equity scrutiny around how budgets are spent, I believe that a gap is widening between business development professionals who understand this information and those who don’t.

And business development isn’t just isolated to professionals in sales. It includes anyone looking for a job, or trying to convince dotted line team members to get their work done in the manner they want it, or any behavior change that one may want to see in another person.

Loss aversion is the concept that people will do more to avoid pain than gain pleasure. 

From a business perspective, this means that professionals would rather do more to avoid getting fired than to do something that could make them a hero and swiftly work up their company’s organizational hierarchy.

Here are some examples:

Getting a company to purchase your consulting services

A company has decided that they need consulting services to improve their performance and operational abilities. They have a $100,000 budget for this service and have appointed a leader in the organization to decide which consulting company to go with. 

Outdated perspectives would assume “If I can deliver more than what they are asking for in my proposal and come in way under their budget, they would have no choice but to choose me and my consulting firm.”

That perspective would be wrong.

Why?

Because the decision-maker in this scenario didn’t choose to pursue this consulting. In fact, if it were up to them, they likely wouldn’t change anything about the way the business operates. Why? Because change represents time and energy and as long as that decision-maker continues to get paid by their company, they aren’t exactly incentivized to change the way the company operates. 

However, because the company appointed them to make a decision, they are essentially forcing this decision-maker’s hand. They are essentially saying “if you don’t make a change in this area, we will make a change for you.”

This decision-maker also doesn’t see a dime of savings from the budget allocated for this service. Therefore, if you are a consultant and you come in $1,000 under budget or $50,000 under budget, this doesn’t really affect the decision-maker because as long as the project is under budget, that is all that matters to them.

The number one factor that the decision-maker is contemplating in terms of who to hire for this consulting work is “who represents the least likelihood of getting me fired.”

That is it! And if they can get away with stalling the decision and ultimately get to no decision without putting their job at risk, that is their number one option. 

When people share the adage “nobody ever got fired by hiring Deloitte (or KPMG or Ernst & Young or whoever the largest, most dominant competitor is in your market)”, they are referring to the simple fact that they represent the status quo. If Deloitte does a bad job and the executive team is dissatisfied, can you really fire the person who hired Deloitte knowing their reputation? Not as likely. Or, if you go with a smaller, lesser-known consultant and they do a bad job, when going with a Deloitte was an option for them (and within budget), is it easier to justify firing the person that decided to make that hire? Much more likely. 

Landing a job

This can also be applied to people seeking a job. If you are a candidate with a lot of experience AND you fall within budget*, you are much more likely to land the position compared to someone who doesn’t. Taking a risk on a candidate you like but who doesn’t have the qualifications creates risk for the business. If that candidate fails or leaves, in a post-mortem, we can observe “were there flaws in our hiring process?” 

*Caveat on falling within budget. From a hiring perspective, this is oftentimes subjective based on assumptions as to how much a person will cost to bring in. Some candidates have heard the feedback “you are just too experienced for this role” or “this role would be beneath your capabilities”. This is oftentimes HR speak for “we assume we know how much you are going ask for in terms of salary and we don’t have the budget to afford it so as opposed to going through fruitless negotiations in which we think we know we can’t meet your salary demands, we might as well end the interview process short.”

Getting a dotted line team member (a team member who doesn’t directly report to you, but you need their work to get your work done) to change their behavior

The same holds true for getting a dotted-line team member to change the way in which they behave so then you can get your work done more effectively. If you are waiting on another team member or entire department to get work done in a specific way and they consistently come up short, elongating the time and energy it takes for you and your team to complete the work, your respective mid-level managers might jump in and try imploring their respective teams to be more amenable to the change, but this oftentimes doesn’t work. 

Why?

Because a mid-level manager isn’t going to fire one of their teammates for not adjusting their work output to make it easier for a team in a different department to get their work done. As long as the incentives and metrics they are being measured against are consistently achieved, it is really hard to achieve a behavior change.

However, if the person who wants to see the behavior change from the other team can quantify the financial impact this extra time and energy has on the bottom line (perhaps they can say that they wouldn't need to fulfill an additional headcount because they are that much more efficient) and then take that information to the CFO and the CFO determines that this minor behavior change from the other team is a much less painful adjustment than the financial costs of hiring an extra team member to account for this, you can bet that the behavior change is about to be permanent.

Therefore, if we are business development professionals, we need to think differently about how we make ourselves more attractive to our prospects. This starts with understanding who feels the pain that you can relieve the most. It is then followed up with having high proximity to those decision-makers in an environment that shows off our knowledge and capabilities but not in a way that seems braggadocios but rather a humble way. I will be writing a second part to this article to elaborate on solutions, but if you are interested in this topic in the meantime, send me a message on LinkedIn.



Thu 30 May 2024
When building trust and engaging with potential new clients, executive mastermind groups are one of the most powerful tools small business consultants can implore. These mastermind groups bring together various small business owners to facilitate high-level discussions of the real-life problems they face. Together, small business owners can share insights, discuss problems,  and develop innovative solutions based on their experiences. By facilitating a mastermind group, small business consultants can have a seat at the table. 

Small business owners may be more hesitant to receive consulting services because outsiders do not know the intricacies of their business and how it operates. Building trust with small business owners through mastermind group sessions can break the barrier of unfamiliarity preventing these small business owners from seeking consulting services. Furthermore, these small business owners may be wary about using such services simply due to unfamiliarity with the process. Allowing them to become familiar with the collaborative problem-solving processes used in mastermind groups can work to create an open mind about reaching out for consulting. 

Other concerns small business owners may have with consulting services include a lack of understanding and the perceived value of implementing consulting services. Small business owners may be unfamiliar with the available consulting resources specializing in tackling challenges that small businesses face. Even small business owners who are aware of these services, may not recognize the value of consulting services and think they can solve all problems on their own. Introduction to a mastermind group can help to break down these preconceived notions that all problems must be solved within the company and help them recognize how collaborative consulting can truly revolutionize their business. 

How do mastermind groups function? 

In determining whether facilitating a mastermind group will be a positive addition to one's current small business consulting initiatives, it’s crucial to understand what exactly mastermind groups are. Mastermind groups comprise a group of peers collaborating to provide support to one another through shared experiences. For the purpose of building a mastermind group comprised of potential clients, a mastermind group can include strictly small business owners. During regular meetings, each group member can discuss recent challenges or problems they are struggling with and receive guidance from other group members who have faced or are facing similar challenges. 

As a facilitator, advice can also be provided, however, this also presents an opportunity for offering more in-depth consulting services. Group members who are struggling, for example, with how to improve their company’s credit rating, may need more individualized recommendations to properly resolve this issue. Being a facilitator of these mastermind groups allows knowledge about which small business owner is struggling with this problem and may need more specialized help from a small business consultant. Facilitating these mastermind groups gives direct access to potential clients and current challenges they are struggling with. 

How does the creation of mastermind groups work? 

Acquiring small business owners to join a mastermind group without experience facilitating such groups can be a daunting task. This is where utilizing the help from companies with existing mastermind groups is beneficial. Some companies currently specialize in leading mastermind groups and have processes developed to acquire members of mastermind groups and resources on how to structure these meetings. Ambition in Motion (AIM) currently leads many mastermind groups and has recently launched services catered specifically to small business consultants interested in facilitating their own mastermind group. 

Investing in a license to utilize AIM’s executive mastermind groups, not only provides access to a network of potential new clients, it builds trust and meaningful relationships with small business owners. After licensing AIM’s mastermind group, the business development team will conduct client outreach through LinkedIn and other channels to build a mastermind group consisting of small business owners who are excited about this new opportunity. After the initial outreach, communication with potential mastermind group members will be handled directly and connections with these small business owners will begin to develop. 

Why is licensing AIM Mastermind Groups unique?

Licensing AIM’s Mastermind Group provides many benefits, primarily through the initial establishment of the groups. As mentioned previously, AIM will work directly on the mastermind group member reach out. It can be overwhelming to determine where to start with outreach efforts, so assistance from AIM’s business development team helps to guide these initial steps and set the mastermind group up for success. Additionally, AIM’s small business roots can provide a connection with these small business owners who may trust other small businesses but shy away from the word ‘consultants’. 

In addition to mastermind group member acquisition and the small business connection that AIM provides, overall more affordable licensing packages are a significant benefit of utilizing these services. Oftentimes, small businesses don’t have large budgets that can be used for mastermind groups or consulting services. A more affordable option will attract small business owners who were turned off in the past from such services due to their higher costs. Not only is the pricing attractive to small business owners, but the licensing fee for anyone interested in starting their own mastermind group is cost-effective. 

As a consultant, it can be difficult to obtain small business clients due to their resistance to change and outside help. Through licensing mastermind groups, consultants will gain access to various small business owners seeking to solve business problems while also building relationships with these owners. With this unique mastermind group connection, small business consultants can gain insights about current problems small business owners are facing and transition group members who need additional consulting expertise into clients. 


Thu 30 May 2024
Initiated by the COVID-19 pandemic workplace changes, there has been a major influx of professionals leaving their workplace industry to begin their careers as executive coaches. The number of executive coaches have multiplied consistently over the past five years, but the demand has not changed. Now, the introduction of these executive coaches has overpopulated the supply, with minimal change in the demand for their work. 

With these recent industry changes, executive coaches heavily compete for business and therefore must find creative methods to set themselves apart from competitors. Coaches have clients across industries and commonly offer one-day training on focuses that provide great value to teams in building culture, productive workplace habits, and creating a comforting environment for professionals along with a variety of other focuses. 

However, industry leader, McKinsey and Company has published an article sharing their findings that leaders prefer a group of peers to relate to and discuss with than a lecture style training. Once professionals reach executive levels in their organizations, coaching and training for growth is challenging. The ability to openly learn from other executive leaders is an amazing opportunity that encourages training, learning, and development in a non-conventional manner. 

Rather than focusing on day-to-day trainings executive coaches could consider leading an executive mastermind group to build a more impactful connection with the participating professionals. These groups meet for discussion on a regular basis for peer collaboration and advising. Coaches can lead and organize these groups and purchase materials and content to assist in leading mastermind groups to provide the most benefit to all participants. Inviting individuals to join an executive mastermind group can be a great way to spark business connections, encourage networking, and learn from industry peers and leaders. Additionally, professionals may find benefit in the cost-effectiveness of executive mastermind groups rather than a more costly executive coaching or consulting agreement. 

The value of peer collaboration and feedback add great benefit to executive mastermind groups for both coaches and participants. Executive mastermind groups provide a pivotal opportunity for coaches to refine their leadership skills and provide a platform that promotes learning from diverse perspectives and gaining peer insights. Furthermore, mastermind groups create a comforting environment for growth and support in making mistakes. Through mastermind collaboration efforts, leaders are enabled to achieve team goals, stay attuned to industry changes, and cultivate a community of support and psychological safety for learning and growth.  

In leading an executive mastermind group, executive coaches are given the opportunity to build relationships and a trust-based culture with leaders across varying industries. Providing a welcoming platform to facilitate networking and building relationships is a crucial aspect of developing a quality, focused mastermind group. In building this platform, individuals create a space of psychological safety and embrace mistakes that promote collective growth. 

Through executive mastermind sessions, executive coaches enhance their skills and contribute to the continuous evolution of professional education as a whole. Here are the top 6 reasons that executive coaches should consider starting an executive mastermind group:

  1. Business Development
By having an executive mastermind group, coaches are able to create a safe place for prospects to begin discussing their challenges. Executive coaching and training are intimate relationships built on high trust. An executive mastermind group creates an environment for coaches to build trust with their prospects who, when the time is right, will come to them seeking higher value engagements.

2. Networking and Relationship Building
Executive mastermind groups create a valuable environment to build long-lasting relationships and network with other executives across different industries. Through mastermind groups, coaches can learn more about specific industry measures that impact individuals, and, coaches are able to build their network and demonstrate their knowledge and ability. 

3. Expanding Impact
Through executive mastermind groups, coaches are able to further impact the professionals they advise. However, in a mastermind group, the executive coach is not the only individual leading towards team growth. Participant engagement and collaboration provide incredible benefits to professionals that cannot necessarily be gained through basic trainings. Executives face unique challenges and the solutions to these challenges cannot always be found in a textbook. Executives guide each other through continuous discussion and collaboration using their past experiences. Through executive mastermind groups, coaches are able to reach a larger audience with impactful guidance to leave a lasting impact on participants. 

4. Risk Aversion 
Through executive mastermind groups, coaches can benefit from a risk-averse strategy to expand their business. Rather than enacting a change across a team, department, or company, these individuals work with just a few leaders. By working with fewer individuals, coaches reduce the risk to their brand image and reputation. Additionally, for coaches still developing their businesses, mastermind groups provide an opportunity to network with leaders across industries which is crucial for expanding brand image and recognition. 

5. Scalability
An incredible perk of leading executive mastermind groups is the ability to easily scale groups. With flexibility benefits, coaches leading mastermind groups can guide a larger audience without sacrificing the quality of the session. Rather than a one-day training course on a specified topic, leaders can meet for 2 hours every other week and achieve similar results for personal growth because many executives are contributing to a group effort of guiding each other rather than the coach alone guiding the group. 

6. Brand Enhancement
By leading an executive mastermind group, coaches are able to enhance their leadership skills, industry knowledge, and brand image simultaneously. Partnering or using a specific company's mastermind group content is a great tool for coaches to start with, followed by adapting the materials for their specific client group. Through a reliable and well-designed mastermind course, coaches brand image and credibility will continuously increase.

Building an executive mastermind group cohort can be an incredibly strategic step for coaches to grow their businesses. Investing in mastermind group content offers a variety of benefits to both the leader and participants who collectively learn from each other. Through utilizing curated materials, mastermind group leaders can provide executives with a psychologically safe, supportive environment to share diverse experiences and learn from peers. 

If you are an executive coach and are interested in setting up your own executive mastermind group, schedule a conversation with Ambition In Motion to learn more.


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