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:

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.