Another big mistake, we have found the small-business owner makes is trying to do everything on their own, and neglecting to surround themselves with the right type of people.

One of the most amazing low or no cost ideas to help the business owner improve their business is creating a mastermind group.  The value and power the mastermind group can create for the small-business owner is nothing short of spectacular.

Simply, a mastermind group is a small group of people that commit to assisting and supporting each other, share ideas, and most importantly hold the members of the group, accountable for the actions.  they agreed to take.

The secret to creating a powerful and valuable mastermind group, is the quality of people you choose to become part of the group.  The tendency for the most small-business owners is to listen to people, who they get on with or who they like.  The key to people selection is getting people who you respect and who have the runs on the board.  So you know that there suggestions aren't just opinions.  They are proven strategies that have been put to the test.

The challenge  for most small-business owners comes about because they listen to other people around them who they just like and even trust, so often the ideas that they share are just opinions.  And we know statistics tell us that 80% of small businesses fail in the first five years.  So the chances are very high that the information that you're getting from your trusted friends is flawed.

Another important thing to consider with your mastermind group is how it is run and how often you get together.

We have found that meeting more regularly for a shorter time is more effective than getting together for say half a day once a quarter. 

The next thing to consider is the structure of the meeting, and how it is run.  A simple and effective formula to follow is this…  Ensure that everyone participating is prepared before the get together, with their current challenges, and what they want to get out of the meeting.  Allocate each person, a specific amount of time to have the whole group's focus on their specific issues and solutions.  Have someone be in charge of the meeting and timekeeping to ensure you keep to time.  This creates a sense of urgency to get to and keep on the point.

It is important that each participant agrees to and records specific actions to take that of come from the discussions.  Make sure each action has a timeline.  At the following meeting, you simply go round the table again, and each person brings the group up to date with the actions have taken since the last meeting, what their current challenges are, and what they would like to get out of this meeting.

Many busy small-business owners would tend to think that they don't have the time to put this idea into practice.  That is a massive error in judgement.  There isn't an elite athlete on the planet that would go into competition with out the support of a coach, but many small-business owners just don't get this and they think they can do it all on their own.

In the absence of a coach, a mastermind group is the next best thing.  Ideally the small-business owner would have both, as there are different dynamics in a group, as opposed to one-on-one coaching.

But the bottom line is this, if you don't have, or aren't part of a mastermind group.  You are missing out on massive opportunities ideas and insights that could transform your bottom-line and your whole small-business experience.

Go to UncoverHiddenProfits.com to get instant access to my free video training on Frustration to Freedom, 6 simple steps to enjoy greater personal freedom and profitable business growth through creating a high performance team.

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Author's Bio: 

UncoverHiddenProfits.com is designed to help the small business owner find the massive amounts of profits that are largely untapped in nearly every small business.

The company was established by Mick Hawes, Julie Cassar and has gone through a number of transformations as your (our customer) needs have changed. We began with “The Head Coach” then added “Mylyfe” which we have recently re branded as UncoverHiddenProfits.com

You will benefit enormously from our two decades of experience, as we have worked with just about every type and size of business from the multi billiion dollar organisation such as American Express to the one man show and everything in between as well as working with sports stars like Samantha Stosur Australia’s No:1 female tennis player and sporting teams like the Tasmanian and Victorian state cricket teams in the area of peak performance. http://www.uncoverhiddenprofits.com/