Internally, we learned early on that the more we improved communication between team members and the more we were open about triumphs and challenges, the more we grew. Then we had a radical idea: What if we took the idea and turned it outward?
So, we started to connect with like-minded advisors, meeting regularly to discuss our industry and to compare notes on our observations. We still do this today: We talk about what’s working, what’s not working, what developments might impact our clients in the near and distant future, and on and on.
More Minds Make for More Impact
Technically, all of these advisors are competitors. They could, in theory, serve the exact same clients and prospects that we serve. For many business leaders, that fact alone would derail this initiative because it seems like giving away the keys to the kingdom, but that’s not what we’ve found.
Instead, we’ve found the following:
- We have access to far more information than we ever would alone. Since this group is comprised of other industry experts, we get to see far more of the landscape than we would with our minds and doors shut.
- We can innovate much more rapidly because we have a broader perspective. Not only do we see more ideas through these relationships, but we also get more direct feedback from experts.
- We can identify trends much sooner than we could alone. When we work independently, deciding whether a new change is an anomaly or a sign of big things to come can be difficult, but with a panel of experts, we can swiftly identify when a change is going to affect all of our clients.
Growth Means Going Beyond Your Bubble
Ultimately, the lesson here is that growth will always require some degree of discomfort and probably some level of risk. Fear of that discomfort and fear of potential risks can lead to inaction. It feels safer to not do anything at all.
And that’s a trap. Inaction is just as dangerous as taking the wrong actions. A mastermind-style group like the one we describe might not be the action your organization needs, but hopefully, it starts to get you thinking beyond your bubble.