Embracing Commitment: Understanding the Why, How, and When of Member Commitments with Larry Prince

Hello and welcome to Mastermind Mastery, the podcast for professionals who want to create and run successful peer advisory councils, or as we call them, PACs for short, or they're also known as peer groups or business mastermind groups. I'm your host, Tina Corner Stolz, founder of Elix Council, where I've been in the industry running groups since 2005 and now help those like you with education, certification, and support wanting to do the same. At one time, I ran 10 groups, nearly 100 members, and sold my groups For a Good Multiple and recently released my second book, Your Seat at the Table: How to Create and Run Your Own Peer Advisory Councils, published by Forbes, and grateful to you that it's an Amazon bestseller. I invite you to join each week where we share strategies and techniques to successfully launch and become a master of running your PACTs. You'll hear insights, perspectives, do's and don'ts, learn from my and my guests' mistakes, successes, and get the inside track to key takeaways. Each time we have guest, we'll be having a bit of fun. So are you ready? Let's get going and dive into today's episode.

So welcome everyone to a new episode of Mastermind Mastery. This is your host, Tina Corner Stolz. And today our topic is commitment. And we're not talking about commitment like marriage or anything like that. What we're talking about is commitment in the actual meeting and what does it mean to the members. And I am excited today to have Larry Prince. Of Prince Leadership up from Orange, New Jersey, joining today to talk about this topic, one that he has experience with. And he's going to share what happens in his groups with the commitment and share his insights and wisdom. And we're going to have a great chat. So I want to welcome Larry to the show. Larry, how are you today?

I'm great. Thanks, Tina. Thanks for having me on.

Absolutely. So we're going to kind of jump right into this about Commitment. I, you know, this is such an important part of a meeting and but an important part of a member's experience. And so some of our listeners may be running groups and not actually having this component as part of their meeting structure. And of course, I know some of our listeners obviously do do it and, and might have a little different way they do it. So today we're really going to talk about like the importance of doing it. And what it can mean to enhancing the member's experience. So let's start off just to be sure that all of our listeners, we're all on the same page, which is about commitment. What does— what is commitment? And like, what is the difference between commitment and maybe goals?

Right. That's a good question. So commitment is having, in essence, a higher level of responsibility to not just yourself, but to others as well. And that you are, one gentleman says he uses the word promise. He likes the word promise, which is actually even a higher level of a responsibility and motivation to act on something. And that responsibility, when you promise it to others as well, you're more likely to act on it and do it. So it's this responsibility to a particular type of action is how I define commitment.

Great.

And related to goals, you know, we, we in business set goals all the time. Sometimes they're called business objectives, right? We, we wanna make them SMART, specific and measurable and ambitious and result-oriented and time-bound. Or some people, and I like to use the term FAST, where they're frequently discussed and they're transparent as well. Those are the first stage. Those are what you plan on doing. But how do you turn that plan, the goals and the objectives into action are the commitments you voice and record and share with others. And that's the action part of taking a goal and an objective.

Yes. So why even do them? Maybe let's start there. So kind of what's the importance of doing commitments in the meeting?

I would say it's something very, very simple and fundamental. If we're in a meeting, if people have made their commitment to show up on time, ready with the right mindset to engage, we owe it to each other to say the input you've provided matters. Otherwise, it's just good discussion. And I don't think it's sustainable in a, in a peer group where CEOs and business owners have, they're very busy, they have high expectations, and that thing that can really make it of value over time is that there's something different here. It's not just good discussion and camaraderie. It is something that leads to taking the action necessary to grow my business. Mm-hmm. And it's those commitments built over time and acted on over time and shared that leads to that success.

Right. You know, that makes me think of multiple things. So first of all, you know, typically and traditionally and, you know, who's participating in A peer group is a business owner or a senior leader. Right? So as a business owner, when do they ever have to state a commitment? Right? So when is it that they're usually saying to someone and their team, or is it they go home and talk about it with their wife? Maybe they have partners and they can do it that way. But rarely is a member of a group's feet held to the fire by anyone, right, to make things happen. So one of the advantages is that they actually get their feet held to the fire in the meeting. And so traditionally, what have you found? Like, do they like it? Do they not like it when they have to do that?

They need it. And they're smart enough to realize.

Ah, good point. Yeah.

And, and that's, that's the difference. Right now in my group, all but one have been in a different type of peer group previously in their career. Mm-hmm. Each of them, and one gentleman, Nick, actually put it in writing. He said, I think what really makes a difference in this group compared to the previous group I've been in is the action commitment. That I know that it's good for me, that I'm gonna make a commitment, I have to follow up. Mm-hmm. So I check in with them in between each monthly meeting to see how they're doing. Just, hey, just checking in. Sometimes text, depends on the person. Sometimes it's a phone call, an email, depends how they like to receive their, their communication or connection with me. Right. And just see how they're doing. How can I help them? What's working, not working? Do they need to adjust it? But it's knowing that they have that and have each other is heightens their, their commitment to that commitment. They're, they're acting on it and it builds over time to create the right culture with each other as well.

Oh, exactly. And so you've just outlined a couple of benefits, right, about doing a commitment. So let's, let's talk about that for a minute because in listening to you, there are, there are a lot of benefits, not just to the person making the commitment, but to the group. Right. So let's talk a little bit about what, what are the benefits of asking for a commitment? Because particularly for some of the listeners out there today, maybe that are not doing this, here's some of the reasons why. Right. To do this that will add to the experience to the group. So what comes to mind for you, Larry? Like, what have you seen as the benefits?

They, they carve out the time to every, every business owner, every senior leader is, is overwhelmed and busy. Mm-hmm. Why do I say that? They tell us, they share that, right?

Right.

Whether it's in my consulting practice or with their peer group, and they share it with each other. In fact, we have an ongoing joke that when we do our mindset into our meeting, which you and Henry talked about on a previous podcast, is that we could all put overwhelmed. Let's find a different word. And so they're overwhelmed. But to know consciously we're carving out time strategically to make ourselves as leaders and owners better, and the company better, they're smart to say, I need this. And that's the growth mindset and the type of mindset that fits well into my group or any good peer group is that I know strategically I need to carve out this time. It's smart business and it's smart for me. So I would say that knowledge, that acceptance is key.

And I'm thinking too, you know, one of the things is, is that, you know, owners and senior leaders, focus is important, that they are focused. And one of the benefits I've always thought about that a commitment makes is it increases somebody's focus and intent and allows them to say, OK, this is the most important thing, one of, but I'm committing to this, that I'm going to make progress on it. So they may not actually— sometimes we can talk about big commitments, and then there's Small commitments, there's strategic commitments, there's tactical commitments, and kind of how does that play in? But one of the things is, as a benefit, is helping that member recognize, OK, this is important to me. I want to make a commitment. I'm going to make progress on it. And I'm going to report on it when I come back next month. And it allows to recognize them verbally. There's something about verbally articulating what you're going to do, right? And so part of what have you found when people make the commitments that what happens if they don't make progress the next month? So tell the audience the approach. So how about a little bit of like, when do you do it?

Right.

Right. When do you get them in the meeting? And then what happens through that whole process after you get them between the meetings and then next month?

Sure, sure. I'll go through, through the flow. First, what is interesting is that not every commitment neatly fits on the calendar to be accomplished by the next month. Some are strategic. So we have broken our COPIs up into like 4 boxes, like short-term issue-based, like I have this issue with this type of person on my management team, all the way up to long-term and strategic around how do I, and this came up yesterday by the 2 copies we processed in detail were long-term and strategic. How do I restructure this department? And the other one was how do I restructure, the, entire sales function and considering the failures I have. So we were looking—

Oh, you know, quick thing for the audience. COPPI is challenge, opportunity, problem, or idea, just as a definition of you and I using a terminology here so everybody remembers. And if you don't know and you're a first-time listener, that is, um, what our, you know, terminology is that we kind of banter around in using. So go ahead.

Yeah. And we just, and with that, when we process those challenges and opportunities, problems, and ideas, COPPIs, where we're using just great problem-solving technique. And I think that is a fundamental feature of what we do, Tina, in running our peer groups under LX Council is just fundamentally sound problem-solving. And at the end of every problem we solve or COPi, whether it's short-term or long-term, we ask that particular member who was processing their COPi to go ahead and say, what do you draw off of this discussion and what action you'll take. So the first— and we record it right on a flip chart. And so we codify it and it becomes kind of etched in stone and it shows the members that person is taking their input serious. So the first action commitment is after each person processes their copy. And at the end of every meeting, we go around the room Before we take, do our last step, which is learning takeaways, we go around and ask, what, what, what is your action commitment? What is your promise to the group and for yourself from now to the next meeting? And some are very specific, which are smart. On Monday, I will do this with these people for this reason. Others are more strategic and like, I'm still have to think through how I approach that over time. But we record those and then I follow up, like yesterday was my monthly peer group. Later today, they will receive an email from me listing those action commitments. And then that's what we then are committed to. I actually do an action commitment as well as the peer group member in terms of maintaining the culture, running meetings better, or building the group the right way. I have my action commitment to them as well. We're all in it together. And then we follow up on those action commitments in between. Once in a while when there's great success, they get excited and they'll email the group. So we've had that a couple of times where they email the group and say, hey, always like that, the input, this is what happened. So, uh, we get excited about that. And then before the next meeting, a week in advance, I send in an email reminder about the logistics, but also include all the action commitments. And then the day before, they get it again with the agenda. And so we are committed to this cadence and flow of action commitments. And it's what differentiates us from many other type of peer groups that might exist.

Well, and it's a benefit because of, um, when we think about what's in it for them, right, is when you set up a cadence they can expect. And that in itself is a sense of accountability, right? So coming into the meeting, what happens if a member doesn't meet their commitment?

What we do is we track it. We're tracking every month all the COPES and action commitments. And so what I shared with the group yesterday, coming out of the August meeting, the group had voiced 10 different action commitments. 8 of them were completed or in deep progress. So it's like a scorecard for the group of accountability. And then one was not, and the gentleman said, honestly, with vacation in August, I just haven't gotten to it yet, but I plan on doing so. And one, which is smart because what you say on one day might change over time, he said, that's not exactly the same commitment, I, I've tweaked it a little bit and I have to still think that through. So we actually scorecard it at every meeting, which I just actually started this month, and looking at the action commitments and how are we doing with them. And I track 'em on a spreadsheet, all the copies, all the action commitments. And so that we kind of have a log of them and see our progress as a group.

Excellent. And so to your point, just because somebody missed it doesn't mean that it still isn't important, or it might shift. They might start down the path and realize it has to look differently, right? And of course, there are going to be instances maybe that life happened and they couldn't do it. But the point is it gives them the opportunity to articulate that reset. And then continue to make progress forward in reality, right? And the ultimate, which I also am hearing that you say, is that also the group is there kind of holding each other accountable on their commitments. So I can recall numerous times in the group that a member will bring up about maybe a commitment that was made 3 months ago, 6 months ago, because maybe it's a more strategic commitment. And it isn't necessarily reiterated all the time, but it's still there. And they'll say, hey, what about XYZ? How is that going? And you really know your group is engaged then when they start to really do that with each other, because that's the ultimate what you're trying to get to. So in kind of wrapping up here in the couple of minutes that we have left, And we look at commitment and that you get it. When do you get it in the meeting? Do you talk about it in the beginning? Is it the very end? Is it, you know, and what's important about the timing of it?

Like a lot of the groups, we begin every meeting with mindset and checking in and just getting the emotional tenor of where people are at, both personal and business, and how people come into a meeting. And then After that, we go around the room and someone will volunteer to start. And what we have is in our cadence is what do we need to know in your business that, and personally, what has transpired the last month? And then what successes have you had? They really like the idea of being able to share successes.

Mm-hmm.

And then go over your action commitment. And then if you have a copy, what is your copy to share and process with the group? So we're doing it early on. And we are now in a cadence where I don't even have to do much as a moderator. It's just happening naturally. We put the agenda up on both in a handout and on a, on the board or a flip chart. And people look at it and they, so we're beginning to create the rhythm of how they operate without even me having to moderate it and say, next, next. And then when one's done, they pass it to the next person. Right. So I'm— it's becoming a good routine. It's early in the meeting, the action commitments.

Okay, perfect. So the point is to just do them. So is there anything for the listeners today that you want to make sure that they have as a takeaway from this whole conversation as we wrap up?

I learned this years ago. Goals are nice. But commitments are everything. And commitments in writing, when you're accountable to yourself and to somebody else, are more likely— I think there's been studies to show this— to lead to success. And I think for our, for my group, accountability is a core component of our culture and who we are. And we even looking to take it to the next level, which are commitment partners, real challenging commitments that require someone else in the group to be a volunteer to say, I'll help you with that. You could call me next week. I'll be your commitment partner to have discussions between meetings. So it's not just a person on an island going out on their own or relying on me checking in. That someone else in the group has stepped up to say, I'm going to help you. That's the next phase for us. So commitments are the difference between thinking and planning and actually doing.

And I think what's important about that is also one of the reasons that, you know, I shifted years ago away from goals is because as an owner, and much like you're an owner as well, you know, you move the goal. So owners would move the goalposts. Like, they get close to it and they're like, no, I want it to look like this. And so always asking for SMART goals was actually not as motivating and results-oriented as commitment. And one of the other things as we close that commitments really do is create results that are tangible, that show the ROI of being in the group. Right. And it's impossible for somebody to participate in a group and not make that kind of a progress. And usually phenomenal progress, more so because they're making these commitments to each other. Right. And it builds that camaraderie that you're always looking for. So, Larry, thank you.

Thank you.

Great discussion. And what if people want to get in touch with you for any reason? Will you share how they can get in contact with you? Your website?

Sure, sure. My website is princeleadership.com. On email, I'm larry@princeleadership.com. And my cell number, 973-670-6304. So reach out and we'll say hello and have a conversation.

That would be great. Great. Well, thank you for joining today and talking about such an important part of a member's experience in the meeting about commitment versus goals. And again, thanks everyone for joining this Tuesday. It's good to have you back and stay tuned to next Tuesday for another great episode. And until then, make it happen.

Hey, moderators of groups, thank you so much for listening to today's podcast. To get access to today's show notes and exclusive content and resources, visit TinaCornerStolz.com/podcast. Or LXcounsel.com, where you can also become part of an exclusive online community, attend our academy, or get free resources, templates, checklists, and more. And you can even contact me there as well. So if this episode resonated with you and you know someone who can also benefit from listening, please share with them by taking a screenshot and even posting on your social media. I also love reviews and appreciate hearing from each of you, those actually doing this wonderful work. Please tune in next week for another episode of Mastermind Mastery, and I'll close by sharing something my mentor did after every learning moment. He shared a shiny pebble from his pocket with anyone he passed knowledge to and asked them to forward that pebble, knowledge, on. So now I encourage you to go pass on a pebble, the takeaways you learned today, to either your existing groups or fellow peers. Now go make it a great one.