4 things to consider when starting a study group

If you want to either start or become a member of a study group, here are some things to keep in mind:

1. Identify a common thread to find potential members. It takes time to identify the special mix of personalities and traits that create an environment in which you can feel vulnerable. It’s important to get to know each other on a personal and professional level to build trust. This enables members to have confidence in the nurturing environment of the group so they can feel comfortable sharing their struggles, concerns and challenges, or when they are providing guidance or empathy to another group member.

2. Determine how geography will impact your group. Are you comfortable using technology to overcome distance between members? With my study group, we live in four different states, but we thought the mix of people was more important than being able to always meet in person. We committed to holding monthly 90-minute calls and meeting in person twice a year.

3. Develop a group objective and a working time frame. To be successful, your group needs to have a structure and a plan. Of course, over time, objectives will need to be adjusted to remain aligned with each member’s needs. We started by writing business plans, but last year we chose to incorporate a new theme of self-improvement. We incorporate a new initiative each month to expand our experiences and create some new health habits.

4. Determine your group structure and select a common starting point. Since we all were beginning in different environments, we felt it important to start at the same place and talk the same language. Initially, we decided to go through the process of creating a business plan using Jim Horan’s book, “The One Page Business Plan.” Several of our group members had never formalized a business plan. Using his guide allowed us to share the experience together and speak the same language when developing components of the plan.

Kathleen R. Benjamin, CPA, CFP,  is a 15-year MDRT member from Timonium, Maryland. Read more in the Round the Table article “Staying on track.”