Currency Archives - Dr. Ivan Misner®
Social Capital

Build Social Capital by Networking

Social capital, otherwise known as the value behind your social contacts, can be an extremely important resource in both business and life.  If you take as much care in raising and investing your social capital as you do your financial capital, you will experience benefits that can greatly enrich your life as well as multiply your material returns many times over. Investing in your networking is one of the best investments you can make to secure future success for yourself and others with whom you network. Below, I share my 4 step process to build your social capital, the international currency of networking.

Social Capital

This is acquired through networking because successful networking is all about building and maintaining solid, professional relationships. The trouble is we don’t have the natural community-like business relationships that existed before. Many business owners hardly know their neighbors, let alone the local businesspeople in town. Therefore, networking is critical to an individual’s success in business.

Effectively developing your networking can be a daunting task. However, doing so within a structured, organized networking framework will leverage your efforts. You begin building your capital to positively impact your bottom line.

Here are some keys to creating social capital

  • Give your clients a personal call
  • Call all the people who have referred business to you
  • List 50 people to stay in touch with
  • Follow up with everyone

As you invest your time in developing your networking, you are increasing your bottom line. Strive to make the most effective use of this investment. Do everything possible to thoroughly enhance the relationships you develop in the coming year because social capital leads to improved financial capital.

Watch the video and then take a minute to leave a comment below. I would love to hear your story about how investing in your social capital significantly paid off for you.

Currency

Relationships Are Currency

How can you deepen the relationships with people to get to the point where they will be be willing to help you out in the future? Here are four quick steps about relationship currency to get you moving in the right direction.

Social capital

Social capital is the international currency of networking, especially business networking. If you take as much care in raising and investing your social capital as you do your financial capital, you’ll find that the benefits that flow from these intangible investments will not only be rewarding in themselves, but they will multiply your material returns many times over.

How many times have you seen an entrepreneur, maybe even yourself, go to a networking event, meet a lot of good people, then leave and never talk to them again, right? It probably happens too often. Not because the entrepreneur doesn’t like them; it’s really because they haven’t had system to connect. New contacts are really where future business is often born. It’s meeting those new people and getting into visibility that leads to the rest of your business.

It’s not the number of contacts you make that’s important, but the ones that you turn into lasting relationships. You’ll always get better results trying to deepen relationships with people you already know than starting relationships with strangers.

Relationships are part of the fabric of the development of your social capital. You must keep investing in the relationship if you ever expect to make a withdrawal. 

 

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