ExecTec on The Value of a Network

Someone to call when in doubt is great in a pinch, the ability to reach out and make something happen is salary enhancing to say the least, but knowing the right person at the right time is as our friends at American Express would say, priceless.

So what is the value of your network?

There are those who would say a network is only worth what it produces and others who are not sure if networking is worth the time involved. Some will pay lip service to the ideals of networking but still never find the time to network until they are dying of thirst by the side of the unemployment highway.

Recently, Linkedin a well know if not always understood bastion of professional networking was valued as part of a round of funding at 1 billion dollars. With 23 million members one might argue that sets the value of each member at $43.48.

All mathematical fun aside, clearly one can not and should not put a price on ones network because each and every contact is of limitless value and the only real question is how to tap that value.

One of the questions I am asked most often is what one should do with Linkedin and other networking tools. It seems getting started is not hard but what to do once you have establish your network is anything but intuitive.

Here are some tips of what to do once you have established or re-established your network:

Spend some time every (day, week, month) keeping up with what is going on in the lives of the people in your network. In some cases this is done passively by reading their blogs, twitter posts, Facebook statuses or profiles on their social networking tool (Friendfeed is good for this) of choice. This allows you to stay current and interested in these people. I may not talk to my good friend William more then 5 or so times a year but I know what he is up to and when we do connect those connection are more meaningful cause I am not as out of touch with his life as I would otherwise.

Make the effort to stay in touch. If you keeping up with the lives of those in your network then finding excuses to stay in touch is not a big deal. Many day to day events are an excuse to reach out. Post a comment on their blog drop them a note to say you were thinking of them or share an article or link that you know to be meaningful or useful to them.

Connect your friends. Go out of your way to introduce those in your network to each other. I am always meeting people and introducing them to others who I think would appreciate, be able to aid or benefit from the other person. People like to meet people in similar or even allied fields of interest and you never know when fate will produce something great out of a not so chance meeting.

Review your network. Make sure you spend a little time browsing who is in your network. These are not baseball cards to be stored and not looked at for fear of devaluing them. No matter if you use a Rolodex ofbusiness cards or have more contacts in Linkedin then Ron Bates you need to review who you know so that you do not forget who you have met.

Be more willing to give then receive. Simply put if everyone asks and not one gives then it is a worthless network. However if everyone is willing to give what they can then the value of the network is limitless. What to you is a simple favor is priceless to someone and likewise that big need of your may be simply achieved by someone you know or is connected to someone you know. If you are know for what you do for others many more will be willing to help you achieve your goals. So spend sometime reaching out and helping others achieve their goals.

Do not stumble around in the dark. If you are using Linkedin or several other of the social networking tools you have the ability to know who you are dealing with. So take the time to look up those people you meet and if it so happens that you meet the cousin of a valuable member of your network make sure you point out the connection.

Get out and connect. It is not enough to connect over the internet. Having met a person once or twice they are much more likely to remember you and be willing to do something when the time comes. So get out and mingle with your network once in awhile (more then once a year). If you are staying currently with the people in your network you will never lack for opportunities to do this.

Join us as we explore how to utilize ones network and finally realize its value.

As always, there is no better way to meet and connect with other executives then over dinner and conversation. $21 in advance via PayPal or $25 at the event gets you a full dinner, drink and the best networking around.