Most business people and entrepreneurs use their skills and hard work to increase their net worth. However, many of these same people have something else they can lean on to keep their net worth moving in an upward trajectory. It’s called the effective use of a personal network.
Do you have a personal network? If not, why not? If you do have one, are you using your network to increase your net worth effectively? The fact is your network is there to help you. It’s the best way to build social capital. You can use it for purely social interactions, but you risk bypassing a great way to improve your financial stability and the quality of your life by doing so.
Have you ever heard the saying, “Your network is your net worth?” Well, it’s a saying that seems worthy of your consideration. If you aren’t already using your network as a tool of success, you might want to change your mindset regarding how you grow your net worth. Shifting your perspective will take time and effort, but it’s something that could lead you into the kind of wealth that goes beyond your imagination.
Here are seven suggestions on how to use your network to increase your net worth.
1. Don’t Underestimate the Size of Your Network
After investing time to build your network, you should be willing to assess where your network stands occasionally. You have to remember that your network will often extend beyond the people you would consider your direct contacts. It might also include people who are contacts of contacts. Don’t underestimate your network’s size and make sure to reach out to as many resources as possible.
2. Prepare for Networking Events
As a business professional or entrepreneur, you should make attending networking events a regular part of your workday experiences. When you go, get in the habit of going with a purpose. That should include knowing what you want to put on the table in discussions and who you would like to meet.
3. Follow Up With Contacts
While attending networking events, please take special note of the people you encounter and what you discussed with them. Get contact information if possible. You can also take notes on your mobile device if necessary.
After putting forth the effort to take special notes and get contact information, it’s incumbent upon you to follow up with your contacts. This would allow you to set up subsequent meetings, which could reinforce your relationship’s strength for the future.
4. Get Out of Your Comfort Zone
Many people tend to only attend networking events under circumstances in which they feel comfortable. The truth is the people who might be able to influence your net worth the most could come from any walk of life. That means some of your best chances to meet influencers may come from events that sit outside your comfort zone.
5. Show Up to Networking Events Early
If the number of networking events in your area is limited, you need to make sure you get what you need from the ones you can attend. To do that, make it a point to arrive early. There is a tendency for very busy and successful people to show up early, make their contacts, and head out before the event is over. You have to meet and greet these people when they are available.
Also, you should make an effort to stay throughout the whole event if possible. The best chances you will have to meet influencers is during the earliest and latest part of the event when the crowd is thinner.
6. Focus on the People Who Can Meet Your Needs
With limited time, you need to focus on interacting with people who can genuinely help you. If it’s a promotion you seek, reach out to people who can play a part in getting you that promotion. If you are looking for investors, focus on meeting with people who have money to invest and are currently seeking investment opportunities.
7. Develop an Online Brand
Given the strength of today’s technology, you can’t afford to miss the opportunity to build your online brand. It makes it easier for people to find and reach out to you. According to Porter Gale, author of “Your Network Is Your Net Worth: Unlock the Hidden Power of Connections for Wealth, Success, and Happiness in the Digital Age,” “Having a defined online brand or profile also makes connecting more likely, as credibility checks are just a click away.”
As a business professional, you need to keep yourself informed on the latest business and wealth-building trends worldwide. You will have stiff competition, and to come out on top, you must be prepared.
For more ideas on leveraging your network, making more money, and becoming a leader in your industry, reach out to the Leonard Productivity Institute.