Published Sometimes the simplest lessons are the most compelling. I got one of those “DUH-slap” lessons last month while leading a workshop at the North Dallas Chamber of Commerce. The second Tuesday of each month I am a co-presenter of a Networking Skills Workshop, a gig I inherited from a good friend and fellow coach when he relocated to Kentucky last summer. It is material that I have been presenting in various venues for some ten years or more so it was easy to step in for him. Each month we have between 20 and 45 people coming together to learn how to better build their business, manage their careers, find new resources.
On of the reasons I do workshops like this is that the people who attend often have something valuable to teach me. I had the group doing an exercise to illustrate the importance of developing and nurturing the relationships that grow into your referral tree. (See the online article "Growing Your Referral Tree" for more detail on this.) One part of the exercise had people listing sources of clients and business resources, sources of the sources and so on. I wanted people to get a very real sense of the importance of extending their gratitude and network development far beyond the immediate sources. As I walked around the room I noted, as I expected, many people were having trouble making the connections of where their business and relationships really came from. Some were doing a pretty good job. Then I saw Lee's page. I stopped in my tracks and said, quite loudly, "WHOA!" The page was totally covered and she was still writing.
After the exercise, during the discussion, I asked Lee how she was able to do so easily what for so many people in the room seemed to be a struggle. "I spend two hours every week just thinking of how I can put other people together" was her reply. That works out to about 24 minutes a day, which adds up to 100 hours a year. Folks, that is the equivalent of two and a half workweeks every year! The result? She makes no cold calls, sells mostly on referral and her bosses are puzzled how she is consistently the top producer in her company yet she doesn't seem to spend her time with traditional prospecting. And she also has time for a side business and is active in charitable work.
Now don't imagine that is all that Lee does. For instance, she makes a point of surfacing where there are rich pools of prospects. (I met Lee when we were both at an executive briefing in Dallas. I am sure she was there for more than just the crudités.) But Lee does understand Social Capitalism.
Wayne Baker opens his book “Achieving Success Through Social Capital:Tapping Hidden Resources in Your Personal and Business Networks
” by stating:
“The ability to achieve our goals, fulfill our missions, and make our contributions to the world depends as much on our social capital (the resources available in and through personal and business networks) as it does on our human capital (knowledge, expertise, and experience…Research shows…. good networks improve happiness, health, and even longevity."
Most of us have no idea how valuable our networks (or social capital) really are, nor how to manage them effectively. This knowledge starts with awareness that this capital exists. Then you need to evaluate your network to understand where it’s weaknesses and strengths are. Where does it need to grow? What are the barriers and opportunities in it? What choices do you need to make to build your capital? For more on how to do this, get a copy of Baker’s book.
And please! Spend just 24 minutes on your networks today and start growing your own capital. So much depends on it.
June 6, 2003
Social Capitalism
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