Building social capital, your network of knob turners, is just as important to your business success as is financial capital. In fact, it is one of the most effective ways to earn more money, create more sales and benefit your career … especially if you weren’t born with a silver spoon.
You invest money and wait and hope for financial gains. Building social capital is about investing mostly time to gain more contacts to build a different kind of wealth: relationships. You have more control over the gains because you can choose your time and place and govern the results.
Networking is the number one way to start and build relationships, and face-to-face is still the prime way to kick off the process. Vital to the latter process are excellent verbal and nonverbal communication skills. Being able to articulate well and read people so you know what they are really saying are key ingredients in the relationship/social capital building process.
It’s good business to review your social capital monthly along with your financials. Make sure you are investing wisely in both areas and making the gains you desire.