EXPAND YOUR BUSINESS (3)

3.Develop Your Social Capital
Social capital is very similar to its monetary
sibling. It, like monetary capital, is accumulated by
an individual or a business and used in the
production of wealth. Put more simply, it's the
accumulation of resources developed through
personal and professional networks. These
resources include ideas, knowledge, information,
opportunities, contacts and, of course, referrals.
Effectively developing your social capital can be a
daunting task. However, doing so within a
structured, organized networking framework will
leverage your efforts and help you begin building
your balance of capital to positively impact your
bottom line. A key way that social capital is
acquired is through networking because successful
networking is all about building and maintaining
solid, professional relationships. Plan your word-
of-mouth marketing efforts just as you would any
marketing effort. Give referrals constantly. It helps
build your contact network, and good business
karma as well. And show professionalism at all
times. Being dependable, delivering a product on
time, meeting appointments consistently and
treating others with courtesy will give you a
professional reputation and cause you to be
remembered by those you wish to have become a
contributor to your social capital.





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