What constitutes a ‘complete’ network?
What constitutes a ‘complete’ network?
Networking is personal. Your Network is your crowd. A group of trusted, valued individuals you have met over the course of your career and life so far and they are those that you most want to stay connected to.
There are different motivations for staying in touch with people:
You have good chemistry, complement each other professionally and you would call upon them to join your team again in the future
Your contact is an expert in something that you are not, you value their insight and would call upon their opinion
They are a mentor to you
Perhaps they are an entrepreneur that might be a source of opportunity or projects for you
If you are early in your executive career you should always be looking for opportunities to complete your chess set.
If you are a more experienced executive, dedicate some time to re-evaluating your contact books, excel spreadsheets, Filofax etc. Condense down the people you have met throughout your career into your inner circle and reconnect with them.
Companies need a range of skills to operate effectively so if you think about what makes an operational board, this is an extremely good starting point for your network. Also think about what that individual brings to a board. If you do not know what they bring, ASK!
Chair or NED – an impartial advisor bringing industry or situational insight
Chief Exec or MD – leader that can galvanise a team and showcase a business.
HR Director – The glue that can template a hiring strategy, build a culture, teach a workforce but also rationalise or right-size one.
CFO/COO – A strategic partner, someone that can fund raise, present at board meetings, co-pilot at a client pitch, and deliver or break your budget.
Sales Director – The voice of the business singing the song. Pitching the message and converting the sale.
Marketing Director – Shaping the message, navigating social media, and then presenting back the impact, uptake and translating key metrics.
Chief Legal Officer – Keeping you on the side of good, sharpening the terms and conditions, protecting the IP, the deterrent.
Chief Technology Officer – Often the magician shaping the technology of the future.
If you have one contact, within reach, in each of these areas of expertise that is a great starting point for your network.
The other part of your network is slightly different. They are people you would engage in a professional context. If they make it into your ‘network’ they must be people that you like, trust and would call upon for their services again.
Some examples:
Lawyer – to help structure a deal, launch in a new geography, or defend the business
Bank Relationship Manager – to have a safety net, discuss business issues with and gain support from
Business Advisor – (Insurance/Broker), to help prepare for a change in the business environment, to help find a buyer for your business or to help underwrite a transaction
Corporate Financier – To help raise money, prepare an IM, or approach investors on your behalf
Venture capital contact – to fund the start up phase of your venture, or to evaluate your pitch
Private equity contact – to provide follow up growth capital
Audit Partner – In a good one you would expect to have continuity of service levels
Once you have developed your network, you need to stay in touch with them. It does not need to be an hour-long meeting. It can be a call, a message, an email or a videocall once every three to six months. Try and do one thing every business day with one of your network contacts. It will become an easy and valuable habit.
MyExecLoop is a smartphone App which allows you to build an invite-only professional network of connections and will remind you to stay in touch with them.
