Got Social Equity? The Quality of Your Network Impacts Your Net Worth

If you’re familiar with my previous posts you’ll know that this is a time of transition for me (and Steve too). It’s scary and exciting all at the same time!

Well today I’ve been thinking a lot about social equity, the strength of my network and quality of relationships within it.

Social equity is one of my favourite topics to teach and it has a great deal to do with why I’m able to move forward in a new direction with such confidence.

Social equity is simply the standards and mutual value of your personal and social relationships. The key to positive social equity is the element of mutual benefit.

When your social equity is high, the people within your network truly care about you and your success as you care about theirs. There’s a great deal of mutual benefit and as a result, transitions are much easier to manage because it’s easy to garner support in many areas.

They are relevant in that they are interested in your area of expertise.

They are responsive in that they read and comment on your communications.

They are loyal in that they stay around as you and your company(s) grow and evolve.

And, they care in that what you do and who you are really do make a difference for them, they notice and it matters.

Does this describe YOUR network?

When you have a relevant, responsive, loyal and caring network it’s almost impossible to fail. I like to call positive social equity an insurance policy for your success.

But the diversity of your network is equally important. There are specific relationships that are essential to long-term, high level success.

For example, if your network only includes customers and prospective customers, there are critical gaps you must consider.

Here are six specific types of relationships, in addition to your network of prospects and customers, that you should spend time developing high social equity with (and why):

1. Family and Friends who “get” what you do. What I mean by “get” what you do is these are friends who support vs sabotage success. When you share your plans and ideas they fuel your excitement rather than burst your bubble. They don’t look at you like you’re crazy

2. Mentor(s) to inspire you and lift you to new heights of success.

3. Coach(es) to teach and motivate you to keep growing and moving forward.

4. Masterminds/Associations of like-minded and motivated people moving in the same direction as you to connect, collaborate, commiserate and celebrate with.

5. Complimentary Experts/Service Providers. These are business owners who share your target audience but serve them in a way that is complementary vs. competitive. These individuals or companies are perfect for co-promotion, collaboration, joint ventures, referrals and more!

6. Industry Experts to stay informed, remain innovative, and strengthen your expertise.

So as you build your own networks and strive to develop high social equity, remember the seven types of equitable relationships and the essential ingredient of mutual benefit.

Stay tuned to my next post where I’ll share some specific ways to build and nurture relationships to create positive social equity.

I’d love to hear how your relationships are supporting your success. Please feel free to comment

Gina xo