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The Power of Social Capital: How To Move Your Business Forward

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Understand the value of developing and managing professional networks to grow and sustain your business.

Understand the factors that underlie highly effective networks.

Examine the roles of reputation management and trust.

Explore how to optimize your professional networks to grow and sustain your business.

Published in: Business
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The Power of Social Capital: How To Move Your Business Forward

  1. 1. THE POWER OF SOCIAL CAPITAL HOW TO MOVE YOUR BUSINESS FORWARD Green Silk Associates
  2. 2. TODAY’S PRESENTERS The Power of Social Capital Deborah Seidman President Green Silk Associates, LLC www.greensilkassociates.com Heidi Wooden Managing Director The Wooden Hub www.thewoodenhub.com
  3. 3. OBJECTIVES  Understand the value of developing and managing professional networks to grow and sustain your business  Understand the factors that underlie highly effective networks  Examine the roles of reputation management and trust  Explore how to optimize your professional networks to grow and sustain your business The Power of Social Capital
  4. 4. WHAT IS SOCIAL CAPITAL?  Social capital refers to connections within and between social networks. – Wikipedia  Social capital represents the relationships that bind the organization together, including relationships with customers (Nerdrum & Erickson, 2001)*  “The dealings we have with one another that affect our common welfare and produce well- being” The Power of Social Capital *Source: “Critical Success Factors in Team-Based Organizing,” by Michael M. Beyerlein and Cherly L. Harris, The Collaborative Work Systems Fieldbook
  5. 5. WHY IS SOCIAL CAPITAL IMPORTANT? “Better connected people enjoy higher returns.” * The Power of Social Capital *Source: The Network Structure of Social Capital, Ronald S. Burt, Graduation School of Business, University of Chicago
  6. 6. SOCIAL NETWORKS AND SOCIAL CAPITAL The Power of Social Capital George Henry Ann Vijay Chris Karen
  7. 7. HOW CAN YOU BUILD SOCIAL CAPITAL?  Important Factors o Network structure (the content of social capital) o Relationships (the quality of social capital) The Power of Social Capital
  8. 8. Formal Structure Informal Structure Retail Banking Max Leslie Susan Sam Angelica Hugh Randall Checking Harooon Nathan Savings Anthony Consumer Banking Karen Chris Vijay Paul Investments Kate Geoff Mortgage Ella Auto Alex Lending Ryan Senior Vice President John ORGANIZATION/NETWORK COMPARISON The Power of Social Capital Alex Ryan Ella Geoff Susan Haroon Vijay Nathan Randall Max Hugh Angelica Sam Paul Kate Leslie Chris Anthony Karen John
  9. 9. TYPES OF NETWORKS The Power of Social Capital Strategic PersonalOperational • For perspective; long-term view • For breadth of information; coaching; mentoring • For getting today’s work done efficiently Source: “How Leaders Create and Use Networks” by Herminia Ibarra and Mark Hunter, HBR, January 2007
  10. 10. NETWORK CHARACTERISTICS  What makes a network effective? o Diverse resources – levels, locations, experience o High quality relationships that can be tapped when needed The Power of Social Capital
  11. 11. DEFINING THE NETWORK Name Problem- solving Information Expertise Access John √ √ √ Vijay √ Susan √ √ Angelica √ √ Haroon √ Kate √ Ella √ √ Max √ Nathan √ √ Alan √ The Power of Social Capital
  12. 12. UNDERSTANDING YOUR NETWORK The Power of Social Capital Karen Senior Peer Junior Customers Employees Vendors Karen
  13. 13. Formal Structure Informal Structure Retail Banking Max Leslie Susan Sam Angelica Hugh Randall Checking Harooon Nathan Savings Anthony Consumer Banking Karen Chris Vijay Paul Investments Kate Geof f Mortgage Ella Auto Alex Lending Ryan Senior Vice President John BRIDGING The Power of Social Capital Alex Ryan Ella Geoff Susan Haroon Vijay Nathan Randall Max Hugh Angelica Sam Paul Kate Leslie Chris Anthony Karen John
  14. 14. NETWORK CHARACTERISTICS: OPPORTUNITIES TO BRIDGE John Vijay Susan Angelica Haroon Kate Ella Max Nathan Chris John √ √ √ √ √ √ √ √ Vijay √ √ Susan √ √ √ √ √ Angelica √ √ √ Haroon √ √ Kate √ Ella √ Max Nathan Chris The Power of Social Capital
  15. 15. ENHANCING YOUR NETWORK  Relationships and Reputation  Trust  Network development The Power of Social Capital
  16. 16. RELATIONSHIPS  Assess the quality of your network relationships. o How do they perceive you? What is your reputation? o Is there mutual agreement on how you will relate to each other? o Is there reciprocity? o How honest/candid are the communications? The Power of Social Capital
  17. 17. REPUTATION MANAGEMENT  Your business reputation is vital to your social capital both offline and online  Leverage social media monitoring for reputation management  How to monitor & manage your brand, product(s), service(s) The Power of Social Capital
  18. 18. THE SOCIAL MEDIA MONITORING PROCESS FOR REPUTATION MANAGEMENT LISTEN ENGAGE CONTENTRE-CREATION GENERATE BUZZ COMMUNITY BUILDING SocialMedia Process The Power of Social Capital
  19. 19. TIPS FOR RELATIONSHIP DEVELOPMENT  Show an interest in the other person  Go first; take the initiative  Say what you mean  Show appreciation The Power of Social Capital Source: The Trusted Advisor by David H. Maister, Free Press 2000
  20. 20. MAINTAINING RELATIONSHIPS  Check in from time-to-time  Keep their interests in mind  Make it easy for them to connect with you  Earn their trust The Power of Social Capital
  21. 21. EARNING TRUST Trust = Credibility + Reliability + Personal Connection Risk The Power of Social Capital Adapted from The Trusted Advisor, by David Maister
  22. 22. TAKING ACTION The Power of Social Capital  Mindset  Time  Independence  Investment Cycle Time  Giving Back  Innovation  Community  Access Barriers Enablers
  23. 23. TIPS FOR DEVELOPING NETWORKS: WHAT TO DO  Mindset – accept that networking is an important business requirement.  Time allocation – reallocate your time; master delegation  Establish connections – find reasons to interact with those outside of your typical sphere of influence  Give and take – establish reciprocity The Power of Social Capital
  24. 24. UTILIZING SOCIAL MEDIA TO ENHANCE YOUR NETWORK The Power of Social Capital • Identify the right social media platform(s) for Social Capital • Key Players : •Quality vs. Quantity •Share, Build Trust, Reciprocity oIt’s better to give than receive oBecome a trusted advisor •The Value of Information oContent is King oInteraction is critical Internal Online Social Networks
  25. 25. LEVERAGING SOCIAL CAPITAL Now that you’ve developed social capital…. What’s next? The Power of Social Capital
  26. 26. STAKEHOLDER/INFLUENCER MANAGEMENT  Recognize and network with social media profile influencers (external and internal)  Leverage influencers and stakeholders to support the buying process  Commitment and time allocation is vital  Follow up, Follow up, Follow up  Always say the magic words “Thank You” The Power of Social Capital
  27. 27. MAPPING THE STAKEHOLDER LANDSCAPE  Assess stakeholder engagement for a key business challenge or opportunity  Identify how to leverage the network to influence key stakeholders The Power of Social Capital
  28. 28. STAKEHOLDER MANAGEMENT PRIORITIES The Power of Social Capital Support Low High High Susan John Alan Katrina Vijay Seth
  29. 29. ACTION PLAN The Power of Social Capital Who Activity Method John Make him aware of the project’s potential to meet his needs Ask Seth to promote our new product idea as worthy of investment George Connect with him as a potential ally Invite him to lunch to build rapport
  30. 30. SUMMARY  Key learning points  Reflection on the workshop  Wrap up  Thank You Deb Seidman Heidi Wooden President Managing Director Green Silk Associates, LLC The Wooden Hub 1 (917) 445-2443 1 (877) 446-4699 www.greensilkassociates.com www.thewoodenhub.com twitter.com/thewoodenhub facebook.com/thewoodenhub The Power of Social Capital

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