We all know how important networking and forging relationships are to a business. However, there is more to it than just shaking hands while exchanging business cards and social media information. That’s where social capital comes in and it can deliver exponential gains for your company.
Social capital is the value that comes from positive relationships between people, not just contacts outside your business but also the relationships within your own company.
There are two main areas to explore with social capital; external and internal. External social capital is what you can gain from interactions with the world outside your business. You can parlay this capital into opportunities for your business to grow and profit. Yet just as important is your internal social capital. This comes from the relationships that are built among your workers and employees and it is just as vital to your success.