How to invest in your current network?
"I am one degree away from anyone I want to meet," Suneera Madhani, CEO and Founder of CEO School and Founder of Stax Payments, shared.
That's the energy we all need when we walk into rooms.
I attended the live taping of the Billion Dollar Creator podcast during its Nashville stop. This podcast was created by Nathan Barry, CEO of Convertkit, and Rachel Rodgers, CEO of Hello Seven, hoping to learn how to turn Lemons 2 Lemonade into a billion-dollar business.
Everyone on that stage had generated eight to nine figures in revenue, and in Suneera's case, she could sell her company at a $1 billion valuation. Nathan and Rachel interviewed Suneera Madhani on exiting a company, finding your next chapter and managing time & relationships.
I didn't get a step-by-step of what to do, but I did hear some valuable reminders about how we use our currencies. Suneera broke down three coins that she holds value in time, relationships, and actual money.
She talked about million-dollar and ten-dollar tasks and how she puts a dollar amount into her time. Functions that take away from spending time with her family or making big decisions that affect her company or livelihood, she will spend money having someone else do it to get her time back. Tasks like laundry or even cooking can be outsourced. You can listen to the full episode here.
But the thing that I wanted to spend time on was her thoughts on social currency. Valuing relationships with other people is social currency. That currency can generate opportunities because of who knows you.
As the year ends, we see a lot of memes telling people to circle back in the new year, but now is a great time to invest in your social currency. Why now?
Once January hits, most people have their minds made up on how they are maximizing the first half of the year. Many people won't make room for it if you don't align with their 2024 goals. You want to avoid the "new year, new me, and new goals crowd" that takes up the time of those you wish to connect with.
Things are slowing down, giving people more capacity to hang out and catch up. It's the perfect time of year for collaboration, goal-setting and ideation. That means you don't need to spend time expanding your network; this is a time to water your current network.
Water the network you have right now
So, how should you approach social currency right now? Think of relationships you need to water and refresh. When was the last time you had a one-on-one with someone or set up a call with someone to catch up? The key to good standing in your relationships is not to pop up when you need something but to be a consistent presence that brings something to the table.
Take someone out to lunch or tea and see what they are working on. Share ideas, get advice, and find ways to work together in the new year. Get your network excited about being a cheerleader, a sponsor, and a supporter of what you have going on, and do the same for them.
Make room for consistency
Every quarter, I dedicate a month to meeting new connections and catching up with my current network. It's the only way I can hold myself accountable for being consistent. Every quarter, make it a priority to follow up and make space for one-on-one interactions to keep your relationships fresh. That means phone calls and happy hours all month long. If you are introverted like me, this helps manage my social meter as I can get my energy levels ready for the engagement.
Keep your address book updated
Lastly, keep updated on where some key members of your network live. Make a budget to send cards and little gifts during special occasions to let them know you are thinking of them, especially in times of healing and loss. People remember how you show up for them or think of them when times are bad.
How do you spend time investing in your social currency?