It is important, when starting your company, to exert energy and allocate time in building relationship equity through social networking. Think of networking as the way to build the foundation of a successful business.

Equity is commonly tied to investments. Relationship equity is not something you can watch through the stock market or through investment reports, at least not directly, but you should take as much care in networking in order to build and manage your relationships as you do your financial portfolio.

1. Cultivate customers as early as possible and strive for positive and memorable experiences for the customer with every interaction.

2. Build your commercial equity by setting high standards for your company in all aspects of the business, including building relationship equity with suppliers and competitors.

3. Get involved with your community by joining a local chamber of commerce in order to build an awareness of your business.

Action Steps
The best contacts and resources to help you get it done

Use social networking to build a relationship equity website that attracts the audience you need

Most businesses have an online presence of some sort. Use social networking to meet competitors and clients in order to model your company site as a relationship equity site. You want your site visitors to feel welcome and comfortable right away. Provide easy access to customer service assistance as well as useful links to relevant information.

I recommend: Learn how to maximize your profitability through the Baer Principal professionals who can help you realize what you need to include in a relationship equity web site by showing you what matters most to your customers. The Customer Equity Initiative offers events, products, and other information to help you get your business focused on building people-based equity.

Obtain the relationship equity help you need through social networking

Use your employees or business peers to set up an advisory board and obtain relationship equity advice through committee. The key will be finding objective opinions of professionals who have the ability to make introductions to other people or businesses to grow your network.

I recommend: You can mold the steps on how to build an advisory board by Christine Comaford of Mighty Ventures to fit your business. Check into the Work.com Guide to White Label Social Networking for resources to help you find the one that best fits your business needs and goals.

Dive in with more relationship equity information and helpful resources via social networks

Building relationships that can assist in your business's growth will take planning from a management level. You need to get involved with the social networks that are right for your business goals in order to build the relationship equity will have a positive financial impact on your bottom line.

I recommend: Social networking is imperative to building relationship equity, so get familiar with the various platforms and start making connections using the information in the Work.com Guide to Social Networking. Find a business coach who has experience as a relationship equity expert through SCORE or BusinessCoach.com who can help you decide on the types of business relationships that will best benefit your company, and how you can cultivate those relationships.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Target marketing plays a key role in acquiring an initial customer base. Make sure your message is reaching the right target market to grab the attention of potential customers which will start you building relationship equity.