Want to Build A Network With Profit Potential? Try This Different Approach

Read time: 3 minutes

It’s time to rethink the saying, “Your network is your net worth.”

The problem is with the word 'is' — your network is only ever a leading indicator of your net worth. It’s potential, not the sum of realized results.

Am I looking at it too literally? Maybe...but conventional wisdom needs a reframe.

While connections undoubtedly play a pivotal role, it's the strategic design and utilization of your network that truly shapes your profit potential (not net worth).

Instead of your network being an inventory of connections, give each person a role.

Specificity gives clarity and functionality.

While it may seem like I’m boiling people down to a math formula, the truth is not everyone in your life will be a part of your family or friend group. Some relationships are designed to help you excel in your business or profession.

That said, please still be a caring, kind, genuine human being.

Here is a redesign to building a network, so you can boost your network’s profit potential and surround yourself with high-achieving humans:

1. Construct a Challenge Network

Seek thought partners who will push you to think differently, speak more eloquently, and operate more effectively.

Think of them as your personal board of advisors.

This relationship is all about intellectual growth and skill development, not transactions. Embrace vulnerability and transparency, as these connections will evolve and provide intangible value.

I’d advise keeping this network separate from your referral network (see below).

The outcome? You’ll sharpen your skills and expand your reach.

2. Build a Referral Network

Find a group of coaches, consultants, professionals, and business owners who operate outside your core services and strengths.

For instance, if you're a marketer, collaborate with a finance consultant.

Your referral network should be seen as people you trust who don’t do the things you do. This way, when a potential client comes to you with a problem you can’t solve, you have someone to point to. Just make sure you handpick individuals you trust to deliver exceptional results.

This is a bit of a transactional relationship (for the record, that is OK).

Become a lead generator and problem solver at the same time. Establish a referral fee agreement (for example, 10% of revenue for each client signed).

Remember, the real value isn't in having all the answers but in knowing how to find them.

The benefit? You'll not only boost your revenue but also build lasting client goodwill.

3. Create an Outsource Network

Identify professionals who do what you do (but differently).

Yes, this is your direct competition…to some extent. Because you want to find the ones with a unique approach, lower price point, or can directly support your services.

This allows you to outsource parts of your work or delegate entire projects (if you want to leverage your time).

Plus, if your price range is too high for someone, you can direct them to others in your outsource network with lower price points.

The benefit? You amplify your time.

4. Craft a Professional Network

Assemble a group of professionals that can offer advice when you need it.

Find a lawyer, a tax strategist, and a coach or mentor.

Even when you believe you have everything under control, they serve as invaluable assets that grow with time. With this network in place, you'll have the resources readily available to answer questions promptly, saving you from last-minute scrambling and higher costs.

The outcome? You tap into the insights you need the most.

Here’s a simple first step…connect with me here (or here) and see which role I can fill to help you boost your network’s profit potential.

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Welcome to Impact Thinking.

Hi, I’m Peter. I quit my highly-regarded, 6-figure job at Harvard to build a strategy consulting company in 2019.

Hard work is a respectable characteristic, but it’s limiting. You need leverage. And I’ve seen first-hand that thinking is the greatest form of leverage.

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