Why expanding your network can help with your skillset and future wellbeing

Working in the financial services sector, I come across the idea of networking a lot.

Indeed, it’s almost impossible to attend or get invited to an industry event that does not tout itself as a great “networking opportunity”. Often, the agenda for the day will include time given over for just that, usually over coffee or drinks.

I can see the benefits of this. I’ve met some incredibly interesting and supportive people in this industry who I’m always keen to learn from and exchange ideas with.

A recent invite to such an event set me thinking about networking more generally, beyond just financial planning.

Building and nurturing your own network – or “surface space” as it is sometimes referred to – is important. That’s not just for your working career, but also for life in retirement.

Read on to find out why and for some ideas on how you could develop yours.

Making your own luck takes hard work

There’s a common perception, particularly in a working environment, that some people appear to be lucky. Opportunities to make an impact and advance a career seem to land in some people’s laps, rather than requiring them to go and pursue them.

There’s often a suggestion that they are fortunate to know the right people from whom such opportunities tend to emanate.

This reminds me of when legendary golfer Gary Player was told that he was a lucky player. “Well,” he responded, “the more I practise, the luckier I get.”

There may be an element of luck or chance involved. But more often than not, the people who benefit from these opportunities do so because of the hard work they have put into talking to and learning from others.

You can learn a lot from successful people

One key challenge of expanding your network is finding successful people you can talk to and learn from.

Many will be happy to share the secrets of their success. This means that through engaging with them, you can then emulate and copy positive actions.

It also means you will be in a position to take advantage of any opportunities that may arise through being in their orbit.

These opportunities may not necessarily be work-related. For example:

• You may get access to an investment opportunity
• There may be an opening to develop your own skills
• You could gain insight into new technology.

It’s often said that successful people leave tracks for you to follow. By expanding your surface space, you are giving yourself the best chance of finding those tracks.

Look to operate from a place of genuine curiosity

It’s important not to see creating your network and increasing your surface space as simply having interactions for the sake of it.

For any new relationship to be meaningful enough to make a difference, you clearly need to have an interest in what someone else is doing and where their expertise comes from.

Experienced and influential people will be used to being asked, and many will be keen to share their knowledge.

Importantly, they will be more willing to share with people who come across as being genuinely curious about their interests.

By approaching people in this way, you should be able to access a wealth of knowledge you could never normally acquire in a formal learning setting.

It’s also worth taking the opportunity to ask for recommendations as to who else you should be talking to about the specific subject in question. This creates a twofold advantage. Not only does this give you a shortcut to expand your network, it also provides an easy introduction.

Don’t be afraid to fail

Of course, not all conversations will be helpful.

Some meetings and one-to-one discussions will be a waste of time. Even if someone has suggested a contact, there’s no guarantee that it will be positive.

Counterintuitively, it can actually be important to fail sometimes, as it can demonstrate that you are genuinely trying to widen your network and reach.

In an odd way, failure shows you’re doing it right!

Increasing your surface space can have a positive effect on your wellbeing

It’s important to bear in mind that the kind of networking I’ve described here doesn’t just relate to your working career.

Creating a wider social network by talking to a range of individuals can help improve your wellbeing and have a positive effect on your mental health.

I’ve written previously about why planning your retirement needs to be about more than just money and why it is important to proactively plan for life without work.

Replacing the social network you lose when you stop working by increasing your surface space can be one of the keys to a fulfilling and active retirement.

Get in touch

If you would like to talk about any of the issues raised in this article, please get in touch.

You can call me on 07769 156 250.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.