What is the ANCHOR Method? ’N’ is for Networking
Throughout my 20+ year career in investing, managing and building businesses, I’ve learned how important a well-staffed board of directors is to the success of a company. In my book, Build Your Board, Build Your Business, I teach the ANCHOR method, which you can utilize as a tool for developing a diverse board and effective board strategy. A diverse board will bring a range of ideas, perspectives, wisdom, and relationship capital to your business.
Why N is for Networking
The second letter in ANCHOR stands for Networking. After you have spent some intentional time Assessing who you are as the leader of your business, it’s time to put yourself out there and extend your sphere of contacts. This process is crucially important for incorporating a diverse system within your board.
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This part in ANCHOR is all about identifying new partnerships through your extended contact list. Ultimately, this will help grow your board in a myriad of ways.
The easiest way to approach networking is to sort your contacts into 3 or 4 concentric circles. This can be done in a variety of ways, but I recommend the following method to get you started:
- Immediate Circle: Friends, personal contacts, colleagues, business partners.
- Local Network: Business owners outside of your industry, local networking groups, etc.
- Extended Network: Friends of friends, secondary connections, colleagues of colleagues, etc.
- Broader Geographic Network: Tertiary connections and connections in other geographic regions from your own.
After sorting through your circles, which may take some time and thought to organize, the next step is to understand that the best networking connections are often found at the outer edges of your circles.
As you approach networking, really hone in and focus on those 3rd and 4th circles.
The further away from your immediate circle, the more likely they are to provide you with the strength and depth found in fresh perspectives and new approaches. Those contacts are often the ones who can help you catalyze and diversify your business the most. Remember, it’s safe to assume a lot of people in those circles will want to help you grow and improve in any way that they can. Underestimating someone’s willingness to help you advance or challenge your business toward growth and improved efficiency will only hold you and your team back.
In Build Your Board, Build Your Business you’ll find assessments and resources that you can begin using to build an effective board through networking.
