Task 10 – Professional networks

You build on your network base each day at work as you interact with your colleagues, and internal and external stakeholders. You even build networks in your social life.

Networks and professional connections are important as they can be helpful in building on your industry knowledge, your career development and also to grow your business.

Hint/Tip:

Watch the video ‘Networking for Success’ – the link is in the Toolbox.

Internal networks – people you know and connect with inside your organisation, for example, colleagues, people from other departments.

External networks – people you know and connect with outside of the organisation, for example, other professionals who do not work in your organisation that are aligned with your work, industry associations, family, friends, sporting clubs, social clubs, committees, children school, social/professional media platforms.

Task 10: Question 1

(a) Identify and make a comprehensive list (minimum of ten (10) internal and external networks). This can include networking groups and/or associations.

List people by their role rather than their names – if you are not currently working, you can list the networks you would have in a mortgage broker role.

(b) From the list you created in part (a), choose six (6) networks. At least one (1) must be from the financial services industry and one (1) must be a third-party referrer. The others may be from any other connections. Complete the table below by outlining how your connection with these networks is of benefit to you and to the broking business. 

(c) From the list in Part (b), choose three (3) connections/networks. Explain how you develop and maintain those relationships. Include how you will stay in contact and also how you will enhance the relationship to ensure it remains mutually beneficial.

(d) Identify and explain the importance of three (3) communication channels and tools that you use to develop and maintain professional relationships.

Task 10: Question 2

Explain how you will maintain policy, regulations and codes of practice when networking to promote your business and enhance its reputation. Include how you would present yourself, communicate and maintain client confidentiality. (30 words)

Task 10: Question 3

(a) Identify two (2) practices that could be implemented to improve business practices when it comes to developing and maintaining networks. 

(b) Explain which personnel you would involve in reviewing your network connections to ensure that they are appropriate for your business’ needs and why you would involve them.