I'd like to build my network of colleagues, not so much for business referrals but to exchange business and technical information about my field. How is this kind of network building different than traditional network development?

Every kind of network (e.g., social, business, informational, bartering) differs in the criteria for participation, the pathway to develop it and the types of behaviors and skills needed to be a valued participant. Informational networks are among the most difficult in all these criteria. This is because the currency by which transactions occur (information) is the most intangible but, at the same time, the most valuable. The information most valued by the network is often hard to come by, is known by few but valued by many, and frequently has a short shelf life. Imagine how valuable advance information about emerging technologies is, your personal contact with someone who is connected to someone in demand for their research (this is the principle behind LinkedIn), or research you have just completed on a complex problem in business, technology or a particular technical discipline.

Setting up the network usually starts with a core set of people trading a limited set of information, say information about cutting edge research or innovative examples in construction financing. Establish rules for trading this information, confidentiality, types of information you collectively would find valuable, and acceptable levels of contribution (i.e., how much information of what value constitutes a fair value provided as compared to value derived). Finding the right people you trust to contribute quality information and to keep it confidential to just your group is essential. Grow the network organically from a small core of people and content to a network that works for you. Remember, an information network requires commitment and trust, much more than a casual business referral network we are more familiar with.

Tip: See whether you can build and sustain a network by arranging with 3-5 colleagues a deliberate effort to trade in a specific set of information. Plan out the growth of this network over the coming year, adding types of information and planned uses of this information, Discuss how each of you receives value from the network as compared to what you are putting in. Finally, set up rules among you for continued participation and how you might dissolve the network. If this sounds like a partnership, in a way it is and many of the rules, advice and caveats of setting up a partnership apply here.

© 2009 Institute of Management Consultants USA

The consulting lifestyle is pretty intense (it doesn't have to be but it often is). Often personal and family relationships suffer. Without significantly compromising time necessary for work, how can I lessen the impact on family.

Work-life balance is certainly an issue for consulting. Some larger consulting firms have made some strides to lessen intrusion of consulting on family. Consultants are a different lot. We are often loners when it comes to our careers. Many independent consultants usually don't have many close co-workers and spend much of our time with clients and prospects. Our spouses and children often don't know how to describe what we do other than to say that we are in "consulting". Try getting the family involved. Here are a handful of ways:

1. Take them to an industry trade show. There are always interesting booths, displays, giveaways and social/networking events.
2. Enlist their (paid) services to help you with mailings, filing, cleaning, editing, scheduling appointments, anything. This can apply to a spouse as well as children.
3. Ask them to review and provide their input into key reports or letters before sending ... especially the important stuff. They probably know well your perspective and can give their own take on your work and see things you missed.

Tip: If consulting is a relationship based on trust, try to take advantage of those you trust. Try to involve your family in your work wherever and whenever possible. It will reap rewards on many fronts.

© 2009 Institute of Management Consultants USA

Keeping my pipeline full requires a large amount of time devoted to watching my industries and disciplines and for those trends for which I can create new consulting services. Are there any tricks to make this go faster?

Let's back up a second and talk about your basic premise for marketing and selling consulting services. What you are describing is the longer term component of marketing, the one related to positioning your capabilities for evolution of the market. This is not the most effective, or efficient, way to secure new engagements in the near term. Organizations are looking for professional service providers to address their current problems and opportunities. Your approach will certainly help them think of you for an issue that comes up in the future but less so for today's crises. Consider focusing on the crisis just announced this morning, even better one that has yet to break in the news, as your entry point into an organization.

For example, the US Department of Commerce's National Institute of Standards and Technology (NIST) announced today that it is awarding $55 million in grants for construction of new scientific facilities at universities in Houston, Auburn, Wilmington and Miami. If you are a facilities management, design or project management consultant, here is an announcement that should trigger your search for active players in these decisions to whom you can offer your valued services. These points in a manager's life are highly emotional, either by fear or desire, in which your services are most likely to resonate. Using these events as your marketing focus is more effective than what may or may not come in the future.

Tip: Select your target industries or companies and subscribe to news notification services that suit your needs and price range. You may use Google Alerts, Factiva, and LEXIS-NEXIS, and dozens of other services. Once you have mastered how to use these high level sources, begin to use sources that go deeper into emerging news such as industry newsletters and business sources that conduct interviews with executive and business unit managers.

© 2009 Institute of Management Consultants USA