Online social net-works such as Facebook, Twitter, MySpace and LinkedIn are already changing the way many professionals do business. If you’re planning on jumping into the online social networking pool, here are a few key points to keep in mind:

>  Check Company Policy. Before setting up a profile with an online social network, review your online communication policy with your firm or its compliance department.

“People are really becoming aware that online networks are an important part of their business-management strategy,” says Evelyn Jacks, president of the Knowledge Bureau in Winnipeg, which offers professional-development programs for financial advisors. “But they need to build it in conjunction with their compliance departments.”

> Manage Your Time. “It is very easy to spend too much time on these sites, and very easy to go down ‘rabbit holes’ while on them,” says Ivan Misner, founder of California-based www.bni.com and author of Networking Like a Pro (2010). Sites such as www.ping.fm and www.co-tweet.com enable you to link your social networks together, so you can post details and updates on multiple sites simultaneously.

> Build An Online Strategy Into Your Business Procedures Manual. Determine how many hours per week should be allotted to online communication. Include details about the type of information you want to post, who your target audience will be and what you hope to accomplish.

Also, specify which information should be communicated on a one-on-one basis and what can be communicated to groups.

> Keep Your Content Populated. “Online social networks are all about the dialogue,” says Misner. “If you don’t post content or use the site regularly, then it becomes stale and useless. [Social networking] is about starting conversations with your contacts, and you can’t do that if you are absent.”

> Be Patient. Many professionals who set up Facebook or MySpace pages assume they will generate business quickly. This is not the case, says Misner. Using online social networks is no different from building in-person relationships with clients.

“First, let people know who you are and what you do,” Misner says. “Over time, you will show them that you are good at what you do. And only then will you start to see productivity.” IE