I can almost here the collective groan from the majority of people who are not yet sold on the value of social networking. Personally, professionally and for business most people are just not sure what to make of the tools that exist and the plethora of new one that keep popping up.

Last month, the standards editor at The New York Times wrote a memo in which he asked Times writers to avoid using the word “tweet” (as in, “to say something on Twitter”). Reaction was in some cases swift and harsh.

There are always excuse for why one does not move forward but if one limits one self then do not be surprised when the competition gets the jump on you.

So here is my short bio on some of the tools that are out there and what their potential is:

Facebook: If you have not hopped on the FB train then start running as you are behind the curve on what some feel is one of the best tools out there for personal and professional networking. With a vast installed user base the sky's the limit for interaction. Business and Brands have taken serious advantage of the marketing possibilities and tools. The only downside is you don’t own or control the info there and privacy and control issues have scared some away from the ultimate upside potential.

Twitter: If Facebook is about relationships you have or people who want one with you, then Twiiter is more about the limitless potential of those you have not yet met and really don’t know. It is the great electronic cocktail party that most everyone is at. The potential is only limited by your own electronic wallflower nature. Opportunities to grow, interact with and discover contacts is virtually limitless. The downside is that the system is easy to use but hard to understand and nothing good will come of it without consistent effort. Similar: Google Buzz, FriendFeed, Facebook updates.

Linkedin: Solid, dependable and profitable to boot. It is hard to argue with a system that can deliver so much information. A well maintained network on Linkedin can give you a clear view of the competition, that company you want to work with and who knows whom. Warm introductions, the wisdom of crowds and a good place to create a creditable professional online presence are just a few of the many reasons to use this tool. The downside is that while the info is there you must do a minimal amount of work to access it and if you don’t ever look there you will get no value out of the system.

Foursquare: Arguably the clear front runner in the location based services (LBS) tools. This tool lets you connect with your contacts and then keep up with each other as you check in at various stores, restaurants and events. While the creep factor puts off a lot of people there is real power in the created presence and relationship it forms and deepens. For businesses it give a golden opportunity to interact with their customers. Downside is the obvious privacy issues. Similar: Gowalla, Loopt, Brightkite

Tripit: This travel related hybrid of a location based service allows your selected group of contacts know what trips you have coming up and if you will be close to each other when you are traveling. Great for knowing when that contact is coming into town rather then bemoaning a missed opportunity when you discover on Facebook after the fact that you and your top client were both in Maui on vacation at the same time. Downside is a loss of privacy and the need to update the system although they make that nearly painless.

Yelp: With tons of customer generated reviews this huge database of restaurants, shops, hotels, doctors, museums and attractions can be an invaluable tool even in your own home town. Store hours, directions and phone numbers, for locations covering 34 cities primes this website with everything you might need to find just about anything. The obvious upside potential for any brick and mortar business is inherent. Downside is that just because the wisdom of crowds says it is so does not mean you will agree and business might find themselves face to face with criticism true or otherwise. Similar: OpenTable, Urbanspoon.

So are you or your business leveraging the potential of social networking or are you standing up against the wall while all the cool kids pair up at the dance? At the end of the night will you regret not having stepped up your game because you fear that which you are not sure of how to leverage to your advantage.

Long before social networking existed English essayist and poet Joseph Addison wrote (although today he might have tweeted) “he who hesitates is lost.”

So join us as we explore how to leverage social networking for personal and professional gain.

As always, there is no better way to meet and connect with other executives then over dinner and conversation. $21 in advance via PayPal or $25 at the event gets you a full dinner, drink and the best networking around.