Your blogroll is a list of favorite links that you highlight and showcase in the sidebar of your blog. Should you put outbound links in that blogroll or only links to your site?
Keep this in mind: Every outbound link is a traffic hole. You are essentially inviting your site visitors to leave your blog and go somewhere else. That’s why you should only promote your most important pages of your website in your blogroll. I’d offer just one exception: When you have a link exchange agreement with a complimentary, non-competitive business.
In other words, if your link partner is linking back to you then that’s OK. You might get some traffic from there site so if you send them a little it’s equal and fair exchange. But I’d make sure that your link partner is not a competitor and that his business compliments yours. You also want to go back and check periodically to ensure that your link is still there. Some webmasters will entice you into a link exchange and then delete your link when you’re not looking. So be careful out there and protect your blogroll.