No! Be very careful where and how you add links to other web sites from your site. As a general rule - avoid having any links to other domains from your Home Page.
Every page on your web site has it's own PageRank™. As most of your incoming links will link to your home page, it will probably have the highest PageRank. Through your navigation system (menus) your Home Page will pass PageRank™ to your internal pages. If you have links to external domains from your Home Page, then you are taking available PageRank™ away from your internal pages. This is one of the reasons so many web sites only rank for keywords on their Home Page.
Web designers have the habit of placing a link down at the bottom of the Home Page (and often all pages), linking back to their web site. Go and look at their web site and you will find that they are enjoying a high PageRank at your expense. You will be amazed at the difference it will make to your site if you ask them to remove their links from your site.
The Internet is built on links and it is good to have links to relevant resources for the purpose of providing your visitors with more information. Keep these links on internal pages and preserve the PageRank from your Home Page for your internal pages - and not your competitors.
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