What's a BNI and Is It the Best Networking Option for Me?

What exactly IS a BNI?

BNI, Business Networking International, is a business networking and referral organization. It was founded in 1985 by Dr. Ivan Misner, who at the time was a business consultant looking for referrals. He approached a few trusted friends for the favor and offered to help them in return. The group of professional colleagues began to meet and share business referrals, helping each other by making introductions to clients and friends. 

Today,  BNI generates about $16.7B in member referral business. It's a powerful organization to be sure, especially if you're looking to build sales & leads, but is it the right fit for you? Let's dive into BNI. 

What's the purpose of BNI?

The local BNI chapter is the equivalent of your sales team – they're all working to get you referrals – and you're working to get them referrals. You're not there to do business with each other, but that can happen organically too.

Who Can Join.

Members generally include small business owners (or their sales reps) and independent contractors. 

Each chapter has specific seats to fill based on industry type, and there can't be more than one person per industry.  If a person’s business spans multiple industries, they'll be required to pick one industry and stick to it. For example, a financial advisor's services might include financial planning and tax prep. They would  have to choose between filling a financial advisor or CPA seat, and can't speak about the other services.. 

Membership includes an application process and committee interview. 

How much time do I need to commit?

Once you're a member, you'll need to invest about 3-4 hours a week, as follows: 

• 2 hours for a weekly meeting
• 1 -2 hours a week for one-on-one member meetings 

Since the goal of BNI is referrals, you'll need to build strong relationships with your fellow members so you'll know how to best help each other. There are also leadership roles including President, Vice President, Secretary/Treasurer, Visitor Hosts and others. If you take on a leadership role. your time commitment will increase. 

What to Expect at Meetings.

Each week you'll give your “sales manager minute”, a one-minute spiel about your business each week. .  Once or twice a year, you’ll also do a 20-minute presentation. 

Sometimes members are grouped together as "power teams" – eg. , the Real Estate team might include a real-estate broker, a real-estate attorney, a title company, etc. These power pairings help kick things into high gear, to maximize member referrals.

During your weekly meeting you'll cover individual statistics such as:

• how many referrals did you give?
• how many did you get?
• which ones resulted in business?
• how much business? 

BNI is all about referrals so the quality, as well as the quantity, matters. Providing a referral just to pad your numbers is a big no-no. A bad referral is called a cold lead and actively discouraged.   

You can bring guests to meetings, as long as they don't compete with existing industries. Guests can learn about your members, help refer and possibly join an open seat. 

Attendance.

BNI is serious business, and there are strict rules about attendance. If you're busy, you can send a sub 3x, every 6 months. You're also allowed up to three absences. After that, you get kicked out - unless you have a really good reason, like sickness. 

How much does it cost?

Fees range from approximately $500 to $1,200, for annual fees + room and food costs, depending on your city and activity. 

What's the difference between a BNI and Chamber of Commerce?

BNI is exclusively focused on driving referrals so you can get more business. Chambers focus on the community development  aspect - members work together to improve the economic, civic, and cultural well being of the area. 

Chambers don't typically have the structured approach, time investment or financial commitment that BNI does. They're not a referral network and no one is required to give you a referral. There can be multiple people from the same industry, so you’ll need to figure out how to stand out in this environment. 

Should I join?

According to BNI...Now that you know what BNI is, and what's involved...should you join one? It depends. If you're just starting out, the answer is probably...yes! Some good reasons to join BNI are:

• Your primary business goal is to drive sales or leads
• You want to build strong business relations
• You want to improve your communication, presentation and networking skills 
• You're able to provide referrals to others through your network of clients or friends 
• You want a structured, accountability-based environment
• You're able to cover the fees

Some reasons BNI might not be for you:

• You hate structure
• You have other life commitments that would get in the way
• You don't have the budget
• You have an online business
• You don't have a network to provide referrals

How to find the right BNI.

Do your homework. Contact your local chapter and see if there is a seat available for your industry. If so, ask to visit as a guest. If you live in a big city, there may be more than one. Go to both to see which one you connect with.  Ask members in the chapter if they’re happy with the results of their investment. Ask for metrics so you can see how the chapter performs. 

Whether you're thinking about BNI, Chamber of Commerce or another networking group, it's good to be fully informed so you can make the best decision to meet your specific needs. Networking is about building relationships - give yourself time to get to know people and allow them to get to know you.

Happy Networking! 

Additional resources:

Business Networking International

https://www.bni.com/

US Chamber of Commerce

https://www.uschamber.com/

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