Oct
29

BNI: How much is enough?

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In this month’s Question Corner we are answering Martin Coyle’s questions on the average amount of –

time per week a member will need to invest in BNI, and the amount of
closed business a member can expect to receive from BNI referrals

Thank you Martin, for your questions.

“Farmers” Are On The Money

Most of you would have heard the phrase that BNI chapters encourage “Farmers” over “Hunters” to join their meetings. A Farmer in this context is someone who brings a high level of passion and a strong Givers Gain® attitude to their networking and membership. A Hunter is the polar opposite.

Farmers are actively trying to get to know everyone’s business and referral preferences well by doing dances, listen closely to each member’s weekly 60-seconds infomercials, and are active members of their relevant Power Teams (also known as Power Groups).

And relative to their category, Farmers are the most successful BNI members. In every chapter.

Time: Sow The Seeds For A Good Harvest

One essential “seed” you need for reaping great returns from your BNI membership is time. The more quality time you invest, the faster you build trust and solid relationships. Based on these, your referral numbers and their quality are likely to get better, faster. Your related additional income will grow accordingly.

The minimum time per week members should be prepared to invest into their chapter is:

  • 1.5 hours for your weekly meeting
  • 1-2 hours per week on 1-on-1 meetings (dance cards)
  • 1-2 hours per month to meet with your Power Team members
  • Additional variable time to find referrals, and to introduce members to referred prospective clients

Closed Business Growth

Your time commitment, passion, perceived Givers Gain® and clarity of your infomercial strongly influence how much closed business you can expect to receive from your fellow chapter members.

While the average BNI Member now earns approximately $40,000 p.a. through BNI referrals alone, you need to keep in mind that different businesses categories have varying complexity of products/services and related revenue expectations when making comparisons.

If you are a florist, for example, your product is easy to understand. With a low cost-per-order you are effortlessly referrable, and your services are widely and frequently required. Little trust is needed to engage a new client, and delivery is fast.

In contrast, as a financial planner, your services are more complex and more difficult to grasp. They require a far higher financial, trust and time commitment by your (potential) clients. You are much harder to refer to, but your closed business per referral and overall closed-business level are likely to be much higher.

Conclusion: Be A Committed Farmer To Reap Your Rich Rewards

This month’s Question Corner answered a query by Martin Coyle, Managing Director of Consistent Results.  Please send us your questions for next month’s Question Corner to social.media@bni.com.au

Categories : Question Corner

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