Ask most business owners, “Are you interested in growing your business?” and the answer will be yes.
Obviously, there are always exceptions: people getting ready to retire, solopreneurs who are very happy where they are, or hobbyists whose company is more of a fun side project, for example, but for most business owners, business success is dependent on business growth.
So what’s the best method of growing your business? Naturally, it varies from business to business and owner to owner, but most professionals agree that word of mouth is one of the most effective ways of gaining business.
And the best word-of-mouth method of growing your business is through networking.
Growing Your Business with Networking Groups
There are several kinds of networking groups. Some are social, some are service-based, and some are specifically built to pass business.
All groups can serve a purpose, but it’s important to know what you expect to get out of it before choosing one.
Service Groups
Some professional groups get together and network without the express purpose of networking. Clubs like the Kiwanis, Rotary, and other organizations are excellent ways to serve your community, and many business professionals find that they grow their companies incidentally when doing so.
Industry-Based Networking Groups
Some networking groups are open to members in or adjacent to specific industries. Think of the American Medical Association or the National Association of Home Builders.
These groups are an excellent way to get more education in your field through special programs or learning from your peers. They also often offer benefits for members, like discount insurance or other resources.
Chambers of Commerce
Chambers of Commerce are a way to learn about other businesses in your community and find ways to collaborate. Often these groups have a more social feel, like explicitly social networking groups.
Social Networking
Some organizations offer networking opportunities that are primarily social. While business can come from anywhere, most members in social networking groups are not necessarily looking to talk business at every business after-hours event!
Referral-Based Networking Groups
Finally, there are referral-passing networking groups, where the express purpose of the group is to generate business by sharing referrals with other members. That’s the type of networking group that BNI is.
What Sets BNI Apart as a Networking Group?
As a referral-based networking group, BNI is focused explicitly on growing its members' business through referrals. Typically, local BNI members are made up of members who socialize and care about their communities, but attend weekly meetings to share referrals, build relationships, and learn about each other.
BNI uses its weekly meeting to emphasize the importance of doing all the things that make referral-based networking successful. That includes accountability and recognition through tracking, and much more you can read about through some of our other blogs, like The Power of One.
Since BNI has been doing this for four decades, as an organization, it's learned the essential elements for success for members, chapters, and meetings.
In BNI, we learn about each other’s businesses so we can learn to trust each other and send effective referrals.
We use word-of-mouth marketing for growing your business in a targeted way – seeking out the exact types of clients you want.
