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Business networking organizations bring professionals from different companies together for regular meetings to share company information and get referrals. BNI is a popular example with chapters worldwide. Members pay an annual fee and must attend meetings regularly or risk losing membership. It can be a good investment for industries where referrals are profitable. Members are encouraged to use each other’s services and provide referrals. Consider the commitment and potential benefits before joining.
A business networking organization consists of a group of professionals from various companies who come together for regular meetings. At these meetings, company members describe their company and share some of the latest news in an effort to get referrals or contact information for potential new clients.
One of the most famous and widespread examples of a business networking organization is Business Networking International, or BNI. BNI was founded in 1985 by Ivan Misner and currently has chapters around the world in countries such as Mexico, Thailand, Australia and Zimbabwe.
For an organization like BNI, members have to pay an annual fee to attend meetings, which is usually several hundred dollars. This fee must be paid in advance and is non-refundable if a member decides to stop attending meetings. In fact, organizations can be very strict about participation, even for members who have paid. When a member misses some meetings, he may lose his membership. To prevent this from happening, members can send substitutes in their place.
For certain industries where even a single referral can be very profitable, a business networking organization can be an excellent investment. Some of these companies include real estate agents, insurance agents and general contractors. However, in cases where a business relies on many small sales, such as a cafe or salon, a business networking organization may not be a good investment of time or money, as referral rewards are unlikely to make much of a difference in continuous sales.
While members of the organization are not obligated to provide business to other members, they are encouraged to use the services of other members and to provide referrals whenever possible. At each meeting, members will share their referrals with other members and announce whether they have received any business from another member’s referral. A business networking organization also usually monitors the amount raised from referrals within the group, which can amount to many thousands of dollars in a year. However, it may be heavily weighted against certain occupations, such as a real estate agent who charges a $10,000 commission for a home sale that can be reported based on an initial referral.
If you are interested in joining a business networking organization, it is important to consider whether you are willing to make the commitment to attend a meeting for several hours a week and whether you are a member of a company that is likely to profit from doing so. this network. If you think this fits you well, just do an online search to find a business networking organization chapter near you. You are always allowed at least one free visit before joining.
Asset Smart.
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