Submitted by Braith Bamkin, Executive Director – BNI Melbourne West & Geelong and Melbourne Central
Do you have shares or an investment portfolio of some sort? How do you treat that investment? Chances are you spend some time in looking after it, ensuring it grows year after year. What if I said to you that rather than buying a membership in BNI, you were buying shares in a chapter. Would that change your attitude towards being part of a BNI chapter?
Like shares on the stock exchange, you want your BNI shares to grow and return you a dividend. Unlike shares on the exchange, your investment in purchasing your ‘BNI share’ can return you tens, hundreds or thousands times returns every year.
When I train chapters on this concept, inevitably the members are extremely excited about the prospect of what their one BNI chapter share can yield each year and they all start talking about how they can increase the value of their shares. To say the least, they always have an ‘ah-ha’ moment.
Just like stock exchange shares, there two metrics to consider with your BNI share. The first part is yield and the second part is capital growth
Thie week, I want to take a look at Yield.
Your BNI share’s yield is measured as TYFCB (Thank you for closed business). This is the dividend your share delivers on a regular basis. To get this dividend in BNI, shareholders need to meet the KPI’s of BNI. We make things very simple, we have the “Power of One” activities. Some of you may see these on the member’s traffic light report, some may use Member Commitment reports but whichever tool you use, the metrics of BNI are really simple.
- Turn up.
Just like in life, you have to show up to get a result. You simply won’t get an ROI on your share in BNI if you’re not there. This is the most basic and easiest KPI to meet.
Listen to this podcast from BNI founder, Dr Ivan Misner and get the hard-core statistics on attendance.
- One 1×1 per week.
Your fellow chapter shareholders will never be able to deliver you business if they don’t know what it is you want and how they can deliver it to you the way YOU want it delivered.
Listen to this podcast from BNI founder, Dr Ivan Misner and learn how One to Ones equals more referrals
- Bring visitors
Visitors are the lifeblood of your chapter. Some will join, some won’t, so what? As a member, all you need to do is bring people to meet your trusted network. They’ll do business with other chapter members and everyone will benefit.
Listen to this podcast from BNI founder, Dr Ivan Misner and learn how one visitor per month will generate YOU USD$12K pa
- Pass referrals
If you want to get business first you have to give business
Listen to this podcast from BNI founder, Dr Ivan Misner to find out just how easy it is to generate referrals with absolutely no extra effort in your daily life
Not many investments have such simple actions to follow that will deliver you an ROI to the same degree that your “BNI share” can do. Now that you know how easy to is to get a dividend, what can you do to increase the activities you are doing so that you meet the KPI’s developed by BNI.