A new BNI (Business Networking International) 'chapter' is setting up in my county town and I have been invited to join under the Accountant heading. I've heard mixed comments about the network. At last years Accountex they were given as the main networking group to join. I've been along for a couple of meetings and am in two minds as to whether to join. They dont have the number of core members to make a formal chapter as yet but they are asking for a formal commitment. I've wasted money on advertsing/networking before and dont want to waste another £700. So has it worked for you?
If not what other similar networking groups would you recommend?
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It can work, but you have to put a lot of time and effort into it and if it's a new group it will take a couple of years and more work to get off the ground.
When I was younger, hungrier and trying to make a name for myself I was willing to put in the effort required by BNI.
Older, fatter and established, I can't face being nice to a room full of desperation at 07:00 every week.
BNI is not for me as too formal and happy clappy for me with too many rules.
Other members with long standing relationships with their existing accountants will not switch to you just because you go every week. You are also expected to every week or send cover in your place which maybe difficult if a sole trader. Also the groups only work once well established with 20 plus members so it will take a lot of time to get anywhere
People like printers do well out BNI as they will get all the printing work but it doesn't work for accountants.
I go to a less formal group called Network B2B for me it is not a source of a great deal of new business but it extends my professional network as there is a lawyer, insurnace broker etc there so often clients come to me with non accountant issues I can direct them to someone who can deal with it without ripping their eyes out.
My main source of work is start up so for new clients I put time in with startup groups and incubator hubs. Often local councils will run schemes where you mentor early stage businesses which maybe would produce more clients for you.
What the networking group is good for is for specific referrals into say a bank where you have no contacts as someone there will have the name you need to open that door.
"It doesn't work for accountants". One referral gave my firm £70,000 of recurring fee income for 5 years. It still provides £25,000 per year. One referral. You get out what you put in. Treat it as your biggest client and it can become just that. Gripe about attendance and rules then it's not for you.
I was a member of an established chapter a few years ago and picked up a reasonable quantity of business. But the quality of the new clients was horrendous. Some of the members were great, but others were a bit on the spivvy side or running hobby businesses in natural therapies etc.
The dodgy or dippy members then referred me to their dodgy or dippy friends, and I soon found almost all of my most difficult or poorest paying clients came via BNI.
Also you're under a lot of pressure to find business for other members, and this frequently involves dipping your hand into your own pocket. So it ends up costing you more than the membership fee.
So not for me. It may help if you're trying to set up a new practice - and you urgently need new clients - but otherwise I would avoid.
I have been a BNI member in the past. The success rate is very much dependent on the members of the group. It's a lot of money and it can be very time consuming. The advantages are that you get new clients. Win, Win? The disadvantages are it takes time to get referrals for other members, sometimes the quality of those referrals aren’t great and it takes up valuable time.
I wouldn’t go back.
And we haven't even mentioned the early starts. That's another negative point.
Nope it's a positive point. I've always been an early starter for work, so suits me down to the ground. I know of lunchtime Chapters which I'd never join as it takes out a chunk of the day.
I'm a current BNI member in a group with 34. I've been therefore 3 years now and have gained circa £25k in business (obv repeating) which in my humble opinion is well worth the early starts.
To address some of the points already made:
1. It does indeed take time to build up your credibility, at least 12 months I'd say, but that then means you get better quality referrals.
2. The early start, I like that it doesn't encroach upon work time, how hard is it to wake up at 5.30am once a week when you're making money out of it?
3. The fact that you need to give business: Isn't it quite selfish to want business and not give it? The reason it works is that most (not all) members make an effort to help each other.
4. The rules/classroom nature: not going to argue with that, but the flipside is that's what pushes you to drive business. I find most other networking a bit of a card-throwing exercise which BNI isn't.
Our group in Surrey has done >£1m in business in the last 12months alone. I'm quite happy for other accountants to come and visit our group if it helps make a decision, do DM me if you'd like to.
All the best.
BNI is just one of the various networking groups around.
I get the theory behind it and can see why it works for some accountants in some regions.
I know of many accountants who have found it of value - despite the early starts, formal referral reports and so on. Becoming the defacto standard recipient of all accounting related referrals from a group or local business people, can be very appealing.
However I probably come across more accountants who have tried it and given up. One issue often raised is that they don't like being required to refer work to others in their group regardless of whether they know or really think they are the best financial adviser, lawyer, estate agent, car repairer, decorator etc.
I am a big fan of 4N networking which works very differently to BNI. Again, it has advocates and detractors. But when I'm asked to recommend where accountants should start with local business networking this is the group I recommend.
Waste of time I think. When a fellow member is asked for the details of an accountant, who do they recoomend?? THEIR accountant.
It's a hell of a barrier to overcome them recommending you rather than their own accountant.
For me, spend the same on Google and you'll reap more rewards. Oh, and handily you don't have to get up at silly am and then [***] around doing 'important' one to ones.
BNI IS very smart idea and it can work in very good way & it will generate business if you have the right team in your chapter, I was a member but i'm no longer.
The major issue it cost you £1500 for the year & the current management extremely unprofessional, in order for BNI to expend it allow members to do illegal moves. Even when BNI were aware of it they just ignore it.
I wouldn't advise anyone to join BNI
