Business networking can be traced back to the 13th century, when the Freemasons orchestrated fraternal organisations to exchange important information and bridge social divides.
Fast forward to our globalised era, where networking has exploded into a multi-billion-dollar arena spanning diverse economies and professions. Channelling their power into a formidable vehicle for impact is BNI, a global referral networking organisation comprising more than 10,800 chapters and 291,000 members, with a presence in 76 countries.
In November, the organisation held its BNI Global Convention 2022 at Resorts World Sentosa, Singapore. The event, which championed resilience and openness to change in a post-pandemic world, welcomed more than 2,500 overseas delegates and 300 Singapore business owners.
We caught up with BNI’s founder and chief visionary officer, Dr Ivan Misner, who shared his business takeaways from an epoch of radical change and insights gleaned through decades of effective relationship forging.
How did you come about to found BNI?
As a management consultant, I had a large pool of clients that represented about half of my business circle; we were doing a great job. So, I was really surprised when a contract with a big client wasn’t renewed the following year. I had just bought a house with a mortgage that looked gigantic, and needed referrals to build my business. At that time, I had received all my speaking engagements through referrals, so I figured out what I had to do to generate more. I had been involved in networking organisations for a long time, but most weren’t what I was looking for. I would attend meetings strictly focused on selling and walked away from them feeling like I had been slimed. Other meetings were overly social with little business talk. In 1985, I decided to form a group comprising people I really trusted. We merged business with relationships undergirded by the philosophy of helping one another.
What exactly does it mean to network like a pro?
Networking Like a Pro is the title of one of my books. We used that title because we wanted people to learn how to:
- Attract the right people with a carefully crafted Unique Selling Proposition.
- Gain the most valuable clients with referrals from networking partners.
- Make the best impression when meeting people for the first time.
- Choose networking events and activities that best fit their needs.
- Build a powerful personal network.
- Avoid behaviours that damage their reputation.
Conversely, what is the biggest mistake people make when it comes to networking?
One faux pas is abusing professional relationships. Someone I know was invited to attend a 50th birthday party of a former associate. When she arrived, she noticed that people were arranged in a semi-circle listening to a presenter in front of an easel board. It soon became very obvious that the “party goers” were being recruited for a business opportunity. As resentful as the woman felt, she and other mutual friends found it difficult to remove themselves from the “birthday party” even though the only refreshments being served was the company’s diet shake!
Never, ever mislead your networking partners (for that matter — never mislead anyone). Trust is everything when you are talking about relationship networking. Inviting these people to a “birthday party” which turns out to be a business opportunity is not being honest with the very people with whom you want to build a trusting relationship.
What has been BNI’s impact during the pandemic?
BNI has helped local businesses all around the world during good times and bad. During the past 12 months, BNI members passed 12.6 million referrals to one another which has generated $19.4 billion in revenue for our members. This is based on the numbers our members give us regarding sales made through the BNI programme. Some of this business is generated by conducting business with other members globally. Most of it is done by generating business within the local communities that BNI operates in.
As the region emerges from the pandemic and braces itself for a recession, what kind of key partnerships should business owners/leaders be building right now?
Having experienced four recessions, I’ve learned that mindset has a lot to do with how one navigates a tough economy successfully. I once met someone who left his employment, cashed out his retirement money, and started his own moving and storage business with one truck, storage facility, and office. Just as he joined the ranks of entrepreneurship in early 2008, the Great Recession came crashing down on him. He was devasted. All his hopes, dreams, and cash were about to evaporate. But he doubled down on his efforts and immersed himself in networking groups. At the same time, he integrated self-storage programmes into his business to help people who consolidated homes during this time period. This was one of the few growth areas during the recession.
The point is that he refused to participate in the recession. While other people were frozen in fear, he was focused on solutions. The business emerged from the recession larger and stronger. Hence, the right mindset along with a plan of action will lead you successfully through these turbulent times.
What are some of the outcomes we can expect from the BNI Global Convention 2022?
Conventions are to not only share business and referrals but also to share knowledge and begin the relationship building process. There is an old expression that goes, ‘It’s not what you know but who you know.’ I don’t believe it is either. I believe that it is “how well you know each other that counts.” Conventions like the one we had allow people to start to get to know one another. For those who already know each other — it leads to creating credibility and trust. This leads to more business. Networking is more about farming than it is about hunting. Conventions like the BNI event were all about cultivating relationships.
How are Singapore’s 34 BNI chapters uniquely positioned to ride the fourth industrial revolution?
We organise regular forums and best practice discussions on new ways to solve a challenge, while at the same time celebrating efforts and progress. BNI offers business owners business and leadership trainings. Our business builder platform is designed to teach both the hard and soft skills necessary for individual and global success in this new era of rapid change.
