BNI Groups for Accountants: Is It Worth the Investment?
Marketing for Accountants isn’t just about social media campaigns and SEO strategies. Accountants were doing business before the emergence of the digital age as well.
While the focus of accountants serious about marketing for CPA firms is on online strategies, the power of face-to-face networking remains unmatched. That’s where BNI Group (Business Network International) comes into play. BNI is a local group of small businesses operating in a supportive environment where members focus on exchanging referrals rather than competing with each other
If you are an Accounting firm owner and looking for ways to generate more leads then you must consider BNI as well. Sometimes, marketing involves going back to basics and investing in good old-fashioned networking.
This blog post will help you understand how BNI Groups work for accountants. You’ll learn what to expect, how the networking happens, how much time and money it costs, and most importantly is BNI a good investment for your Accounting Firm.
Let’s begin
Table of Contents
What is BNI (Business Network International)?
BNI Group is a global, professional networking organization that allows entrepreneurs and business professionals to connect, share referrals, and grow their businesses.
Founded in 1985, BNI today has thousands of chapters worldwide, including a considerable presence in the United States and Canada. So you can find a chapter in your local area as well. Check out the US regionlist here.
BNI groups have a rule where only one member from each business category can join. This means, that in your BNI group, you would be the only accountant.
Imagine meeting weekly with people from different jobs to talk about your work and how you can help each other find new clients.
With branches worldwide and over 3000,000 members, BNI network offers a big chance for your small accounting firm to meet new clients and grow. But remember, securing your exclusive spot as the accountant in a BNI group costs money, so weigh the benefits against the costs to see if it’s right for you.
BNI Networking for Accountants Explained
When an accountant joins a BNI group, they become the exclusive financial expert in that local chapter, meaning no other accountants can join the same group. This exclusivity helps to avoid direct competition for referrals within the network.
Imagine an accountant named Alex joins a BNI chapter. This chapter also includes various professionals like a real estate agent, a lawyer, a web designer, and a marketing consultant. Each week, the group meets to discuss their businesses, share updates, and most importantly, exchange referrals.
During a meeting, the real estate agent, Phill Dunphy, mentions he has clients who are purchasing commercial properties and need financial advice to manage their investments effectively. Since Alex is the accounting professional in the group, Phill refers these clients to Alex, ensuring he gets direct access to potential new customers.
Similarly, Alex, through his everyday business encounters, might meet someone who needs legal assistance or real estate services. He can then refer these contacts to Phill or the lawyer in his BNI group, thus reciprocating the referral process.
This cycle of giving and receiving referrals fosters a collaborative environment where each member benefits from the other’s network, leading to business growth and expansion. By participating actively and building trust within the group, accountants like Alex can significantly increase their client base through these targeted, warm referrals.
It’s important to note that BNI operates as a for-profit entity, managed regionally by franchisees. A portion of your membership fees contributes to the organization’s operational costs. Unlike multi-level marketing (MLM) schemes, BNI’s structure does not provide members with financial rewards for referrals, ensuring the focus remains on genuine business growth and networking.
How can BNI Help Accountants?
BNI operates through localized chapters, each comprising professionals from various fields.
As an accountant, you’ll be a part of a BNI group where you can benefit from BNI networking, access BNI business builders, and even listen to BNI podcasts for professional growth.
BNI’s Structure
A BNI chapter typically consists of one representative from various industries. This is to ensure that there are no conflicts of interest and that everyone can freely share referrals. Each chapter holds regular BNI meeting agendas, where members present their businesses and share valuable knowledge.
The Referral System
BNI’s powerful referral system is one of its strongest assets for accountants. During these BNI meetings, members are encouraged to give and receive referrals. You get to pitch your firm’s services, and in turn, gain referrals from other business owners who need accounting services.
The potential benefits for your accounting firm largely hinge on the group’s membership. The quality and relevance of the referrals you receive will depend on the professions and industries of the other group members.
BNI Online Resources
BNI is not confined to physical meetings. They have a BNI portal and an online service known as BNI Connect login, which allows you to network digitally. This is particularly beneficial if your accounting firm operates across different locations.
Education and Development
BNI also invests in its members’ growth through BNI networking education, seminars, and BNI podcasts. This is an incredible resource for accounting firms looking to stay ahead in the fast-paced world of finance.
The Process
- BNI Connect login: Sign in to your local chapter’s portal.
- BNI Meeting: Attend regular meetings to share referrals and discuss business opportunities.
- BNI business builder: Access tools and resources that can help your accounting firm grow.
What Makes it Special
- BNI Core Values: The organization operates on a specific set of values, including accountability and recognition.
- BNI Purpose and Overview: It aims to help members increase business through a structured, positive, and professional referral marketing program.
How to Join BNI
- Find a BNI Chapter: Search for a local BNI chapter that doesn’t already have an accounting professional, as BNI categories are exclusive to one person per profession in each chapter.
- BNI Application: Fill out the BNI application, and if you meet the BNI classifications, you’re in.
- BNI Meeting Agenda: Follow the structured BNI meeting agenda to share and receive referrals.
What are the Benefits of a BNI Membership for an Accounting Firm?
As a BNI member, you’re privy to an array of benefits tailored to the needs of accountants.
1. Referrals Galore
- Bni referral: The lifeblood of BNI. You give and receive referrals that are genuine.
- Bni members: A community of like-minded professionals who act as an extended sales team for you.
2. Continued Learning
- Bni Networking Education: Regular seminars, workshops, and materials to enhance your industry knowledge.
- BNI Podcasts: An excellent source for insights, trends, and success stories in accounting.
3. Cost and ROI
- BNI Membership Cost: The cost varies but is designed to provide excellent ROI for members.
- Is BNI worth it?: Ask any seasoned BNI member, and they’ll likely attest to the ROI, both in monetary terms and connections made.
4. Global Exposure
- Bni international: With chapters worldwide, your networking isn’t restricted to your local community.
- Bni online: Online platforms such as bni connect global help you stay connected, even if you can’t attend meetings in person.
How Much Does a BNI Membership Cost, and Is It Worth It for Accountants?
Let’s tackle an important question right off the bat: how much does BNI cost?
Membership fees can range from $400 to $1000 annually, depending on your location and chapter.
The investment is not only in terms of money. BNI can be quite demanding in terms of time commitment.
To reap the full benefits and succeed in BNI, members typically need to dedicate about 4-8 hours each week. This time is spent on various activities including traveling to and from meetings, engaging in one-on-one discussions with other members, inviting guests to the group, and actively looking for referral opportunities for fellow members.
Additionally, there’s the pressure to consistently provide business referrals to others in the group, coupled with the expectation to attend weekly meetings. While substitutes can attend in place of the member, restrictions often apply, which can be challenging for sole traders or small business owners.
Now, is BNI worth it? For accountants, the cost can be outweighed by numerous benefits, some of which we earlier mentioned like:
- Quality Referrals
- Networking
- Education
- Reputation
You just would have to decide what having these benefits means for you and your business given where you are currently.
How to Generate Effective Referrals Through BNI
Generating referrals is the crux of BNI networking. If you’ve ever wondered how BNI helps businesses, especially accounting firms, this is it. Effective referrals can quickly ramp up your client base.
Steps to Generate Referrals
- Regular Participation: Consistency is key; the more you put in, the more you get out.
- Use BNI Tracking Tools: Keep track of your progress using BNI Direct.
- Offer Value: Before asking for referrals, offer some yourself.
By mastering these methods, you can turn your BNI membership into a referral-generating machine for your accounting firm.
Must Read – Why Infotainment Is A Great Instagram Marketing Strategy For Accounting Firms
What is BNI Connect, and How Can You Leverage Its Features?
BNI Connect is the digital hub of BNI. For a streamlined experience, BNI Connect login is essential. The platform allows you to:
- Connect with BNI members globally through BNI Connect Global.
- Record and track referrals through BNI tracking functionalities.
- Manage your profile and share it across the BNI networking group to attract more opportunities.
The beauty of BNI Connect lies in its convenience and accessibility, letting you network even when you can’t attend a BNI meeting physically.
What is BNI Business Builder, and How Can It Boost Your Accounting Business’s Growth?
If you’re looking to elevate your practice, then BNI Business Builder is a must-try.
It’s a dedicated program aimed at business growth through strategic planning and peer accountability. Essentially, it helps you identify key growth areas in your accounting firm and gives you the tools to exploit them.
You’ll find valuable resources like BNI books, participate in specialized BNI Business Builders workshops, and learn from BNI podcasts.
The result? Increased revenue, an expanded client base, and improved operational efficiency.
How to Prepare for a BNI Meeting and Make the Most Out of It?
So you’ve signed up for a BNI membership, navigated the BNI portal, and you’re finally attending your first BNI meeting. What next? Here’s how to prepare:
- Know the Agenda: Familiarize yourself with the BNI meeting agenda to better participate in the discussions.
- Invite Guests: Learn how to invite visitors to a BNI meeting as bringing in potential members can help your standing in the chapter.
- Be Ready to Pitch: Have your elevator pitch ready. You usually get 60 seconds to present your business to the meeting attendees.
- Record and Give Referrals: Utilize BNI referral forms to record any business passed to you or by you.
- Follow-Up: Always follow up with the contacts you make; it’s the key to building strong relationships.
How to Invite Visitors to a BNI Meeting Effectively
Have you been invited to a meeting before where the meeting room feels a bit empty? Things could get really boring and weird fast, right?
This is why inviting visitors can enrich the experience for everyone involved. A successful BNI meeting starts with the right invitees. And how do you get the right ones? Here are some tips.
Quick Steps for Inviting Guests
- Identify the Target: Aim for business owners who can potentially refer clients to your accounting firm.
- Craft a Personalized Invite: Make sure you’re clear on what BNI stands for and how it can benefit them.
- Use the BNI Connect Login: Utilize BNI Connect Global to track your invitations and RSVPs.
- Use the BNI App: The BNI business builder app lets you send invites on the go.
- Outline the Benefits: Explain what the attendee stands to gain. Will there be networking opportunities? Potential clients? Knowledge sharing?
- Follow-Up: A gentle reminder a day before the meeting can work wonders.
Inviting the right people to your BNI meetings is the first step in bni networking education and setting your firm on the path to success.
By implementing these methods, you can ensure you’re not just filling seats but adding value to your BNI chapter.
Must Read – The only Guide Accountants need for LinkedIn Marketing in 2024
How to Start Your Own BNI Chapter
If you already know about BNI and all the opportunities it offers accountants and you’ve been planning starting your own chapter, then this would be of great help.
Key Benefits
Some of the interesting advantages you can get from starting your own chapter include:
- Custom Experience: You can mold the BNI meeting agenda and curriculum to suit your firm’s needs.
- Leadership: Being at the helm boosts your visibility and credibility in the community.
- Education: BNI also offers networking education.
- Accountability: Regular meetings mean you’re accountable for following through.
How to Get Started
- Understand the BNI Purpose and Overview: Before starting, you need to get familiar with BNI core values, BNI international, and BNI classifications.
- Register: Use the BNI portal to register your chapter. Here you’ll find the BNI application that you’ll need to fill out.
- Invite Members: After registering, use BNI connect global to invite members.
- Host the First Meeting: Use BNI online resources to plan the first meeting agenda.
- Get Training: BNI offers networking education to help you lead effectively.
- Recruit Members: Use your existing contacts and BNI Connect to start recruiting.
Tip: Check BNI fees and BNI membership cost to ensure it aligns with your budget.
Is BNI a Pyramid Scheme?
A question often posed is: Is BNI a pyramid scheme? The straightforward answer is no.
While BNI fees are part of the membership, what you’re paying for is a platform to generate business through referrals, rather than recruiting others to join under you.
Some people mistakenly believe BNI operates as a pyramid scheme.
However, BNI’s chapter-based networking model does not actually fit the definition of a pyramid scheme for several reasons:
- BNI members pay reasonable annual dues to access the structured networking model, not to participate in a money-making venture.
- There is no income or commission earned by recruiting other members. BNI prohibits using BNI contacts for recruitment.
- Reward and recognition is based on member engagement, not recruitment.
- Members gain value through the reciprocal referral network, not a money-making hierarchy.
- BNI prohibits the use of pressure, persuasion or misleading claims to recruit members.
Overall, BNI is focused on facilitating structured networking and member-to-member referrals.
It does not exhibit the defining traits of a pyramid scheme. BNI membership aims to provide value in exchange for reasonable dues.
Must Read – Cold Calling for Accounting Firms: A Step-by-Step Guide For 2024
Conclusion
So, is BNI worth it? Given the potential for increased referrals, networking opportunities, and alignment with accounting business values, it’s a resounding yes. The BNI membership cost should be viewed as an investment in your business’s future growth.
From how you can invite visitors to a BNI meeting to the very meaning of BNI for your accounting firm, we’ve covered it all. Now, it’s time to login to BNI connect, schedule that first meeting, and set the stage for unprecedented growth for your accounting firm.
Happy Networking!
FAQs
1. What is BNI?
BNI, or Business Network International, is a global networking organization that brings together business professionals from various industries. Members meet regularly to discuss business, share referrals, and enhance their professional network. The aim is to help each other grow their businesses through a structured, positive, and professional referral marketing program.
2. How much does BNI cost?
The cost of joining BNI can vary depending on your location and specific chapter. Typically, there is an initial application fee and an annual membership fee. These fees cover the operational costs of BNI meetings and other resources provided to members. It’s best to contact your local BNI chapter for precise fee information.
3. Is BNI a pyramid scheme?
No, BNI is not a pyramid scheme. It is a legitimate business networking organization focused on referral sharing. Unlike pyramid schemes, which are illegal and based on recruiting members to make money, BNI’s goal is to help members grow their businesses through genuine and meaningful exchanges of customer referrals among members.