6 reasons why reporting Closed Business is so important in BNI

Thanking fellow members for business their referrals have generated for you is one of the cornerstones for success in BNI but is often overlooked by many as an “unnecessary” admin task.  Here are the 6 reasons why reporting Closed Business (known as TYFCB) is so important in BNI

  1. BNI is about credibility

Reporting your closed business means that your fellow members know that you have actioned a referral they have passed.  Whilst best practice is to keep the referrer up to date on the progress of a referral, sometimes these happen quickly and reporting TYFCB is a visible way to acknowledge your chapter mate.  This, in turn, builds credibility by saying to members “I follow up on my referrals and they generate $$$’s”

  1. It reinforces further referrals.

Thanking a fellow chapter mate for a referral demonstrate that this is a good referral that creates business for you.  Repetition is the key to success in business and BNI is no different.  By putting in TYFCB you are subtly teaching that member that this is good business and more of the same will help you.

  1. It’s a teaching tool

By using the “I have section” of the meeting to give a brief overview of the referral and business generated from it, you educate fellow chapter members on what a good piece of business looks like for you.  By stating what problem you solved for the client and acknowledging the person who generated the referral, you teach fellow members how to find similar business.  If someone is finding it hard to refer to you and they see others are generating business, they can also ask these members for assistance.  It’s a win-win!

  1. It shows you value your chapter mates

By entering TYFCB on BNI Connect, you are clearly saying to your fellow chapter mate that you acknowledge the work they did in finding you this business.

Repeatedly not entering TYFCB sends out a message that ‘I don’t care’, the cumulation of which has the same effect as saying “don’t bother finding me more work because I can’t be bothered acknowledging it”.  This in the long term leads to a reduction of referrals because people will naturally gravitate to helping people who demonstrate that they appreciate them.

  1. Core Value 6 – Reward and Recognition

With a Core Value of BNI being reward and recognition, you are aligning your activities with those of BNI.

If for no other reason, recognising someone for doing something good and rewarding them (with a public ‘thank you’) is Psychology 101.  Pavlov and his dogs worked out a long time ago that we are all susceptible to Classical Conditioning

  1. Business success needs measurement

Whilst it may seem like ‘one extra thing to do’ recording TYFCB not only shows that you care, but it allows you and other members of your chapter to measure the success of the activities undertaken.

All businesses need to measure activity because, as the saying goes, “if you can’t measure it, you can’t manage it”.  Leadership teams work very hard to ensure that chapter members are delivering on their commitment to the chapter and this means holding members accountable.  Not recording information just means the leadership team will spend unnecessary time working with chapter members on basic activities like data recording when they could be working on income generating activities that support all members.

It’s easy to overlook entering closed business, but the success of any BNI chapter relies on all members holding themselves to account.  These 6 points will hopefully give you a better understanding of how you can make a big difference to your own success in BNI.

By | 2018-07-09T02:49:55+00:00 July 9th, 2018|Categories: BNI|Tags: , |Comments Off on 6 reasons why reporting Closed Business is so important in BNI

About the Author:

Firstly, he's a pretty great guy you'll want to hang out with him. When you're not hangin out with him, Braith runs the Melbourne franchise of BNI and helps people connect with their dream clients by finding their target market. He likes helping people through online courses, workshops and public speaking - so why not find out more about him?