The Power of Referrals in Business

Recently TransGlobe International joined one of the biggest Business Networking organization in the world, spanning 68 countries and more than 190,000 members. Business Networking International (BNI) is a professional business owner organization which relies on referrals to help its members grow their businesses.

How does BNI work

Each BNI organization accepts only one company from each industry, thus excluding all competition among the members. Weekly meetings give each member an opportunity to share experience and to provide referrals for one or more members or other companies they work with. They can also invite guests, which helps bring new opportunities for all companies within the organization.

No competition

Competition is usually considered a good thing. It pushes you to be better, more innovative and flexible. However, being in a competition-free environment lets business owners from each industry focus on presenting their services and products and making sure their new clients are happy with the new partnerships. This increases the likelihood of receiving referrals, which inevitably leads to more business opportunities. Competition is still there – outside the particular BNI organization. This way you get the best of both worlds.

Why referrals are the way to go

A referral is ultimately a personal recommendation from a trustworthy source. Something already tried and tested, e.g. by you, with good enough results that you can honestly recommend someone or something. It’s a very natural way for humans to make their decisions and brings feelings of security and future satisfaction. So whatever you do, referrals can provide a significant boost to your business, brand awareness and market presence, and leave you with a sweet feeling of appreciation!

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