Return on investment, better known as ROI, is a key performance indicator that’s used by businesses to determine profitability of an expenditure. It’s exceptionally useful for measuring success over time and taking the guesswork out of making future business decisions.
The ability to calculate ROI is extremely valuable for any business. After all, knowing if you’re getting your money’s worth is a basic concept that both individuals and businesses need to understand to strengthen — rather than hinder — financial success. By calculating ROI, you can better understand how well your business is doing and which areas could use improvement to help you achieve your goals.
Thank You for Closed Business
At BNI we calculate ROI through Thank You for Closed Business (TYFCB). TYFCB is simply a mechanism that we use to thank members for business; it’s the way we track how successful we are in passing referrals.
Recording TYFCB is very important because without this it is difficult to see how you and your chapter is performing in BNI. Remember the mantra: If you don’t measure it, you can’t manage it. Remember also it’s just the member that gave the referral to you and the result in closed business you are recording not your name.
BNI Connect
TYFCB can be entered online anytime through BNI Connect. If you enter TYFCB online, you can now see your own private record of your personal ROI. So how do you do it? Just follow these 3 steps:
- Login to BNI Connect. Go to “My BNI® Business”. Click on “Say thank you for business invoiced”.
- Select the member who passed you the referral from the drop-down list (or Search Cross Chapter). Scroll to the bottom of the list if you want to thank your BNI Director Consultant an ex-member or a visitor.
- Enter the $ amount you received for that referral (For what amount should be recorded, please see the “BNI Slips Programme” document found in the “Documents” of the “My Network” section).
- Select whether this was New or Repeat business. Select the referral type: Internal, External or Spin off. Enter any comments that may help you remember the job later if needed. Click Save.
- By entering your slips online, you no longer need to fill in a paper slip at the meeting, your stats will automatically be added to the next PALMS report once submit by your VP.
- Unlike referrals, an email is not sent to the member you are thanking.
You’ll soon see our Thank You for Closed Business infographic map each month. It notes the amount of closed business that was generated in BNI chapters throughout the country (broken down by region). Check out your own region on the map shared on the BNI New Zealand Facebook page and see how you’re tracking.
