TYFCB is how we record the value of our referral business in BNI. In true Givers Gain® style we thank the Giver rather than the Receiver.
Recording Thank You for Closed Business performs 3 main functions in BNI:
1. TYFCB completes the referral process circle or cycle by thanking the member who gave you the referral. It’s also polite and encourages more referrals from the same source.
2. THFCB helps us to measure and report on how much business the chapter is generating. Each of us can also see our private Return on Investment or ROI on our app dashboards.
3. TYFCB puts a monetary value on Givers Gain® helping us to celebrate our success.
What Do We Record As TYFCB?
• In general, we record the dollar amount, excluding GST your business has received from a customer as a result of a referral from a BNI Member.
• We generally track the total revenue to the individual member and their respective company represented in BNI (the gross value of the invoice to the customer).
• This includes referrals, repeat business from a referral partner, spin off referrals, business received from visitors, cross chapter referrals and ongoing business from ex-members.
If you are unsure how much to record, talk to our Vice President or BNI Director Consultant.
• A website designer builds a new website for $1,500 plus GST. This would be recorded as $1,500 TYFCB.
• A HVAC technician provides a $500 air filter plus they charge a $100 installation fee. This would be reported as $600 TYFCB.
• A real estate agent sells a home for $600,000 with a 4% real estate fee. This would be entered as $24,000 TYFCB (we enter the total commission amount paid by the customer to the real estate agent’s company).
• A travel agent books a $5,000 trip to Fiji. The full $5,000 paid by the customer to the travel firm is recorded as TYFCB.
• A fire and general insurance broker sells a $800 plus GST car insurance policy. Record this as $800 TYFCB.
• A life insurance broker signs up a new client. We record the total commission that will be due for the average life of the policy type immediately.
• Banks should also record the interest for the entire loan immediately. For lines of credit (e.g., credit cards or home equity loans) report 10% of the line amount.
Common TYFCB Misconceptions
1. When you record Thank You For Closed Business, it doesn’t increase your TYFCB number, it increases the TYFCB of the member you are thanking for the business you receive. You are thanking them. Your revenue received or ROI number in the App will increase.
2. Ex-members cannot thank you for the business you give or continue to give them. They aren’t members anymore and don’t have access to our system. You can and definitely should record the business you continue to receive from them.
3. Only you know who you have thanked and for how much. This is for privacy reasons. However, you can send them a text or email letting them know you have thanked them for a referral.
4. It’s best to keep up with recording TYFCB as you bill, invoice or receive payment, whatever works best with your system. Avoid members having to ask or chase you.
The Leadership Team will answer them but anything they aren’t sure of they able to get the answer from their Director Consultant or BNI Support.
Members are proud of the business they generate for others in the chapter and they love their TYFCB number to reflect how much they are doing for others.
Recording Thank You For Closed Business is the least we can do to recognise them.