My friends, Kian Gohan and Keith Ferrazzi, have written a new book and they have given me permission to excerpt it here as a blog. I invite you to read this excerpt from their book, “Competing in the New World of Work: How Radical Adaptability Separates the Best from the Rest.”
Beyond large Fortune 1000 enterprises like Domino’s Pizza and NOV, consider how smaller organizations in different industries have also leveraged new technologies to evolve their businesses. Founded in 1985 by Dr. Ivan Misner, BNI is a business referral network for executives, entrepreneurs and small business owners. BNI has over 10,000 chapters and more than 280,000 members worldwide. Every week, BNI chapters meet over breakfast to conduct a standardized networking exercise focused on targeted referrals. Members stand up and have 30 seconds to introduce themselves and their work. After self-introductions, members stand up again and individually offer three specific referrals in their personal networks that might be potential client leads for other chapter members.
These aren’t just casual referrals. BNI members develop deep social capital with each other, and believe that both parties benefit when they refer their personal social networks to other BNI members. They call this core value “Givers Gain.” And indeed, in 2020 BNI passed 11.5 million referrals to their members, generating over $16 billion worth of business for members. That’s more than twice the GDP of the country of Lichtenstein!
In 2018, Dr. Ivan Misner suggested to the company’s board of directors that he believed the future of face-to-face networking is online, and that unless BNI experimented and adopted new technologies like mixed reality, holographic presence, and video communication channels, BNI would be negatively disrupted in its next decade. He was prescient and foresaw the rise of remote work, even before the pandemic. By March 2020, all 10,000 BNI chapters had pivoted to online networking – a dramatic business shift for an organization with a 3-decade history dedicated to in-person business networking. Fast-forward to mid-2021, and BNI added 500 new chapters during the pandemic year, all of which have only ever met online! Thus confirming Dr. Misner’s belief that every organization needs to adopt new technologies, or be disrupted.
Reprinted by permission of Harvard Business Review Press. Excerpted from Competing in the New World of Work: How Radical Adaptability Separates the Best from the Rest by Keith Ferrazzi, Kian Gohar, and Noel Weyrich. Copyright 2022 Ferrazzi Greenlight Inc. All rights reserved.
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The book, “Competing in the New World of Work,” is available is here.