As a small business owner, you may be looking for ways to do things smarter and more efficiently. You may be aware of how valuable it would be if you were able to turn your unutilised trading capacity and surplus inventory, into business opportunities. This would be a step towards increased sales, improved cash flow, and retaining clients – always an attractive outcome as a business owner.
You’d rather spend time on your business than on the administration side of things. You need solutions that are convenient, simple to understand and use, and are supplied by professionals you can trust.In this article, we discuss how you can improve and grow your business. We’ll show you how to move excess stock effectively and attract good, loyal customers in the process.
Consider how Bartercard can help
Bartercard provides business opportunities to members by converting unutilised trading capacity and excess inventory into business opportunities with new customers. Bartercard’s world-leading, innovative trade exchange system allows over 24,000 member businesses in seven countries worldwide to benefit from the cashless economy of bartering.
Since its establishment in New Zealand, Bartercard have grown to have over 6,000 member businesses across the country and trade over $200 million worth of goods and services outside the cash economy each year.
Bartercard helps New Zealand businesses grow and achieve financial success through bartering unfilled capacity through the Bartercard network using an electronic currency called a Trade Dollar.
Utilise excess stock and increase occupancy
Bartercard helps companies put inventory, equipment and employees to good use, converting downtime and spare capacity (such as businesses who experience seasonal markets) into new revenue which would not have been available otherwise. It also provides a system to put that excess to use in profitable ways. Sell excess or unwanted stock without the need to discount heavily, which can result in reducing perceived value and risking a potential price war with competitors.
Generate new business
Bartercard’s large referral network allows members to increase their customer base and expand their geographic reach. The new customers generated by Bartercard are on top of existing cash business, and therefore don’t interfere with existing business models.
The key to sales success is referrals and word-of-mouth marketing. Bartercard members are more likely to spend with other members, providing an increased advantage over competitors.
Reward staff
You know that for most businesses, retention of good staff members is important but finding ways to reward staff that go the extra mile for the business without increasing wages or salaries can be tricky (and anything that goes through the payroll will incur PAYE). Using Bartercard Trade Dollars as employee bonuses, incentive schemes or gifts is an excellent use of Bartercard.
Are there special accounting considerations with Bartercard?
In the guide How to use Bartercard to grow your business we explain how there are no special tax considerations when using Bartercard. It shows how simple the system is, and will answer your accounting queries.
Simple to implement
The guide also explains the way you can easily implement Bartercard into your business, how you spend your Bartercard Trade Dollars, and provides tips on how you and your clients can get the most out of Bartercard.
By using Bartercard you can open up your business to new customer markets, improve cash flow, reduce business expenses and clear idle and excess stock, without having to discount. It’s easy to use and acts no differently to a normal bank account or line of credit.
Would you like to learn more about using Bartercard to help your business? Download our full guide to get more indepth advice and guidance on how Bartercard can work for you.
