A business cycle is the natural rise and fall of economic growth over a period of time. The cycle is a useful tool for analysing the wider economy, as the upward and downward fluctuations show variations in production, employment, wages, and investment. Understanding the cycle allows you as a business owner to make better financial decisions with the goal of helping your business increase profit despite the downturns. Today we discuss the five main phases of a business cycle: expansion, peak, recession, trough, and recovery.

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Topics: small business owner, bartercard, attract new customers, business blog, increase sales, barter, business needs, trade dollars

Being a small business owner is an enormous task. Much of the operational responsibilities of your business rest on your own shoulders. With so much on your plate, it’s no wonder that business owners often fall into habits that may not always be healthy for their business.

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Topics: small business owner, bartercard, strategy, starting up your business, small business, business start-up, save cash, business needs, trade dollars, marketing

It’s not surprising to see a significant shift of practices when it comes to business networking. The world has adopted new ways to network that are no longer limited to face-to-face interactions. For a long time, business owners have attended meetings, events, and Trade Shows to expand their contact base. Today, thanks to fast-paced technology, online networking sites have become common in the realm of making business connections. You can connect with countless individuals in the click of a button. However, the question is, are these virtual connections as valuable as personal interactions? Could they even be more valuable? Read on to find out more about the difference between online networking and in-person networking, and how you can use both to your advantage.

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Topics: small business, attract new customers, save cash, build business networks, business blog, increase sales, business needs, networking, trade dollars

The most basic way that businesses make a profit is to sell their goods and services. To do so first requires that businesses provide a good or service, then to market that product and make sales. However, there are two very different channels that businesses can sell through. Selling directly to consumers, or “business-to-consumer” (B2C) marketing, is an entirely different operation than selling directly to other businesses (“business-to-business”, or B2B).

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Topics: build business networks, increase sales, business needs, networking, trade dollars, marketing

Small-to-Medium Enterprises (SMEs) often lack the sheer size they need to compete with much larger, international firms. Doing business in an environment where you’re one of the smaller fish is difficult, which is why smaller businesses often align their objectives with other, similar businesses to create business networks. These networks let SMEs work together to accomplish larger objectives, which increases their competitiveness with bigger companies, and as such, they’re very important for the businesses involved.

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Topics: build business networks, barter, business needs, networking, trade dollars

Research shows conclusively that your existing customers are your best chance at increasing your overall sales. Closing a deal with a potential new customer is tricky and doesn’t actually happen all that often—even if your sales team are virtuosos of the craft. Statistically speaking, you’re much more likely to find success selling additional products and services. That’s where upselling and cross-selling come in. Unfortunately, people hear a lot about these kinds of tactics, and it’s easy for them to switch off if you take a poor approach. What exactly are these tactics, and how can you employ them effectively?

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Topics: strategy, buyer demand, expand your product line, small business, attract new customers, branding, unrealised potential, increase sales, business needs, customer loyalty

Being in business usually means opening your doors to everyone, welcoming them in, building relationships and ultimately agreeing to do business together. Sounds simple, right? It can and should be. However, there are situations that can test you and one of the big tests is being able to say ‘No’ when you need to.

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Topics: bartercard, strategy, small business, business blog, unrealised potential, business needs

As a small business owner, consistent, constant marketing plays a big part in making sure your audience knows you, what you offer and what makes you unique. It would be great to simply open the door to your business every day and wait for the customers to roll on in. In reality, we know that doesn’t happen without a LOT of effort.

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Topics: increase profit, small business, market research, attract new customers, save cash, build business networks, content marketing, unrealised potential, increase sales, business needs, networking, trade dollars

Most business marketing efforts are split between the competing goals of customer acquisition and customer retention. While new customers translate directly to more business, and greater opportunities for expansion, every business still needs its share of loyal customers to remain afloat. Establishing customer retention as an integral part of your larger marketing strategy is important for the long-term success of your business. Even big corporations rely on their customer loyalty strategies for their business to run smoothly! Find out some of the perks of having loyal customers for your business.

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Topics: attract new customers, save cash, increase sales, business needs, networking, customer loyalty

Bartercard’s cashless currency is becoming a popular choice for employers to incentivise their employees, rewarding additional bonuses and providing staff gifts. You might think Bartercard’s benefits can only be used to get more customers, but in fact they can also be used to incentivise performance within your talented team! Continue reading to learn why more and more New Zealand businesses are turning to Bartercard to supplement their workers’ compensation.

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Topics: small business, increase sales, business needs, rewarding staff, trade dollars