Don't fear trade dollars
Maximising cashflow, retaining customers and keeping stock moving are important elements of any business. What if we told you there’s a digital currency where you can buy and sell products and services using trade dollars rather than using cash? That’s where Bartercard can help grow your business.
Here we focus on five key areas to help business owners get the most from using Bartercard Trade Dollars, rather than fearing them.
1. TREAT TRADE DOLLARS AS A SUPPLEMENT TO CASH- PAYING BUSINESS
Operating as a supplement to cash business, the Bartercard membership provides complete control over which products and services are sold through the network. No member is obligated at any time to take on Trade Dollar business over cash-paying business.
Adding the flexibility of Bartercard to your business allows other members to utilise your goods and services with Trade Dollars, which can help create new business, customer loyalty and increase profits.
2. USE TRADE DOLLARS TO MOVE INVENTORY/ FILL OCCUPANCY AS BUSINESS FLUCTUATES
Spare capacity and downtime can be converted into new revenue by utilising inventory, equipment and employees. Businesses can sell excess stock or slow moving inventory, without the need to discount heavily. Members receive Trade Dollars as payment, which they then spend on other goods and services within the Bartercard community which are beneficial to their own business.
3. TRADE DOLLARS AS A STAFF RETENTION/ REWARD SYSTEM
Retaining good staff is important. However, many businesses struggle to find ways to reward exceptional staff without increasing wages or salaries. Trade Dollars offer an easy solution: use Trade Dollars as employee bonuses, incentive schemes or gifts. For example, utilising the Bartercard trade exchange, a business could gift a staff member a reward such as a dinner out, using Trade Dollars.
4. TAKE ADVANTAGE OF THE VAST MEMBER BUSINESS NETWORK
Bartercard has a large referral network that allows members to extend their customer base and geographic reach. This can then translate into increased business profits. New customers generated by Trade Dollars are in addition to existing cash business, so they don’t interfere with existing business.
Through referrals and word-of-mouth marketing, members have an advantage over their competitors. Each time a member spends their Trade Dollars, that member receives new business from another member’s business.
5. MANAGE CASHFLOW AND MAKE USE OF INTEREST- FREE CREDIT
Trade Dollars are an electronic currency and work in a similar way to a credit card or bank account, with the added advantage that you can continue to make purchases even when cashflow has slowed. Trade Dollars can be transacted via EFTPOS, online over the phone, using the Bartercard app, or by transaction vouchers.
Bartercard provides the opportunity to expose your business to new customer markets, improve cashflow, reduce business expenses and clear idle and excess stock without having to discount. It’s simple to use and acts no differently to a normal bank account or line of credit.
Find out more about how Bartercard can work for your business by downloading their free eBook, ‘How to Use Bartercard to Grow Your Business’. http://content.bartercard.co.nz/how-to- use-bartercardto-grow-you-business- ebook- download