How Trade Dollars can benefit your business
Maximising cash flow, retaining customers and keeping stock moving are important elements of all businesses. That’s where Bartercard comes in. Buying and selling using Trade Dollars offers advantages to business owners, across several key areas.
In this blog, whether you’re new to Bartercard or have been a member for some time, we want to remind you of the different ways to use your Trade Dollars to maximise the benefits and grow your business.
Find out more about how Bartercard can work for your business by downloading our free eBook, ‘How to Use Bartercard to Grow Your Business’. Find out more here.
Here are the top five tips to help you get the most out of your Bartercard Trade Dollars.
1. Treat Trade Dollars as a supplement to cash-paying business
Through operating as a supplement to cash business Bartercard gives members complete control over which products and services they sell through the network. No member is obligated at any time to take on Trade Dollar business over cash-paying business.
When you add Bartercard to your business, you essentially allow 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
Convert downtime and spare capacity into new revenue by utilising inventory, equipment and employees.
Businesses also have the ability to sell excess stock or slow moving inventory, without the need to discount heavily. Members receive Trade Dollars as payment, which they can then spend on other goods and services within the Bartercard community.
3. Trade Dollars as a staff rentention/reward system
Keeping good staff members 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. Further, every time a Trade Dollar member spends, it will come back to them in the form of new business from another member’s business.
5. Manage cash flow and make use of interest-free credit
Trade Dollars work like a credit card or bank account, using electronic currency instead of cash so you can continue to make purchases even when cash flow has slowed. Trade Dollars can be transacted via EFTPOS, online over the phone, using an app like the Bartercard App, or by transaction vouchers.
Bartercard 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.
Find out more about how Bartercard can work for your business by downloading our free eBook, ‘How to Use Bartercard to Grow Your Business’.
Originally published at content.bartercard.co.nz.