As every business owner has recently experienced, the tide can turn in the blink of an eye. If you’ve managed to continue trading during this difficult time, that’s great! As you well know, however, you can never stop striving for sustainable growth.
With more uncertainty ahead, it’s vital to preserve the cash in your business while ensuring more keeps flowing in. Cash is still king, even more so than during these unpredictable times.
When business owners are thrown a massive curveball, they often do one of two things: hunker down and wait for things to blow over or throw everything they have into getting new customers regardless of the cost. Unfortunately, that cost can be enormous, cleaning out their cash reserves and leaving them broke.
Thankfully, there is a better way to respond to a crisis.
It may be time to start thinking outside the box. You may need to open yourself up to a different way of doing business, to tweak things a little and find a new approach. If you stay focused on earning and keeping the cash in your business today, you’ll be in a better position once things start returning to normal.
Here are some helpful ways to ensure your crucial cash stays in your business.
Make it easy for customers to pay by offering a variety of payment options
Whether you’re operating through a shopfront, home base, or online, you need to make the sales process as easy, streamlined, and fast as possible. It could be a good time to investigate alternative payment platforms.
One of the biggest Bartercard business benefits is that the platform uses Trade Dollars instead of cash. Just like you, Bartercard customers appreciate being able to conserve their cash at this time, by paying you in Trade Dollars for your goods and services. You can then save your cash by using those Trade Dollars on a variety of business expenses.
Giving your customers alternative payment options also gives you the edge over your competition if they offer only one way to pay. Bartercard members are keen to do business with other members and will seek out your products and services and shop with you rather than a non-member.
Another benefit of opening your doors to Bartercard customers is that they often bring cash customers with them! If you provide great service to a Bartercard member, they will refer you to their cash-paying friends.
With approximately 10,000 cardholders across New Zealand, Bartercard could prove to be a very lucrative new channel of business for you now, and well into the future.
Look for ways to save cash on your business expenses
Keeping cash in your business is not only important, but it’s also crucial if you’re to stay afloat during these turbulent times. It could be time to review your outgoings and look for savings wherever you can. Take stock of where you’re spending money in every area of your business and consider whether you can conserve cash by switching suppliers or looking for an alternative spending platform.
You have fixed business costs, of course, such as rent, wages, and tax, but when it comes to other business expenses you may be able to save tens of thousands a year—or much more. More so now than ever, you need to get creative and start looking at other ways to save your hard-earned cash.
Bartercard members use their trade dollars instead of cash to pay for services such as printing, advertising, computer upgrades, marketing services, even setting up their online shop. Savvy members also buy products for trade and sell them for cash through their business. This is much smarter, as it conserves existing cash flow and brings in even more.
Remember 10,000 Bartercard cardholders are keen to offer you their products and services for trade dollars. That could add up to enormous cash savings at a time when you need it more than ever.
Let Bartercard help you keep cash in your business today
Bartercard wants to help you hold onto every precious bit of cash in your business. We have been helping businesses do exactly that for over 28 years, with some of our first members still with us, and running successful businesses. Our Trade Dollars are a valuable tool in the development of customer retention techniques like loyalty programs and bundle packaging, allowing you to focus on customer experience and deepen your bond with your existing customers. Contact us today to find new customers, improve your cash flow, and conserve your cash as a Bartercard member.