Empty seats to fill? Want to get more customers and boost cash flow in your restaurant or bar? Looking to leverage your business network to increase business profits?
In a constantly-shifting industry where new venues open weekly, staying ahead of the competition isn’t always easy. In this latest update, discover three ways to maximise customers and cashflow with Bartercard.
Who is Bartercard?
Just like the baker traded with the flour mill and luxury goods were swapped for lucrative services, Bartercard has created a modern way of exchanging products and services instead of spending cash by way of a digital currency called trade dollars.
Today Bartercard members are spending trade dollars on everything from lunch to a multi-million-dollar development, accommodation at luxury resorts, retail and business services allowing them to conserve cash. In fact, businesses have saved $4.5 billion through Bartercard’s cashless marketplace.
Attract new customers with Bartercard
Instead of (just) listing with food delivery services, deal sites or third-party booking sites, you can attract new customers with Bartercard. Food delivery services are buzzing and while they’re putting restaurants in the mix, not all restaurateurs are opting for the paper bag approach, which generally comes at a cost. If your restaurant is at the higher end, consider the impact on waiting diners, the presentation of the food when it reaches the customer, and whether that’s on-brand with your restaurant. Ensure you have the resources and space to prepare extra orders too.
If you’re looking to list on deal sites, factor in the impact of discounting prices which can devalue a brand and attract one-off customers shopping at a specific price point. Similarly, third party booking sites can capture the details of bookings to remarket to, instead of the restaurant doing so.
Bartercard works through filling a niche – attracting new customers without discounting or third-party booking sites, allowing your business to stay in control. Few restaurants and bars are at 100% capacity around the clock, and Bartercard can fill that downtime. These customers are actively looking to spend Bartercard and are more likely to return in the future.
There are many ways to attract new customers in the market and you might find a mix of different approaches works.
Offset cash expenses with Bartercard
Bartercard doesn’t just attract new customers, it also saves valuable cash. Instead of spending cash on every business expense, offset cash expenses with Bartercard. Many restaurant owners use Bartercard trade dollars to purchase wine which they on-sell for cash in their restaurant. This effectively turns downtime into cash sales. They also use trade dollars to offset cash expenses like kitchen equipment, furnishings, and renovations by using their trade dollars instead of cash. To earn trade dollars, they welcome customers on Bartercard when they have spare capacity to keep their restaurant full off-peak.
Don’t wait for customers to come to you…Build your business network
Building a network of local restaurateurs and business owners lets you continually learn, stay in the loop, think outside the box and canvas solutions to industry hurdles. Bartercard is a business network with thousands of hospitality members worldwide and year-round events at a local level to continually stay front and centre of the industry.
Looking for more business tips?
Bartercard can play a crucial role in business growth strategies. Download our free ebook today: Are You Growing Your Business?
