There are many ways you can grow your business, even in tough economic times. All it takes is to think outside the square of traditional methods to find innovative ways that are proven to work.
Through the Bartercard exchange, you can build your customer base and fund the capital growth of your business, all while saving cash.
Check out these four ways Bartercard can help you expand your business, no matter what economic climate we’re in.
1. Attract new customers
Traditionally, to get new customers to engage with your business, you would need to advertise, discount your products, offer incentives, open longer hours, or hire additional salespeople. Every one of these marketing strategies costs you money and time.
Through the Bartercard exchange, however, you can attract a whole new market of business customers keen to spend their trade dollars with you. It makes sense for them to do business with you as it offsets their cash expenses. This gives you the edge over your competitors who can only compete in the cash economy.
Bartercard members also bring in cash-paying customers to your business by word of mouth! If you provide a good product or service, Bartercard members will happily refer their friends and family to your business. It pays for them to do so, for two very important reasons.
Firstly, your customers will be confident that you’ll look after others if you look after them, which keeps everyone happy. Secondly, if your business grows, the Bartercard member can continue buying from you and conserving their cash.
On top of that, Bartercard guarantees extra sales for your business through their large local and global membership base, with most members averaging a 10% customer increase after joining Bartercard.
2. Build business networks
For your business to expand, you need to continue building your business network. Every successful business has behind it a strong network of connections, collaborations, and partnerships—people working together for the benefit of each other’s business.
Bartercard can introduce you to tens of thousands of business members in just about any type of industry, throughout the world through their online trade exchange and mobile app. You instantly gain access to a unique market of buyers and sellers who are ready and willing to do business with you.
If you prefer a more face-to-face approach, you can attend networking events and trade shows in most major cities throughout Australasia and in many regional areas. Each event is designed to introduce you to other members and to do business.
Meeting with industry leaders and exchanging ideas can help enormously when it comes to the growth and development of your business. Members are always happy to support each other. They want you to do well as a business associate, but also so they can continue trading with you and sending referrals your way. Bartercard members are willing to change suppliers to a Bartercard member as it means they can save their cash by spending their trade dollars instead.
3. Save cash
You’ve just seen how Bartercard can bring you more trade customers and cash-paying referrals, therefore increasing your sales. But how can your small business save cash through Bartercard? Simple; by reducing your cash expenses while increasing your exposure to your target customers.
The trade dollars you earn by selling to other Bartercard members can be used to offset your business and lifestyle expenses – saving you cash! There is an impressive array of goods and services you can purchase using your trade dollars and every time you do it means cash stays in your business.
Of course, not all your expenses are covered through Bartercard, but the list is growing daily. You can even be rewarded by referring businesses to the Bartercard network. After all, wouldn’t you rather pay your suppliers in trade dollars, rather than your coveted cash?
4. Fund capital growth
As a Bartercard member, you can apply for an advance on your trade dollar sales. The amount depends on the size of your business, your capacity to trade and factors such as equity and security. Once approved, you can use this trade dollar advance to fund the capital growth necessary to build your business.
Some business owners apply for a substantial advance on their trade dollar sales to purchase property, complete renovations, expand their office premises or fund marketing campaigns to launch a new product or grow their business.
This advance on trade dollar sales can be a lifesaving business growth strategy for some members, as it gives them the funds they need to develop their business without having to dip into their cash reserves or take out a cash loan. It comes without the interest rates of a business bank loan and is paid back by the business selling products and services through the Bartercard community.
They can spend these trade dollars on basic start-up costs, to install equipment, upgrade computer systems, or invest in revenue-generating expenses such as marketing and advertising.
Learn more about expanding your share of the market with Bartercard
Watch this short video to find out more ways Bartercard can help expand your business, such as by selling old stock or excess stock, and start bringing in new customers, growing your network, and conserving your cash.