It would be fair to say that most people will be glad to see the end of 2020. Many businesses faced challenges that no one could have predicted this time last year. While some businesses will have closed because of the global pandemic, others have come out stronger. Now we’re into a new year, it’s important to look forward and focus on the next 12 months and building your business.
Business growth may seem a daunting prospect amidst a global pandemic. After all, it’s not always easy to do things smarter and more efficiently, especially if you’re a small business owner juggling many roles. However, if you’re prepared to think outside of the box, there are ways and means to help your business grow. Below, we provide some clever tips to kick-start 2021.
An advance on your trade dollar sales frees up cash flow
Bartercard is a currency just like a credit card or another bank account, but instead of cash, it is a digital currency that can be transacted via EFTPOS, online, the Bartercard mobile app, and over the phone. With Bartercard, you can conserve cash while always having access to goods and services available through the Bartercard network.
Bartercard offers an advance on your trade dollar sales so you can continue to make purchases even during times when cash flow is tight.
Get rid of excess stock and increase occupancy, all without discounting.
Bartercard helps you put inventory, equipment, and employees to good use, converting downtime and spare capacity (such as businesses who experience seasonal markets) into new revenue which would not have been available otherwise. It also provides a system to put that excess to use in profitable ways.
Sell excess or unwanted stock without the need to discount heavily, which can result in reducing the perceived value and risking a potential price war with competitors.
Reach an Entirely New Customer Base
Bartercard’s large referral network means you can promote your products and services to new potential customers—other members of the Bartercard community. The new customers generated by Bartercard are on top of your existing cash business, ensuring your existing business model isn’t interfered with.
The key to sales success is referrals and word-of-mouth. Bartercard members are more likely to spend with other members, providing an increased advantage over competitors through improved brand awareness. This makes Bartercard an effective customer acquisition strategy, all on its own!
The ability to refer new members to the Bartercard community through bRewards will also earn the referrer valuable bPoints which can be redeemed against your service fees, for products or travel options.
Bolster staff loyalty
Retaining good staff is vital to the performance and profitability of your business. It can be tricky to find ways to reward staff that go the extra mile for the business without increasing wages or salaries (and anything that goes through the payroll will incur PAYE).
Bartercard can help attract the right people for the job and keep them happy with rewards paid for with trade dollars rather than cash. Choose from incentives such as holidays, gift certificates, or restaurant vouchers to make your team feel rewarded and appreciated.
Bartercard is both a payment alternative and sales network, so being a Bartercard member can not only help you improve your cash flow, but also grow your business.
Kick-start your year with the Bartercard marketplace
Connect with other businesses and find the products and services that will take your business to the next level on the Bartercard Marketplace! Find everything available on our network in one convenient location, and snag great deals that will keep cash in your business. Bartercard’s supportive business network is a great way to kick-start the new year!
Download our FREE eBook to receive more in-depth advice and guidance on how Bartercard can work for you.