Following the easing of lockdown restrictions, businesses are beginning to open their doors once again and get back to some kind of normality. Many have been fortunate to have continued trading through this period. Others have been operating at a greatly reduced capacity and for most, it’s been a far cry from business as usual.
We’re not out of the woods yet, so It’s wise to look at ways to improve your cash flow and increase your profits to enable you to continue trading through whatever rough spots may lie ahead.
Here are just a few of the many ways Bartercard can help you build back the cash reserves in your business.
Bringing new customers through your door
If your customers have fallen away, it can take a lot of time, effort, and money to bring them back in again, or even begin to attract new ones. Bartercard provides the tools and support to bring new customers into your business without the need to spend money on hiring salespeople or expensive advertising.
Bartercard members advertise their business at no cost to potential customers – locally, nationally, even internationally if that’s your market. The beauty is, you don’t need to offer incentives or reduce the price of your products and services. Members are happy to pay you full price if it means they can use their trade dollars instead of cash. This also gives you the edge over your competitor who is only operating in the cash economy.
Treat your Bartercard clients well and they’ll also refer their cash-paying friends to your business so you can build both your trade dollars and your cash income!
Utilising the excess capacity in your business
Unless your business has been trading at 100% capacity, you will have some vacant spots to fill. The hairdresser always has empty time slots, the café goes through peaks and troughs and the accountant can usually squeeze additional clients in.
This excess capacity can be converted into income for your business. Your cash business should be covering your fixed overheads such as rent, wages, electricity, internet etc. Bartercard customers help fill your vacant spots and bring you in trade dollars which you can then use to offset your cash expenses. More on that later.
Selling your slow-moving stock
Idle or excess stock can also be turned into income for your business. Selling your slow-moving stock through Bartercard (at full price) clears the way for you to purchase new stock. You may even be able to purchase some new stock using your trade dollars, keeping even more cash in your business.
Bartercard members are always keen to spend their trade dollars and would rather pay full price for your products using their trade dollars than get a cheaper product elsewhere and have to part with cash.
Offset your cash expenses
Having additional income flowing into your business in the form of trade dollars enables you to purchase items for your business and save your cash. You can use your trade dollars to pay for items such as shop fittings and upgrades, computer programs, advertising and marketing, printing, and car servicing… just for starters. Almost every industry is represented in the Bartercard member network of over 20,000 businesses.
As mentioned previously you may even be able to purchase stock items for trade dollars which you can then sell for cash. You can also use your trade dollars for non-business expenses such as holidays, beauty services, gifts and dining out. Every time you spend your trade dollars, you’re keeping more cash in your business.
Bartercard guarantees you extra sales
Bartercard is so confident they will fill those vacant spots, increase your customer base, help move your stock and offset your cash expenses, they guarantee it! On average you can expect a 10% increase in customers through Bartercard. If you’re keen for more, the sky’s the limit as you get to choose how much new business you want. And remember Bartercard customers can also bring cash-paying customers through referrals.
Call us today! We would love to show you how Bartercard can help keep more cash in your business – all year-’round.