Busselton Chamber of Commerce and Industry in WA, whose focus is supporting small business through planning and advocacy, has successfully incorporated Bartercard to not just conserve cash, but accelerate success. The Chamber’s CEO Jo Richards explains.
CONSERVING $4,000 ON EVENTS
“The Chamber holds regular business functions, workshops, and monthly board meetings. We typically spend around $4,000 a year on events. But instead of paying cash for venue hire, we use Bartercard Trade Dollars. The Equinox Restaurant and Bar and Stilts Restaurant are two Bartercard members who welcome our events on trade – this creates a massive cash saving! It works for the venues too because they earn Trade Dollars to offset cash expenses and attract new cash-paying customers.
We conserved $4,500 on a printer which we sourced from a Bartercard member. Using Trade Dollars meant we could spend the cash in other areas to grow and develop the local industry. We’ve also used Trade Dollars for outsourcing large print jobs. We like to support all our members and when we support our Bartercard members we also conserve cash.”
GROWING BUSINESS
“Bartercard has increased our membership by putting us in front of new business. We’ve attracted new members by letting them pay their membership in Trade Dollars and many admit they may not have joined if they had to pay cash. It has enabled us to bring them on board and show them the value of being part of the Chamber. Sponsorship is a key strategy and we’ve attracted several lucrative sponsorships because we’ve welcomed Trade Dollars. We’ve had a couple of local businesses who are Bartercard members sponsor us using Trade Dollars which allowed us to offset a number of costs. Bartercard being a major sponsor is a big coupe for the Chamber as it’s an international company.”
STAYING AHEAD OF COMPETITION
“Although we provide a unique service to business, there’s still heavy competition in the marketplace. We have to continually work and think outside the box to attract and retain members. So, we have to be very competitive in the value we offer.
Allowing Bartercard members to pay for membership and sponsorship in Trade Dollars has helped us grow which in turn creates more value for all our members. The Busselton Chamber of Commerce accelerates success with Bartercard and the great thing with Bartercard is we have the same ethos of growing our membership base and work in partnership to do so. Bartercard is a great network of businesses that are constantly looking at new ways to grow and that’s always a good thing.
Critical mass and a good cross-section of business is essential to its success, and the Bartercard team works pretty hard to attract and maintain that mix. We really believe in the system because it works for us. Cash flow is king in every small business and Bartercard conserves cash in so many places, so we’re not spending money where we don’t need to.”
TRADING TIP:
“Know your business well enough to know how to best manage your cash flow and Trade Dollars. Bartercard is an effective way to complement your income. We like to keep Bartercard business around the 10% mark because it gives you flexibility and freedom to use it.”
