In this challenging economic climate, it’s more important than ever for businesses to think outside the box. Even if your doors are closed, or you’re working in a reduced capacity, you can still get new customers, offset your expenses, and keep cash in your business while continuing to strengthen and expand your networks.
It makes sense to focus on building your business during lockdown. You likely have more time on your hands, and you’ll be better positioned when trade returns to normal if you can maximise your customers and cash flow now.
Continue reading below for three ways Bartercard can help you can increase business growth during the Covid-19 lockdown and beyond.
What is Bartercard?
Bartercard is an international network of businesses exchanging goods and services without the use of cash or any equivalents. Instead of a direct swap, as in traditional bartering, Bartercard members buy and sell products or services using Trade Dollars. One trade dollar is equal to one Australian Dollar.
Using Bartercard’s trading platform, B2B transactions take place electronically. When a business member sells to another business member, their account is credited. When they spend with another member, their account is debited. It’s that simple.
Since its inception in Australia in 1991, Bartercard has expanded into eight countries, with members trading everything from a cup of coffee to a multi-million-dollar development. Savvy business owners have used Bartercard to attract new customers, develop customer loyalty programs for existing customers, and offset expenses to boost their long-term growth strategies, all while keeping their real cash under their own roof.
To date, members have saved over $4.5 billion through Bartercard’s cashless marketplace.
Membership in the Bartercard network can benefit your business in many ways. Here are three, to name a few.
1. Attract new customers
To attract new customers to your business, you would typically need to advertise, hire additional salespeople, or offer discounts or incentives. With Bartercard, that’s no longer necessary. By accepting an alternative method of payment (Trade Dollars), you expose your business to a whole new market of potential customers, both locally and globally, without having to devalue your products or services.
Bartercard members are motivated buyers who want to do business with you (rather than your competitor), as they can pay in Trade Dollars instead of cash.
You can expect on average a 10% increase in customers as a Bartercard member, but that number is up to you. You decide when to trade and to what limit. It’s the perfect way to fill those empty chairs or to book appointments in your slow periods.
No more discounting products to make up for a shortfall. Use Bartercard to clear your excess inventory at full price. Remember, members are motivated buyers. What’s more, excellent customer service will net you more cash customers by way of referral!
2. Offset your cash expenses
Just as Bartercard members save valuable cash when they spend with you, the same applies when you spend with Bartercard members! By using your Trade Dollars, you’re keeping valuable cash in your business.
Members can spend their Trade Dollars on a multitude of business expenses and the list is expanding every day. You might save on services such as marketing, accounting, car servicing, printing, or business products such as stock, furnishings, or computer gear.
Clever business leaders don’t just use Bartercard to save on business expenses. To them, a dollar saved is a dollar earned, and they’d rather have it in their own account! You’ll see members use their Trade Dollars to stock their cellar, take their family to dinner, buy gifts, or take some amazing holidays. Bartercard has a whole department dedicated to helping your travel needs.
You can even buy products for Trade Dollars, then on-sell them to your customers for cash. Bartercard calls this “cash-converting,” and members love it!
3. Build Your Business Network. Don’t wait for customers to come to you
The Bartercard network is made up of forward-thinking people operating successful businesses. They do well in the cash economy but realise that tapping into the Bartercard network gives them a competitive edge and opens them up to exciting new possibilities.
Members welcome new small businesses with open arms. Yes, they are here to do business with you, but also to support you and help you grow your business. You can turn to them for advice, brainstorm ideas, or ask for referrals. All Bartercard members benefit when everyone in the network is doing well.
Members also believe there is a better, more sustainable way to do business in the future and are utilising all the tools in the Bartercard trade exchange to make that happen.