4 ways Bartercard can help you grow your business
As a small business it can be challenging to find ways to do things smarter and more efficiently when you’re spinning so many different plates at the same time. How do you keep across the day-to-day, as well as find ways to grow your business?
You’d rather spend time on your business than on the administration side of things, so you need solutions that are convenient, simple to understand and use, and are supplied by professionals you can trust.
Bartercard is both a payment alternative and sales network; being a Bartercard member can not only help improve your cashflow, it can also grow your business. Here's how...
1. Interest free line of credit frees up cashflow
Bartercard is a currency just like a credit card or another bank account, however instead of cash, it is an electronic currency (trade dollars) which can be transacted via EFTPOS, online, the Bartercard app, over the phone, or by transaction vouchers similar to those used with a credit card. Bartercard allows you to conserve cash while always having access to goods and services available through the Bartercard network.
In this way, Bartercard offers an interest-free line of credit so you can continue to make purchases even during times when cashflow is a bit tough.
2. Get rid of excess stock and increase occupancy
- 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.
Bartercard enables you to sell excess or unwanted stock without the need to discount heavily, which can result in reducing perceived value and risking a potential price war with competitors.
3. 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 network. The new customers generated by Bartercard are on top of your existing cash business, and therefore you don't need to worry about this business interfering with your existing business model.
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.
4. Build staff loyalty
Retention of good staff is vital in the performance and profitability of your business. Finding ways to reward staff that go the extra mile for the business without increasing wages or salaries can be tricky (and anything that goes through the payroll will incur PAYE). The great news is trade dollars can be used for employee bonuses, incentive schemes or gifts - rewarding those who contribute to the growth of your business without the need to spend cash.
Learn more about the advantages of using Bartercard to help grow your business by visiting Bartercard.com.au or by calling 1300 227 837.
18th February 2020
