Contra dealing is an activity that can save your business a lot of time and money, and the rise in the digital economy is making it easier to trade with other companies more so now than ever.
There are, however, certain rules that you should stick by in order to trade successfully. Here are some of our key tips for successful contra dealing.
- Give a highly accurate description of your service
When you are marketing your service or products for a contra deal it is crucial that you get the description as correct as it can possibly be. This will help you down the line as bad contra deals are a lot harder to correct than traditional monetary ones.
- Only trade goods with comparable value
Another mistake many companies make when organising contra deals is trading in goods and services that differ in terms of value. We warn against this as it can cause you serious issue in terms of the ratios at which you trade your goods or services.
- Trade with companies that you can have good contact with on an ongoing basis
Communication is key when it comes to contra deals, having clarity over what is needed from you and your supplier will ensure you have as fewer issues as possible and help you tailor the agreement to best serve both companies in the future.
- Be careful to outline expectations when bartering services
In addition to having good overall descriptions, it is worth stating that these should be extra specific for services. This is because the value in receiving them and the value they add to the business you are contra dealing with can be more subjective.
- Make sure you understand the rules and regulations around contra dealing
Contra dealing is a fairly new service and this means the regulations around it are changing as the market grows. Make sure you keep up to date with the latest information in order to avoid any stumbling blocks in the future.
- If you have any questions, seek out expert advice
Leading on from the fifth point, it is extremely important that you make sure you get any advice on contra dealing from some reputable sources. Please feel free to get in touch if you have any further questions on the subject.