Getting as much value as you can out of each, and every transaction is crucial to running a business that is sustainable in the long term. Not only will this help increase cash flow, but it could also give you access to a wider network of potential clients and businesses than you may have previously been exposed to.
Bartering online not only lets you trade with other people; it also lets you communicate with them too; giving more networking opportunities and plenty of chances for open discussions. Here we break down exactly how bartering can save your business money and some situations in which you can use the system.
Why does bartering save my business money?
Whilst it may be difficult to see how trading your services without the safety of money as a medium could be financially productive, it helps you streamline your business in several ways. Firstly, say you have stock left over from a recent order. The cost of storing the goods may be burning a sizable hole in your business’s pocket. Trading unwanted stock for valuable business supplies not only gets rid of those storage costs, but you also get a valuable product in return.
In addition to freeing up unsold stock, the wider benefit of this is the increased cash flow that becomes more resistant to the peaks and troughs that changing demand causes. This could make the difference between making financial obligations before late payment terms kick in. This is one of the reasons why barter exchanges are increasingly popular amongst start-ups. For these new companies that have a lot of stock in terms of the products or services, they offer cashless transactions that can be a lifesaver.
For many, the benefit of bartering is precisely because it does not involve money. This is why bartering is particularly popular in areas of the world that do not have the benefit of a strong currency. Nations with hyperinflation and deflation are often the first to adopt bartering as it increases the strength of the trade. With that in mind, engaging in bartering helps you to combat inflation.
Where can I find businesses to start bartering with?
Bartering is now used extensively across different industries to continue to operate whilst reducing the strain on cash flow. To service the new demand, there are now plenty of online barter exchanges all with their different drawbacks and benefits. With most of them, you are just an account set up away from trading your services. Why not start today?