Many business owner trade services in lieu of spending cash, also known as bartering. Very often this is not an equitable transaction, poor records are kept, and in the end it can damage relationships. I have bartered the old fashioned way in the past, and I had some bad experiences myself. I usually felt that I gave more than I received, and it would be interesting to see if the other party felt the same way.
The good news is that it doesn’t have to be this way. I learned that there was a better was to barter and that was by using a professional business barter network (a.k.a. trade network/exchange.) Using a trade exchange allowed me to bill for my services and collect money in my trade account and then spend it with any other vendor that I wanted. Now, I did not have to try to keep track of everything myself or have those difficult conversations. Best of all, working through the trade network has truly helped to grow my business by connecting me to a whole new network of businesses; most of whom know other people who pay cash. Imagine that? Doing business through a trade network can lead to new cash business!
Here are some additional benefits of bartering through a professional trade network:
1. Education. Many people fail in the world of trade because they simply don’t learn how to use it effectively.
2. Tracking. Every month, I get a statement telling me what I have earned and what I have spent.
3. New Business Resources. Through my trade network, I have developed several new business relationships where I can leverage my trade dollars to reduce cash expenses.
4. More Business. If you have any un-billable time, unfilled restaurant seats, or unsold event tickets, you can benefit from turning that into trade revenue.
The bottom line is doing business on trade works, and it works well. In fact, many Fortune 500 companies trade services as a normal business practice. If it works for them, why wouldn’t it work for you?
Whether you own a local pizza restaurant or a small business accounting firm, I am 100% confident that your business can benefit from joining a trade network. If you have any questions or want a referral to a trade network that serves your area, please contact me.