There was an article published in the Calgary Herald recently on December 30, 2014 saying that small business confidence posted its biggest monthly drop in five years. “A survey conducted by the CFIB last August found 49 per cent of respondents felt the health of the oil and gas sector was “very important” to the success of their business. Another 40 per cent said it was “somewhat important.” Only 10 per cent of businesses said the industry’s health was not important to them.” (Calgary Herald, December 30, 2014, Mario Toneguzzi – Small business confidence posts biggest monthly drop in five years).
With falling oil prices, what are you doing as a small business to ensure your business is protected? Below are some tips on what a barter exchange network can do for you during an economic slowdown:
1. Market your product or service offerings to other local business owners part of the barter exchange network. A barter exchange will help to promote your product or service offerings through its online member directory, trade brokering service, daily email promotion, social media, tradeshow exhibition, and networking events.
2. Buyers through a barter exchange network are local business owners just like yourself, and they will be motivated to buy from you on barter!
3. When buying products and services on barter through a barter exchange network, you will save yourself cash because you now have the ability to buy items at your own cost of goods!
4. When doing business on barter, a happy barter member is a referring customer that can lead to word of mouth cash referrals. Think of barter as a stepping stone in helping you to find new cash business. It’s also business you otherwise would not have received if you weren’t part of the barter exchange network.
5. Talk with your Trade Broker to help you identify where in your business or personal life you are spending cash, and how is it through the barter exchange network you can replace those products or services with barter!
6. Turn your surplus inventory or excess capacity into profit. Instead of discounting your product or service for a deep cash discount, sell your product or service at full retail value but in Trade Dollars. The Trade Dollars earned can then be used to purchase products or services you otherwise would’ve paid cash for.
A barter exchange network can help alleviate some challenges experienced during an economic slowdown for your small business. Barter is a viable business solution to help ensure your business continues to thrive – even with falling oil prices.