It was just reported yesterday that the unemployment rate is over 10%. One out of every 10 friends, family and acquaintances is out of work. Sadly, we also know people that foresee their job disappearing by the year’s end. Many companies have been trying to stop the loss of operating capital looking for ways to stay afloat. Some companies have reduced manpower, reduced operating hours, charging for services that were once free, slashing travel and meeting expenses and pulled sales forces off the roads and working from the main office.
Certainly, cash flow is a major concern. What can be done to preserve cash flow yet still keep your company up and running? Barter. Utilizing barter in the day to day operations will save cash flow and help your business grow. There are a lot of potential customers out there that have lost vendors due to companies closing. Products and services are still in demand. These customers are looking for new companies to do business with.
In times with such high business closures and unemployment, many business owners will consult each other about which vendors are still in good shape and operating. Now, more than ever, referrals are instrumental in gaining customers. If you’re company uses barter, the businesses doing barter with you will now refer your company to their friends and professional peers.
Barter is a sound business practice that has been successful for generations upon generations. It’s a simple concept easy to understand. Why not ask your vendors if they are interested in barter? Businesses are well connected in a community and the referral will drive even more business to you when you are flexible and include barter as an option. After all, your company isn’t the only one looking to preserve that precious cash flow. Start bartering today and don’t hesitate to mention barter to your business associates. It’s a win-win for all.
