One of the most overlooked methods of doing business is using the barter system. People assume that you have to pay money in exchange for the receipt of something of value. Not only is this not true, it makes good business sense to barter for the exchange of goods and services. Bartering is a great way to get and give something of value without spending a dime.
Just exactly does it mean to barter anyway?
Barter or trade is a powerful tool that represents a solution for companies with available inventory or services. By accepting payment in trade dollars instead of cash, a business maximizes their efficiency by increasing inventory turnover or billable hours. Using the trade dollars earned, the company can purchase the goods or services they want – without paying cash.
Bartering can occur with almost anything. Any product or service can be bartered and it doesn't have to be a business only trade. In planning to barter, it’s important to think creatively. What have you got to offer that someone is willing to trade for? What do you need in exchange? When planning to barter it’s also important to understand that it never hurts to ask. Inquire and ask a supplier if they barter. Don't be embarrassed. You don’t barter because you don't have the money to spend. You should do it because it’s one of the smartest and fastest growing ways of doing business.
You can barter at any time. It’s an excellent way to build relationships while conserving cash. Excess goods and services can be traded for things and goods that you need.
Here are some examples:
You are an expert in marketing. You need a new brochure; you can barter your marketing expertise to a printing company in exchange for them printing the product.
You are an expert in customer service. You need a vacation; you can trade your expertise at the hotel destination in exchange for free rooms.
You have a yard sale and a painter comes by who wants some of your stuff. You need your house painted. You can offer to trade the stuff you are planning to sell for their painting services.
Here are some methods for more successful bartering:
Be flexible in your thinking.
Bartering will not always deliver exactly what you want, when you want. You must be willing to change vendors, try new ways to promote your business, or perhaps look into different options. If you can be flexible bartering will not only work for you but it will make life more interesting and adventurous.
Be creative.
Creativity means you must be willing to look beyond the obvious. You must see new ways of doing things. Don’t only think cash as the answer. You might find that trading can be an even more powerful motivational tool. Using trade to settle debt, close sales, travel, or charitable contributions are just a few of the creative applications of bartering.
Be willing to wait for the right opportunity.
As with patience, with bartering, good things come to those who wait. Nine times out of 10 you will get you what you want, but you may have to wait for it.
Be quick to respond.
While you must be willing to wait, you must also move quickly when something comes along that is not normally available on trade. Those who do not respond quickly are often left sitting on the sidelines. It’s like a taking advantage of a great sale. Don't spend time mulling it over; grab it the first time.
Think barter first.
In the normal, everyday world you are always thinking about how you are going to increase sales to pull in more dollars into your business. In the barter world, the sell-side is easy. Now you need to expend the same kind of time and energy on using your dollars. You must think trade before spending cash. Think trade all the time.
So lets get started bartering. What do you have to offer?
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