Increase Profits

Bartercard Explain How Trade Dollars Can Benefit Your Business

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Given the current situation, Bartercard feel it is important to explain the huge benefits to your business of maximising cash flow, by buying and selling using Trade Dollars, and want to remind you of the different ways to use your Trade Dollars to maximise the benefits and grow your business. They also wish to point out the interest-free line of credit that is offered to all members which could be a real win for many businesses.

Maximising cash flow, retaining customers and keeping stock moving are important elements of all businesses. That’s where Bartercard comes in. Buying and selling using Trade Dollars offers advantages to business owners, across several key areas, treating Trade Dollars as a supplement to a cash-paying business. Bartercard gives members complete control over which products and services they sell through the network. When you add Bartercard to your business, you essentially allow other members to utilise your goods and services with Trade Dollars, which can help create new business, customer loyalty and increase profits.

You can use Trade Dollars to convert downtime (such as during the COVID-19 lockdown) and spare capacity into new revenue by utilising inventory, equipment, and employees. Businesses also have the ability to sell excess stock or slow-moving inventory, without the need to discount heavily. Members receive Trade Dollars as payment, which they can then spend on other goods and services within the Bartercard community.

Again, keeping good staff members during this time is very important, so use your Trade Dollars as employee bonuses, incentive schemes or gifts. Similarly, through referrals and word-of-mouth marketing, members have an advantage over their competitors, as every time a Trade Dollar member spends, it will come back to them in the form of new business from another member’s business.

As we are all experiencing reduced cash flow during the COVID-19 lockdown, use your

Trade Dollars like a credit card or bank account, using electronic currency instead of cash so you can continue to make purchases even when cash flow has slowed. Trade Dollars can be transacted via EFTPOS, online over the phone, using an app like the Bartercard App, or by transaction vouchers.

Bartercard can open up your business to new customer markets, improve cash flow, reduce business expenses and clear idle and excess stock without having to discount. It’s easy to use and acts no differently to a normal bank account or line of credit.

You can find out more about how Bartercard can work for your business by downloading their free eBook, ‘How to Use Bartercard to Grow Your Business’, and for  more information on Bartercard business benefits, Bartercard mobile apps, increasing customer retention and Bartercard marketplace please go to www.bartercard.co.nz .

Bartercard’s Tips to Keep Up Your Cash Flow Over the Holidays

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For small business owners in particular, maintaining a decent cash flow is fundamental to staying afloat, particularly during the quieter periods such as the Christmas holidays. It’s a simple equation really: no cash = no business, and so keeping on top of your cash flow has to be a top priority. Bartercard knows small businesses inside out, and in this article they share some tips on how you can maximise the cash flow in your SME.

First up, you need to invoice quickly. It should come as no surprise that if you don’t send through your invoice until two weeks after you’ve completed the work, that payment isn’t forthcoming until another two weeks at least. Get in the habit of preparing and sending invoices straightaway. What’s more, send them by email and that way they will get to the relevant person immediately. And while you’re at it make it easy for the customer to pay the invoice by providing your online banking details.

Secondly, make it clear to customers what your payment terms are. A reasonable timeframe for the average small business could be 14 days. Whatever terms you plump for, set clear expectations for your clients. You should also invest in reliable accounting software, it will be a great time saver and will allow you to focus your energies on other important tasks.

Thirdly, you need to focus on cash flow not profits. If your cash flow is in order, then it is a follow on effect that your profit will also be in order. You should also consider introducing incentives or fixed rate payment packages, and, of course, use Bartercard.

Bartercard is a valuable way to conserve cash flow by sourcing products and services without opening your wallet, using your trade dollars instead of cash to pay for services like bookkeeping and accounting, setting up your e-commerce store, printing, advertising, website, graphic design and SEO. At Bartercard there are endless ways to conserve the cash flow essential in business.

Effective cash flow management is critical to the success of your enterprise, so give your business the best possible chance by using these tips and keeping on top of cash flow, and for more information on how to increase profits, retaining customers and customer retention techniques please go to www.bartercard.co.nz .

Start Planning For the Year Ahead With Bartercard

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It is always a good idea to take some time out, before the end of the year, to start planning for the year ahead, reminding us of the superior results we can achieve by deliberately taking time out to plan – before we begin a task. It all starts with a planning session.

Preparing for what is to come is important. We need to distinguish between what is urgent and what feels urgent which will enable us to determine the tasks we need to focus our attention on first. We need to begin by creating a plan of attack, breaking down any complex tasks into specific actions.

We should also break down the goals into specific, smaller actions that begin with a verb (ACTION word) to make it very clear what our intentions are. This goal becomes more focused by listing the required actions what are our growth straegies, plans and goals?

Research has indicated that being specific about goals and the tasks required, increases successful outcomes. Also having the required steps mapped out in advance reduces the need for additional thinking as the year progresses, and lessens the likelihood of procrastination.

Bartercard’s simple-to-use system means business owners can spend less time on things like their accounting and more time focusing on business growth strategies, and how they can work with your accounting system, and how it can benefit you and your business.

What makes Bartercard’s system so simple to use is that, in addition to integrating with a member’s current financial system, there are a number of other aspects of Bartercard that make its accounting processes simple to use.

Bartercard understand what matters most to business owners – increasing cash flow, and growing your business. All you need to do is set up Bartercard as another bank account in your system, allowing you to focus on what is more important in your business, so for more information on how to increase profits, getting new customers and customer rewards programmes please go to www.bartercard.co.nz .

To help people manage their business more effectively, the Bartercard team have created a free resource which can be downloaded on their website. You’ll gain valuable insights into the habits the most successful business owners have in common. The 7 Habits of Highly Effective Small Business Owners eBook covers learning how to roll with the punches, exploring the art of long and short-term plans, monitoring cash flow and spending, working with the pros vs. DIY opportunities, embracing technology and being open to change.

Increase Profits And Improve Cashflow With Bartercard

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Bartercard members are part of an enormous community of businesses that are increasing revenue and improving their cashflow, using an electronic currency called a Trade Dollar. One Trade Dollar is equivalent to one New Zealand Dollar for all accounting and taxation purposes and members then take these Trade Dollars and use them to offset cash expenses within their business.

Assuming Bartercard members have their current cash business already covering their fixed overheads, such as rent and wages, and they have the capacity to take on new business, the only cost in supplying another Bartercard member is their product replacement/variable cost. This means that when they make a purchase using Trade Dollars (T$) they are effectively getting a discount equal to their Gross Profit Margin.

When a company spends cash there is no guarantee of the return. With the Trade Dollar Bartercard members know that each time they spend, it will come back to them in the form of new business from another Bartercard member. Bartercard members are motivated to utilise fellow members’ goods and services because they are paying with their Gross Profit Margin, saving them cash every time they spend.

The new customers generated by Bartercard will be incremental (on top of) any existing cash business, therefore not interfering with their existing business model and Bartercard aims to increase members’ business by 5-15% and increase their net cash profit.

Corey and Rohini, owners of The Oakroom, a popular inner city bar are thrilled with their experiences since joining Bartercard and have this to say: “The team at Bartercard are truly high-calibre and energetic. Their knowledge of the local market and their key contacts in the community helped us in our search for a lot of what we were looking for to be able to setup and continually vary The Oakroom. Geoff our Trade Broker made sure we got the best value for the products that we were looking for.

“Bartercard also came through on its promise to us of new customers. After joining we immediately had new patrons coming through our doors. Functions during our downtime are also a focus for us. Since joining Bartercard we have had a number of Corporate Functions and it’s been exciting to see new cash customers returning as a result and spreading the word about our new bar.”

Intending members should take a moment to visit the website at http://www.bartercard.co.nz  to discover how to join Bartercard and how to get the most out of their membership by using their trade dollars for more important things… like relaxing and having a coffee at their local bar or servicing their car at the mechanics.