The New Financial Year is a time to reassess your business and put positive change into place. While the internet isn’t short of inspirational tips and tricks to make the most of this financial year, the reality is that the everyday ins and outs of running a business are tough – especially in a fast-paced digital world where the only constant is change.
From managing budgets to staying relevant and constantly evolving, it isn’t for the faint hearted! When asked what the most significant challenge in business was, Bartercard restaurant members said that apart from staffing, it was cash flow which kept them up at night. While making it in a competitive business world isn’t easy, Bartercard addresses these pain points. The cash-alternative marketplace not only attracts new customers but boosts cash flow by letting members conserve cash (business and lifestyle expenses) across almost every industry. In fact its saved $4.5 billion for small business owners since 1991 - letting them outsource more of their business to focus on growth.
The concept of barter isn’t new and spans centuries back. Just like the baker traded with the flour mill, today there are hundreds of communities worldwide where barter is used to take cash out of the picture – in Greece for example which has built up a viable barter economy of scale since its economic collapse. In 1934 Switzerland launched WIR to keep business turning in the Great Depression. It currently has 60,000 users. Likewise barter is used in many smaller communities as a way to support local business in a radically shifting digital landscape where companies like Amazon directly compete.
22 million transactions and counting
Bartercard is the world’s largest trade exchange that’s evolved the concept of a direct swap to a flexible credit card-style system which recently surpassed 22 million transactions. Today members are trading everything from a hamburger to a multi-million development, holidays, retail products and services through a cash alternative currency to stay ahead of the curve. And because face-to-face is still the strongest way to build trust, Bartercard regularly hosts industry events inviting members to see where they can make cashless transactions. Our most recent event for restaurants at Sydney’s Subsolo Restaurant and Bar showcased everything from wine to tablewear and sustainable packaging available to purchase in Bartercard’s cash-alternative currency. By using Bartercard instead of cash, members saved $115 million in 2017 stemming from events like this while attracting new customers.
Bartercard Sydney Manager Shay Voyle said that if a small business has surplus stock or spare capacity, Bartercard can sell it or fill the extra space. “It’s a platform that’s encouraging business diversity and strengthening the local economy,” she said. “We supplement business on top of their everyday cash transactions which can make a huge difference when you think of customer referrals. Quite often a Bartercard sale can lead to recommendations in the cash economy.” Just a few of the things members are covering using Bartercard instead of cash are renovations, accommodation at destinations worldwide and real estate in exchange for welcoming customers on Bartercard.
Stay posted for Bartercard events in your local area – we keep our members in the loop.
Not a member? Call 1300 227 837 to enquire today.