Source: Capital Solutions Bancorp Blog
Bartering is enjoying a comeback in cash-strapped times. Instead of spending cash to get whatever products and services you need, trade your specialty for products and services. Before proceeding with bartering, continue with your cash flow planning. That should never stop.
Here’s a simple example of how bartering could work:
You’re a janitorial service company providing cleaning services. Meanwhile, your headquarters building needs landscaping or yard maintenance work. Rather than paying for yard maintenance, find a landscaping company that needs janitorial services for its own building. No one loses any cash and yet both benefit from the needed services.
If it’s a struggle to find companies to barter with, try online bartering services. These services connect many businesses with each other. This calls for cash as such services have registration fees, administration fees and commission on each transaction. Some businesses find that giving up the cash for the service worth it because it connects them with many types of businesses and saving cash in the end.
Let’s use a very basic example to show how it could pay off to use online bartering services. A medical organization needs help with staffing, cleaning and bookkeeping among other things. Paying for these services can easily run into hundreds and thousands of dollars. Also, they’d have to spend a lot of time trying to find companies willing to barter with the medical organization.
Instead, they sign up with an online bartering service. Let’s say it costs $100 for all the fees and one transaction. The service the medical organization gets from one transaction could easily cost more than a few hundred dollars. Furthermore, it’s faster to find other companies willing to barter through the service than trying to call every business in the phone book.
Some online bartering services cover a state since some services require showing up in person (cleaning and landscaping services, for example). To find online bartering services, do a search for “online bartering” or “online bartering business.” Add your home state if you need to find a local one. However, don’t let that deter you from searching for basic online bartering sites and articles as you might find reviews and mentions of reputable ones.
Bartering helps you get the services and products you need to maintain your business. It may help you get the resources to grow your business such as bartering for extra office space. If it doesn’t you can still barter for some things and work with financial organizations to get cash flow for other things.
