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Organized barter can be a great way for businesses to expand their reach and increase their revenue. Here are some of the key benefits of bartering:
- Reduces expenses: Bartering reduces the need to spend money on inventory and services, allowing businesses to save on operating costs.
- Widens customer base: By connecting with other businesses, companies can increase their customer base and reach new markets. They will also increase customer loyalty, as customers may be more likely to return for services or products that were exchanged instead of purchased.
- Builds important business relationships: Bartering can help businesses build relationships with other businesses and expand their network and can lead to potential future collaborations.
- Builds trust: By engaging in barter exchanges, companies can build trust with customers and potential partners.
- Requires very low commitment: This is great way to try out different products or services without a financial commitment.
- Gets rid of excess: It’s a great way to get rid of excess inventory or services that may not be selling well and it makes room for new inventory that will sell faster.
- Provides a ‘concierge’ service: Every business is assigned a real life Barter Coach™ whose mission is to get the business owner want they need without having to use money. It’s a built-in consultant and salesperson.
Overall, organized bartering can be a great way for businesses to save money, increase efficiency, widen their customer base, experiment and try out different products or services without using money. It strengthens relationships with other businesses and builds trust in your community.
The truth is, that the benefits mentioned above are just some of the reasons why owners, CEOs, CFOs et al. have taken advantage of barter to help their companies for many years now. If you have excess capacity – downtime and extra inventory – would you rather get what you want using that, or dip into your bank account?
Own a business? Find out more here.
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