How B2B Bartering Can Boost Your Small Businesses
It’s been a difficult year for many small businesses. A loss in sales may result in excess inventory or a need for new customers. That doesn’t mean you’re out of options – many businesses are turning to B2B bartering to supplement their cash flow. It’s a creative solution for companies looking to make the most out of their stock and workforce. Not only is it efficient, but it can help grow your brand, too. But what is B2B bartering, and how can it help your small business?
Bartering is an equal trade of one product or service for another. B2B bartering is the exchange of goods between companies without the use of cash. It gives businesses a platform to find reliable and trustworthy enterprises that they can trade with. Small start-up companies can use bartering to build their portfolio and create solid references. But that’s not all; keep reading to discover the advantages that B2B bartering has to offer you:
Bartering will create additional sales. During the slow seasons, it can be tough to find new leads. Trading with other businesses gives your services and products more exposure. When other companies try what yours has to offer, they may return as paying customers. They might also tell their friends and family about your business, or leave a positive review online. One of the best parts about bartering is that you won’t have to invest in advertising to gain these clients. It allows you to access markets otherwise untapped. Barter exchanges can act as a referral program, giving your business opportunities to explore more markets and find new customers.
It can benefit your employees. Keep your workers satisfied by using trade services to offer them rewards, such as benefits like eye care and dentistry. A healthy employee is a happy employee. By gifting your employees with products or services that you’ve bartered for, you’re giving them optimal rewards without losing any cash. Your employees will feel supported, which can reduce a high turnover rate.
It provides free advertising. By joining the MK Global network, your business will be advertised free of charge on our website. We’ll include your offers in newsletters that are sent to all our members. When our reps meet with other clients, we’ll promote the services or products that your business has to offer. Whether it’s increasing your online presence or word-of-mouth referrals, joining a bartering service is a smart way to advertise your business.
It will maximize your cash flow. The beauty of bartering is that instead of paying for a product or service, you can trade for it. It utilizes the revenue you’ve spent on extra stock and puts it toward other services that your business needs. You can purchase new products without spending any cash; trade dollars can be used with any business that’s also on the network. Luxury items that may have been out of reach are now accessible through the use of bartering. Instead of using capital to cover business expenses, simply trade for them instead.
You can utilize additional stock. Inventory that sits unused won’t generate revenue – unloading it in exchange for other goods and services is a much more efficient use of it. It takes the money you’ve already invested and puts it towards other necessities. What could be more cost-effective than that? Bartering lets you do more with less. It saves you from the cost of wasted inventory. Rather than liquidating your left over supplies and selling them for a lower price, you can trade them for goods and services at their full value.
B2B bartering allows you to make connections and generate new leads. Joining a bartering network gives your business access to a loyal and supportive group of local entrepreneurs. Being part of a fast-growing membership platform keeps your company relevant. You can network with people from an array of industries, and build your brand in areas you wouldn’t have reached otherwise.
Some businesses are hesitant to try bartering because of the time and trust involved. MK Global Trade makes it easy; our reps will do the work for you. We’re a Winnipeg barter service that supports local companies. Give your business a boost by joining our network, and start taking advantage of the benefits that B2B bartering has to offer.