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5 useful rules on using barter to get ahead as a small business
Posted: Sep 06, 2011
Author: WordJack Media
In today’s unpredictable economy, marketers advise that bartering comes in handy for small businesses when cash flow is low. It also has a secondary benefit: you get clients who would never have thought of using your service or product. However, if delivery or shipping costs apply, make sure the recipient agrees to pay these. Here are 5 ways to ensure that bartering is successful:
- BE SELECTIVE – go with other businesses that represent your reputation and brand. You do not have to accept every trade opportunity that comes your way.
- BE REALISTIC – everyone is busy, juggling with professional and private obligations as well as doing client work. Don’t take on too much bartering or you’ll run the risk of paying clients falling to the bottom of your priority list.
- SIGN A FORMAL AGREEMENT. Don’t just use a virtual handshake to seal a deal. This might sound unnecessarily formal but it provides both parties with clear expectations.
- SET BOUNDARIES. Every barter project should have a beginning and an end with clear outcomes, deadlines, and goals. Say you own and run a local newspaper and you have a 6 month barter contract with a gym in exchange for 6 months of free advertising. The agreement must start and end on specific dates. This gives you both the chance to either part ways or re-negotiate the terms of a new agreement.
- HAVE A WAY OUT. An open-ended agreement can get you into trouble. Although both parties have good intentions, you could both get lazy and end up parting in a sour way. The terms of the relationship should offer an ‘out’ for your client and yourself.
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