Daily Biz Solutions

Article Contributed by Don Mardak

Businesses can utilize barter to boost sales production and get the things they need without spending cash. It’s easy, it’s smart and it works like a charm.

Savvy business owners are discovering that bartering is a great vehicle for moving excess inventory, attracting new customers, and generating barter dollars that can be used for advertising and other business expenses.

How It Works
In its simplest form, bartering involves an equal trade. One business swaps a good or service for another.

Through professional barter exchanges—where members pay a commission fee for goods or services traded—more complex trades are possible.

Here’s how bartering works: a business lists a good or service for trade through the barter exchange. In return, the business receives a trade credit based on the dollar value of the good or service offered. It can then use those trade credits to “purchase” goods or services offered by other members. As a result, that business is hooked up with a rich, varied network of actively bartering businesses.

What Trading Can Do For You
Bartering enables businesses to trade inventory for the goods and services they need. Trading excess inventory is a particularly good way to accumulate barter credits.

If you have excess inventory, you can (and probably do) liquidate the merchandise for a reduced profit. As an alternative, you can trade that merchandise through a barter exchange—and often receive trade credit for its full wholesale value. You can then use those trade credits to purchase the services or products you need to run your business.

Gaining To New Customers
Bartering can also provide you with a new vehicle for marketing your business. Barter exchanges bring new buyers and sellers together, potentially creating a new customer base. And barter can positively impact your bottom line. Companies that actively barter may do as much as 5 to 10 percent of their business annually through trades.

How Barter Exchanges Function
Barter exchanges typically charge a one-time membership fee and a small fee on each transaction. Barter exchanges offer the advantage that they don’t require an even trade. You can use credits accumulated for one item to trade for several different items that together add up to your total credits.

Be aware that barter and cash transactions are the same in the eyes of the Internal Revenue Service. Both are taxed equally. In fact, bartering exchanges must report goods and services sold through barter to the IRS.

Like sales, bartering offers no guarantees. Some trades happen quickly, others take some time. Also, the amount of certain goods and services available may fluctuate during the year.

You must weigh the disadvantages against the advantages. Bartering turns your downtime or excess inventory into valuable commodities. It increases sales while enabling you to purchase the goods or services you need without dipping into your cash.

And you don’t have to limit bartering to business. Bartering can be a great way to finance a vacation, get your teeth whitened or get a massage!

About the Author

Don Mardak is founder and CEO of International Monetary Systems, Ltd. (OTCBB:INLM), one of the country’s leading barter organizations. www.imsbarter.com

By Phil Morabito, CEO of Houston-based Pierpont Communications

When businesses make the strategic decision to accelerate their public relations and marketing efforts in a down economy – instead of pulling back – many hit a road block of too much to implement with too little budget.

The solution to this problem is simple – do more with less. Believe it or not, low cost PR and marketing tactics can be just as effective (if not more) as the big budget strategies. In order to be successful while using fewer resources, you must first take a step back and think outside of the box.

The market has changed, so rethink your strategy to accommodate new attitudes and new audiences. Instead of focusing on a broad general audience, think about your customers that make up the greatest scope of your business. What do they like? What are they thinking? What is the best way to reach out to them? By becoming well versed on your target customer base, you can narrow down your activities to focus on them. This will allow you to have a higher frequency of interaction with them, in turn increasing your impact.

Narrowing down your audience will also allow your business team to sharpen your messages so that they are focused and on target. It is crucial that these messages are consistent and implemented in all of your tactics. Remember – the more focused the activity, the greater the impact.

After you’ve made yourself and your business sharper and smarter, you can start utilizing some key activities that will pack a lot of punch in your brand elevation – not your wallet.

• Media Relations – media placements are not only significantly cheaper than advertisements, but they also offer invaluable third party credibility about your business. Feature articles in key publications go a long way with bringing in new business and establishing yourself as an industry leader. And the value doesn’t just end in the coverage – articles can be reprinted and included in sales and marketing materials to distribute to current and potential clients. This will ensure your entire target base sees your capabilities.
• Speaking opportunities – Some of the best business leads come from speaking directly to your customer base. Seek out opportunities in your area, and make sure that your presentation contributes to their needs. You want to talk about things that will help them – not just about your business.
• Email marketing – the beauty of the Internet is that it is quick, cheap and utilized by virtually everyone. Kick your marketing up a notch by sending out e-newsletters, case studies and new announcements. Don’t over do it though – bombarding your customer base will alienate them. Try alternating e-mail marketing with other tactics to keep your audience engaged.
• Partnerships – Cultivate strategic business partnerships to make your impact go twice as far. Seek out businesses where both sides can benefit from a strategic alliance – then cultivate the relationship to make it worth your while. Host events, utilize each other’s expertise – you’ll find that a little help can make you go a lot further.

Doing something different will make you stand out to your clients. Try hosting a dinner, a networking event, or giving out unique, low cost gifts. By being bold, taking a unique approach and developing a value strategy, you will lock in your company’s market share and come out on top. That’s the beauty of a recession.

Guest Post by Deborah Brown-Volkman, PCC

It’s hard to get excited about our careers sometimes. Especially when bad news surrounds us. Between high unemployment, low morale, and reduced compensation, who can blame you for not wanting to jump out of bed energized and ready to start each day?

Maybe what you need is a new game to play. Something that gets you excited again. Whether it’s a new job or a new way of doing something in your present position, a new game (or goal) gives you something to look forward to. Plus, you will no longer be “waiting” for something to happen in your career; instead, you will be making something happen.

So How You Can You Create A New Game? Follow These Steps:

1. Decide To Play A Game

The game cannot begin unless you commit to it. The ball cannot be thrown to you unless you are on the field to catch it. Maybe you want to know that you will win first before you play. Or, that every moment will be worthwhile. Guess what? You will not get this guarantee up front. The miracles in our career happen when we say “yes” and jump in. (Mistakes and all.)
There are a million reasons not to play now. (Fear, money, uncertainly, etc.) But there are a million and one reasons why you should not wait anymore.

2. Start Playing

Are you in one of these two places? You either have no idea what’s next for you in your career, or you do know and haven’t done anything about it yet. Either way it doesn’t matter. It’s time to get started. Many people fail because they never begin.
Start small. Small steps increase your confidence and lead to completing other small steps. Small steps on a regular basis are more effective than larger steps taken inconsistently. Slow and steady always wins the race.

3. Create An Official Game Plan

Once you begin, the momentum begins too. But without a plan you are just playing for fun. Your career is important and it means a lot. A plan adds organization to the game because it details specific actions and steps to help you win.

A plan can be formal and long, or uncomplicated and short. Here’s how to create one. Take your career goal and break it into smaller pieces. Get out your calendar and write down the specific small pieces you will do and when you will do them. Look at your calendar everyday. Look at your game plan everyday. Tweak and make changes as you go along. Use your game plan to motivate you. After all, your game’s underlying goal is for you to live into your greatness.

4. Keep Playing

There may be days when you do not feel like playing. Maybe you got hurt or are giving yourself a hard time over your last performance. Keep playing anyway. The championship goes to those who keep playing even when they do not feel like it. It’s ok to take a break. It’s not ok to take yourself out of the game completely.
5. Play To Win
You got to be in it to win it. “Someday I’ll play.” Let that someday be now.

So, what do you say? You only have one life to live, so it might as well be a life you love!
 
About the Author

***Deborah Brown-Volkman, PCC, is the President of Surpass Your Dreams, Inc. a successful career, life, and mentor coaching company that works with Senior Executives,  Vice Presidents, and Managers who are looking for new career opportunities or seek to become more productive  in their current role. She is the author of “Coach Yourself To A New Career”, “Don’t Blow It! The Right Words For The Right Job” and “How To Feel Great At Work Everyday.”  Deborah can be reached at http://www.surpassyourdreams.com  http://www.reinvent-your-career.com  or at  (631) 874-2877 .***

Guest Post By Janna Benitez, Vistaprint

 

With the holiday season fast approaching, small business owners are sure to see the number of hats they wear grow. Not only is there planning holiday sales, staffing and company holiday parties, but there is also gift buying and events with family and friends. With this whirlwind of happenings, it is easy to overlook a vital aspect of the business – the customers. While holiday sales will help drive them to you for holiday purchases, this is also a time to thank them for being loyal customers. Sending a small token of your appreciation to your customers will go a long way in building up customer loyalty.   No matter what your budget, here are five solutions to extend a perfect thank you to your patrons during the holidays.

 

·         Holiday Cards – Perhaps the easiest and most cost-effective way to let your customers know that you are thinking of them over the holidays is with a holiday card. No matter what your budget is, there are countless solutions both in stores and online that can get out your season’s greetings. A great way to add a truly personal touch is to personally sign or add a note to each card. If you want to reinforce your brand image, you can also create a card with a wintry image of your business or include your logo to the front or inside of the card. Holiday cards also offer the ability to insert a coupon to help drive additional traffic to your business.

·         Re-usable Bags – It seems that everyone is ditching paper and plastic bags to jump on the green wagon.  This trend offers a number of unique benefits during the holiday season. The first is giving a gift that gives back, instead of simply giving the bags to your customers; you can charge a nominal fee and donate the proceeds to charity.  Even if you decide to give the bags away, you will gain brand recognition whenever you bag is used whether it’s in your store, a competitor’s shop or just around town. Not only will your customers gain a useful gift, but you’ll gain countless views of your brand.

·         Calendars – With the holiday season falling in the last month of the year, there is one gift that all of your customers can use – a calendar. Creating a custom calendar for your business is not only timely, but it also allows you to add key dates, sales and coupons into each month. To add a personal touch you can also customize pictures to correspond with certain months of the year, like a little league team that you sponsor, toy drive, etc. These images give a glimpse into what your business is all about and gives the connotation that you are more of a friend than just another business.

·         Wearables – Everyone loves free shirts and other wearables. For the customer it’s something that they can wear around, and for the business it’s a moving billboard that can be seen by countless potential customers around town. Depending on your customer base and your budget, you can mix and match items like hats, T-shirts, sweatshirts or simply stick to the one that fit your business.

·         Mugs – Perhaps the most utilized item in any kitchen cabinet is a coffee mug. Giving a branded mug to your customers will keep your company on the tip of their lips. If they happen to be looking to remodel or add an addition to their home, there’s no better way to grab their attention than with a cup of Joe. To add a little spice and holiday cheer, you can fill them with candy or other goodies before delivering.

No matter what choice you choose, make sure to take time to thank those who support you all year long. Any gesture no matter how small will go a long way in customer retention especially in this economy.

 

About the Author

Janna Benitez is a senior product marketing specialist at Vistaprint, the company that provides high-impact personalized products and services for small businesses and the home. For more gift-giving or holiday options check out www.vistaprint.com.