Cash flow can become tight in any business. A wise business owner will look for ways to increase cash flow, whether business is plentiful or lacking. Here are 10 MORE ideas to help you survive the cash-flow crunch and make the best use of IMS Barter.
- Keep your staff and employees motivated. When showing your appreciation and recognition, use your trade dollars for the perks, incentives, bonuses, and raises.
- Hire an inexpensive, 10% commissioned salesman. If you’re in the market for a particular product or service, and unable to find that special item either through IMS or as a cash purchase, put your request in writing to IMS. That way a salesperson from IMS can work for you to confidently call on a new company (a non-member of IMS) and “sell them” on working with you - on a trade basis.
- Suggest to your present vendors that additional business be paid with trade dollars. And, to assist them in learning about the advantages of working through IMS, set up a meeting with your broker and have lunch catered or delivered to your office. The luncheon tab could be the best investment you’ll make!
- Explain to new vendors calling that your company barters because it’s good business practice.Ask them to participate in this economic arena with you.
- Need more IMS Dollars? Contact your broker to create new sales and source alternative means to increase your trade balance.
- Hire an IMS attorney or collection agency. It might be a good time to do this before a greater downturn in the economy makes it harder to collect.
- Approach a long-overdue creditor with a “creative solution” to your company's debt problem. Offer to pay off your debt with trade dollars. Or ask them what they need and acquire it through IMS to fulfill your debt to them.
- Use your cash saved (obtained by substituting trade dollars for normal cash purchases) to pay off your home mortgage early, or invest in a safe place or to pay for the kids’ college education.
- Spend your trade dollars on professional services available within IMS: physicians, dentists, attorneys, CPA’s, and so on. Discounts on professional services are not the norm, like so many items available in the discount world. Trading your “retail” for professional services can be a significant discount.
- Be realistic and don’t expect barter to replace all of your cash needs. Your barter business should only account for about 3% - 10% of your total gross sales. Objectively, IMS is providing a valuable service for your company. Use IMS whenever possible in the days ahead.
If you are worried about your cash flow or how to keep your business floating during these trying times, give IMS a call. We will help you and make sure you get what you need.