Many things slowed down during the years of the pandemic but one thing that did not slow down was the entrepreneurial spirit. It is true that many if not all businesses felt the pressure created during the quarantine years. Now is the time to hit the ground running again and find new ways to increase cash flow.
A healthy cash flow is the result of a company running efficiently and smoothly. That is why it is critical to evaluate and review your business plan and finances regularly. Here are three unique ways Small Businesses can increase cash flow with an aspect they might have considered before: International Monetary Systems; a modern barter exchange.
1.) What exactly are you paying for?
It is vital that business owners know exactly what their business is paying for; from the equipment costs to the cleaning supplies to the benefits they provide for their employees. Most business owners will not regularly and thoroughly review these aspects and opt to increase their prices in order to increase cash flow. However, with Barter, business owners don’t need to increase their prices (which can deter customers, especially with inflation and supply chain issues currently). By working with IMS, you can cut out unnecessary cash expenses and replace them with trade dollars. Every time a business purchases something or utilizes a service through barter, instead of paying cash, that saved cash goes directly to their bottom line, allowing them to pay for those things that can’t be bartered, such as utilities, insurance, and rent.
Additionally, owners can use barter to supplement big costs for their company such as marketing, health benefits, and travel. In previous years, IMS members have saved collectively, $13.6 million in advertising, $11.6 million in accommodations, $4 million in printing services, and $6 million in Dentistry. All that cash they saved from using barter went to their bottom line.
2.) What’s up with your Inventory?
IMS not only helps businesses through saving cash, but by selling for them. If a business owner has inventory they cannot seem to move, IMS can help liquidate the old inventory in order to bring in new inventory. On top of that, IMS can help businesses sell their new products as well via IMS brokers and the online IMS Marketplace. When a business joins IMS, they are connected to a network of over 16,000 business owners across the USA. That is 16,000 more potential customers than they had before.
In addition to selling your existing inventory, IMS customers can locate new inventory to sell! If you have a traditional brick-and-mortar storefront, consider adding new lines of merchandise to your available stock. Buy for trade…sell for cash!
If your business is not in the merchandise game, but rather a service, investigate ways you can switch products you purchase for cash into trade! Are you a cleaning service? Buy chemicals through IMS to use in your service. Plumber? Buy plumbing supplies like fittings and water heaters. The possibilities are endless.
3.) Do you have credit?
Did you know that traditional credit cards charge you an average of 21.26% interest to use a line of credit. Unlike a credit card company, IMS only charges a small commission of 7% when we sell or when a business buys a product or service through the network. Business owners are in control of how much they want to sell through IMS. We often see that business owners sell the products or services that have the highest profit margins through IMS. This way they can really look at how they plan on reinvesting these sales to save cash, increase their gross annual sales, attract new customers, or enhance their lifestyle.
But skipping out on credit card debt with IMS, businesses can keep an eye on their cash, and keep that credit card only for emergencies.
So how is your business increasing cash flow?