Everything old is new again. As the paint and coatings business struggles as a result of COVID-19, the oldest form of trade - barter - is booming. However, this is not your father’s direct trade barter model. And that makes it even more appealing to cash-strapped businesses now.
Business-to-business trading has been providing an alternative method of payment that conserves cash, attracts new customers and gives businesses a competitive advantage.
As stay-at-home orders begin easing, small businesses are left to navigate the challenges of this transition period, including how it affects their marketing efforts. To help make navigation a little easier, the incredible CarolRoth.com contributor network of business owners, experts, advisors and entrepreneurs have generously shared their best marketing tips for small business below, in no particular order.
You may notice some similar ideas listed, but I kept them separate, as something in the way one is framed may resonate differently with you.
Retirement often starts like a vacation. You’re all excited and eager to begin the journey. Each day represents the beginning of a new venture.
Until it doesn’t.
For some, it becomes a pleasant, reliable schedule. For others, it’s Bill Murray in Groundhog Day. The incessant repetition begs for something completely different. That’s why you’re better off going into retirement with a handful of casual hobbies. You can rotate between them to keep things different.
What if you want something more than just the pleasure of collecting things? What if you’d really like to build something? You can certainly volunteer for Habitat for Humanity, but, for many, building something doesn’t mean physical. It means something akin to building a business.
If you fall into that group, why not turn one of your hobbies into a “small” business.
Small business reopening has been on everyone’s mind as the United States nears the second month of COVID-19 quarantine.
Some businesses have been weathering the quarantine with limited or no cash flow. They might have incurred debt or exhausted their savings. Some switched to remote operations, having to implement and learn new practices, such as business communications and ways to hire and interview remotely. Others had to make an instant change from brick-and-mortar to online. All had to go through some type of adjustment.
Everything old is new again. As business bottoms out as a result of COVID-10, the oldest form of trade—barter—is booming. However, this is not your father’s direct trade barter model. And that makes it even more appealing to cash-strapped businesses now.
Just ask John Strabley, CEO of IMS Barter (International Monetary System) in New Berlin, Wisconsin. Formed in 1985, IMS has been providing an alternative method of payment that conserves cash, attracts new customers and gives businesses a competitive advantage.
“Since the abrupt economic shutdown in March,” says Strabley, “Our marketplace has hit record online purchasing volume. Our website, IMSBarter.com, has seen a tremendous increase in traffic.”
The economic impact of COVID-19 and related stay-at-home orders has reached nearly unbelievable proportions. As of April 10, 31 percent of Americans were furloughed or had lost their job because of virus-related events, according to a survey by Freedom Debt Relief.
But many businesses are hoping they can hang on to their employees until they can secure Paycheck Protection Program (PPP) funds to temporarily cover payroll costs or the economy reopens to begin the long process of recovery.
To business owners looking for every possible place to cut costs and preserve cash before initiating layoffs, there are several budget adjustments to consider.
You don’t always have to pay cash. Learn how your small business can trade one product or service for another. If a client (or you) can’t pay with traditional means, it doesn’t mean anyone needs to call small claims court. Instead, what about bartering? You may be imagining old-time scenarios of doctors accepting a bushel of farm goods in exchange for medical treatment, but bartering is alive and well in the modern age.
CardRates informs and educates about the world of credit cards, encouraging better credit decisions and a brighter financial future for all by highlighting how IMS Barter members increase their business and save on the bottom line.
IMS Founder Don Mardak is interviewed on Bloomberg TV's Venture program by Cris Valerio.
Bartering in goods and services is making a comeback during the economic downturn.
See how IMS Barter can be a great way to pay for healthcare.
During this down economic time, more businesses are turning to IMS barter to conserve the cash they have.
More businesses are turning to IMS barter first when they are short on cash.
Business are using IMS Barter to purchase Christmas gifts.
IMS Barter helps businesses barter their excess inventory.
IMS Barter moves businesses with excess inventory and unused services.
At IMS Barter you can earn trade dollars and have the option of spending it on not just one but 16,000 barter businesses.
In this economic downturn, IMS Barter has helped businesses save cash by using trade.
IMS Barter allows businesses to sell their goods and services for trade dollars.
A local company, a member of IMS Barter, bartered with companies that are willing to accept his services in place of cash.
IMS Barter can help restaurants fill empty tables and turn them into extra revenue.
A local college uses IMS Barter to fill in their empty seats in its classrooms.
IL business get the benefits of IMS barter as the industry booms.
A restaurant turns to IMS Barter to created more traffic and fill tables.
The economy forces business to look to other alternatives for revenue and spending, IMS Barter.
See how IMS Barter can get your business new customers and increase revenue with spending cash.
Brides turn to IMS Barter as they face tight budgets.
Before you use cash, barter first with IMS Barter.
When businesses are cash poor, they turn to IMS barter for goods and services.
Local restaurant prospers in the recession by using IMS Barter to buy goods and services for their business.
With the credit crunch consequence, more business are bartering through IMS Barter.
Businesses use IMS Barter to survive the rough economy.
IMS Barter brings business more customers as well as cash referral.
Antique dealer in West Haven, CT credits IMS Barter in saving his business.
See how IMS Barter can help your plumbing business conserve cash and increase sales.
IMS Barter gives businesses the opportunity to trade their goods and services with other members in the IMS network.
Local plastic surgeons are members of IMS Barter to help them bring in new patients and sales.
See how IMS Barter can benefit your practice.
10% of local company annual revenue come from selling their services with the IMS Barter network.
IMS creates purchasing power for it's members.
Businesses are discovering that joining IMS Barter can help move excess inventory or unused services and get new sales.
Businesses can trade what they have for what they need in the IMS Barter network.
Businesses can trade their merchandise through IMS Barter for full price instead of liquidating it for a reduced profit.
"“I have been a part of barter for many years, I like the many goods and services I can utilize for business and personal needs. We saw how easy it was to make travel plans and utilize the IMS trade dollars in the many areas we wanted to go. I use my IMS dollars for many things - it’s a good feeling to know that I am a part of something great!”"