Tips for Barter Success

Our most successful members are innovators who apply the barter principle in situations where few of us would even consider it. While the nature of their businesses varies widely, these seasoned traders share the same attitudes and barter strategies. For you who are new to barter, here are ten barter tips:

1. Define barter in your mind. Most of us have a cash and carry mentality despite the fact that technology is forcing changes, even now, in our traditional payment systems. One way to broaden your perspective is by thinking "barter" the next time you want to make a business purchase and call your IMS broker. With barter, you can obtain costly advertising and printing and even remodel your business premises all on trade at a time when non-member businesses cannot compete.
   
   
2. Focus your energies. Take the example of advertising. The present economy has forced many small businesses to cut back on their advertising budgets. Yet in doing so, they remove themselves from the public eye and risk even greater losses by reduced exposure of their product or service. You, on the other hand, can continue to advertise on trade in several promotional media with no loss in your cash flow.
   
   
3. Economize on your efforts. Consider the IMS membership as an instant market. By concentrating on that market and providing sound service to the members, you enhance the possibility of cash referrals from outside the trade system.
   
   
4. Go on the offensive. There are a few monetarists around who believe that in recessionary times the best defense is a strong offense. For example, they advocate buying stocks when the market is weak. Bartering is based on the same principle. When you do not have ready cash on hand, you can barter for the services you would ordinarily eliminate from your budget.
   
   
5. Be flexible. The survivor in today's economy is the person who can adapt to rapid change. Many of our most seasoned traders fit this description. You have to remember that times are changing and it is up to you to change with them - or stand and go under.
   
   
6. Keep an eye on customer service. Customers who have been well treated tend to come back and make referrals. Trade customers are no exception. Explain to all employees how trade works and ensure that they afford all trade members the same courtesies as cash customers.
   
   
7. Police the exchange. The trade exchange operates much like a specialized business club. Like most clubs, it has a set of rules, and only by following those rules can we expect it to function effectively. If you encounter a problem with another member, you have the right - and the responsibility - to submit a complaint.
   
   
8. Explain your terms of barter. Nobody likes to discover that the services they were expecting to pay by barter are not available under those terms. You can easily avoid the problem and bad feelings it creates by being explicit about what you are prepared to offer on trade.
   
   
9. Increases morale. Like all other activities, barter works only if we persuade ourselves of its advantages. And perhaps the easiest way to do that is by selling the concept to your staff. In addition to offering barter as part of their compensation package, you can also give them incentives in the form of services including membership in a fitness center, dinner at a restaurant, even a trip to a local resort. This has the immediate advantage of improving staff morale and helps sell the barter concept.
   
   
10. Cooperate with each other. In the current economic climate, small businesses will continue to close unless and until we work together to create viable markets for our products and services. Trade provides an ideal opportunity to do just that. Look for the common ground with other members - a cooperative spirit inevitably fosters sales.