In the business industry, we have a numerous entrepreneurs who are at an early stage of business and for them, cash flow is the biggest issue. Whatever comes in seems to be much less than that goes out. So, here’s a solution for all such people out there in the business industry- barter trade or idea of swapping stuff using online mediums. Get creative with the finance you have in your hand or in your business accounts. There are other ways as well that can help you run and grow your business and barter arrangement is one of them.
Everything you already own has some value attached to them and in order to proceed with the growth of your newly established business, find out valuable things out of your business or personal life that are of no use for you and can be exchanged for something useful and beneficial for your business. If done correctly, you can even barter partnerships also known as bartnerships.
Here are seven basic considerations you need to know before entering into your next agreement to swap stuff. Let’s us move further to have a look at the below listed pointers for a successful barter trade:
* Pick the right partner: When bartering is taken over to the business levels, you need have to be double sure of everything that can leave you at a probable risk anyhow. Therefore, ensure you get into this exchange or barter agreement with the businesses or the people having good market value and reputation. Seek business associates with whom you share good relationships and also consider seeking recommendations from the others you trust. Also you can try entering into some bartering groups that verifies and rates participants and also intervenes in negotiations.
* Establish a fair exchange: Always ensure that both the parties establish an equal value trade such as medical office in an agreement with the law firm and similar. Think wisely before entering into any of the barter trade so as to prevent your business from exchange of goods and services of dissimilar value or type. Be clear and sure of lopsided arrangements that seems to benefit you as you would not want the other party to do a lousy job or feel like they are been taken undue advantage of.
* Start small: Always ensure keeping your first barter with a new partner like the first date- small and at low risk. Don’t start with betting the farm, rather make sure that you start with something that is small yet beneficial and involves negligible risk. Until you get to know that the particular trade you are working with can really work in your favor, keep it small with low risks involved.
* Put everything in writing: Business barters involves risks and to ensure everything at its best, keep everything and every deal in writing. As a saying says, it is better to settle in court, rather settling by a handshake. A barter trade is as complex as cash-based arrangements and therefore, you need have to identify every possible detail and write it on a letterhead duly signed by the traders.
* Communicate frequently: To ensure your trade is still open and not to wait for the final deadline, it is better to communicate freely with the partner you are dealing to swap stuff for you business to find out how things are going. Define key milestones and check in whether they have been achieved on the particular date or not. This will help you ensure that you are both on track and maintaining appropriate quality levels.
it is better to communicate freely with the partner you are dealing to swap stuff for you business to find out how things are going. Define key milestones and check in whether they have been achieved on the particular date or not. This will help you ensure that you are both on track and maintaining appropriate quality levels.