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    Is Barter and Trade Good for Business?
    James Nagy
    / Categories: Management
     

    Is Barter and Trade Good for Business?

    Have you ever had the opportunity, in business, to barter or trade services with another business? When presented with the opportunity, how did it strike you? Some consider bartering and trading services as a negative. If there’s no cash flow, then there’s no point. What do you think? Does it make sense, when you are starting out for instance, to trade with another business for services?  What about later in your business cycle? In our opinion the answer is yes, yes, and yes. 

    Bartering and trading is absolutely good for business. Do you need to have sales? Absolutely. But, what are the benefits to bartering? First and foremost, it translates into a larger network. You are developing a working relationship with another business that can lead to serious referrals and a widening of your network and reach.  You are also helping other businesses with your trade of services. Add to that the fact that you’re saving on taxes and you have a recipe for opportunity.

    For businesses that are first starting out, cash flow may be tight. Bartering services instead of being paid for them does mean that there is no increase in cash flow in that instance. However, you are receiving valuable services that you may not otherwise have been able to afford at the time. Concurrently, you’re building a relationship with another business that’s going to draw in referrals and increase your visibility.

    Bartering and trading in business are a great way to create symbiotic relationships.  Mutually beneficial relationships work where both parties walk away feeling like they are getting something valuable from the deal. In order for this to work effectively, you have to do your part to make sure you are keeping up your end of the deal.

    So, what about established businesses with great cash flow? Is it still necessary or beneficial to continue bartering and trading services with other businesses? We still say –absolutely yes. Relationships, connections, and networking are essential to successful businesses and to maintaining this success. Cash flow can go up and down, but your reputation through your network and word of mouth recommendations are priceless. When you successfully work with another business in a mutually beneficial way, you are only increasing your accomplishments.

    Consider what services you have to offer other businesses and what services could benefit your business if you had this type of partner to trade and barter with. What are your thoughts on bartering and trading in business? Is it a great opportunity or bad business? Comment below!
     

     
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    James Nagy

    James NagyJames Nagy

    Looking for a business consultant, how can I help? As Co-Founder and Managing Partner of J&S Tech Designs, I have three decades of experience and expertise to share with you and help your business, product, or idea thrive.

    Other posts by James Nagy
    Contact author Full biography

    Full biography

    As a strategic leader and entrepreneur, James Nagy has a record of generating growth by leveraging the latest technologies to drive sales, marketing, product development, and profitability. He is known for identifying and capitalizing on market trends, developing effective tactics for implementation, enhancing operating performance, and serving as a trusted advisor and business partner. Skilled at working across operations, James builds strong, cross-functional relationships and communicates complex technical information to diverse internal and external stakeholders.

    A big picture visionary, James identifies and reacts to market trends, providing disruptive strategies that go beyond IT to include sales, marketing, and product portfolio management. Building on his experience as Director of Software Development with premier companies Midas International Corporation and SXC Health Solutions, Inc., James launched two successful consulting companies, Sprocket Websites Inc. and J&S Tech Designs. As the Managing Director, he provides innovative solutions to clients in small- and mid-cap companies.

    When he is not advising other business leaders, James lends his expertise to a variety of organizations. He is a Founding Member & Committee Member of the Greater Conejo Valley Chamber of Commerce; he serves on multiple teams and committees for the Naperville Area Chamber of Commerce; he is a Founding Member of the Chicago Area DNN User Group, and he serves on the Board of Directors of the New West Symphony. In his free time, James enjoys Sci-Fi, coin collecting, traveling and wine tasting.

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