Ever felt that it is very difficult to get resources for your business?  Or experienced a cash crunch when it comes to getting the word out on your products or services?  Or found it hard to get referrals?  Take heart from the fact that you are not alone and that these problems are not insurmountable. 

Barter, the exchange of goods for goods is back (wonder if it ever really went away or was too archaic?) and here’s how you can use it to boost your business….

• Meeting a Cash Crunch

Almost every business never has enough of one thing…cash.  To meet a cash crunch, barter could be the way to go.  You could provide your goods or services in exchange for something like a product or service that you are in need of.  Say you run a bakery and need someone to supply you with boxes for packing you could offer to send the box company free bread supplies for the cafeteria until you have enough money to pay for the boxes.

You could also have a sale of what you don’t need to tide over the cash crunch.  Recently I read about a farm owner who sold a wardrobe full of clothes that she really had no need for to buy a camera that she needed to record activity on the farm. 

• Get Referrals

Yes…barter can get you referrals.  As a photographer who offered his professional services to a music school for free learned that he could get free music lessons for his kid in exchange together with referral of his services to 2-3 corporate clients, you too could use barter to earn referrals.

It is in fact something like affiliate marketing tweaked to cut out cash from the picture.  I am using this simple tactic to grow my blog as well.  Here’s how…every month I feature an entrepreneur in my “Entrepreneur Spotlight” section (for free) and request that in return they link back to my blog on their website, blog, Facebook page and any other way that they can.

I also review unique, one of a kind and customized businesses for free and request the owners to suggest at least two unique or customized businesses that I can review.  That way I don’t have to scour the market for businesses to review and feature all by myself. 

• Creating Goods and Valuable Inputs

This way of using barter has been put to use effectively by a resort owner in Goa.  Striking out on his own to carve a niche for his resort in Goa, a haven for tourists who love the sun and sand, he found a great way to get art on the walls of his resort.

Inviting artists to come over and stay at his resort while they created paintings and artifacts during their stay there and that they left behind for him to use was his way of getting valuable inputs for his venture.  The art thus created helped in creating an ambience at the resort without the owner spending any money, a win-win situation on both sides…a free stay for the artist and free art for the resort!

• Give and Take

The resort owner in question also offers free stay at his resort to other resort owners and in exchange asks for the same from them.  This is a great way of networking with others in the same line of business without having to spend any money. 

In allowing them use of his resort facilities for free the owner is getting the same at the other end, thereby getting the opportunity to stay at other resorts, check out what’s on offer, get ideas to improve his services and above all a free holiday!

Using barter to boost your business is a good option to explore.  However, it’s not something that everyone would opt for or want either.  The key to success with barter in business is that you don’t worry too much or focus on exchange value (exact value of goods in return for goods).  Barter is not for everyone and sometimes you don’t get a good deal but don’t let that deter you!

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