How are you protecting your business in a recession?

Every day, we are bombarded by news of the global economic recession we're in. We read it, we see it, we talk about it. Tens of thousands of jobs have been lost in Canada and jobless claims have climbed 16.2% in December 2008 from a year prior, according to Stats Canada.

New figures from Stats Canada also show that retail sales have plunged 5.4%. The largest fall in 15 years as consumers are staying away from stores - especially car dealerships. Sales in the clothing and accessories stores also fell 3.7%, furniture, home furnishings and electronic stores and miscellaneous retailers dropped 2%, and general merchandise fell 0.4%. Now, if you operate your own business in Calgary or Edmonton, I'm sure you've seen a shift in your business as compared to last year or the years prior. For every boom follows a bust. What are you doing to protect your business?

I'd like to introduce you to the concept of barter. Barter can be a tool to recession proof your business. By leveraging barter or trade into your business, it allows for you to market your business to a captive audience who are motivated buyers. Businesses belonging to a barter exchange have the ability to find new customers, save cash, turn excess time into profit, and move surplus inventory.

If you are a retail based company, why let your inventory sit idle? Why not consider bartering your excess inventory for things you need like advertising or printing. This will help to achieve a few objectives - First, you are able to move the idle inventory through a barter exchange. Second, it's a way for you to find new customers and create word of mouth cash referrals. Third, by selling your inventory on barter through a barter exchange, it allows you to purchase other items within the network at your own cost. Every time you make a purchase on barter through a barter exchange, you are buying items at your own cost!

A business associate of mine recently sent me an article she found on barter from a Professor at Belmont University. Please take a read: http://www.drjeffcornwall.com/2009/02/use-of-bartering-expands-durin.html

If you have any questions, please feel free to contact me direct at 403-215-9220.