Starting out

Hello there and welcome to both new and longer standing readers,

Do you realise that we have gone past 50 issues of this ezine? And still there are more ideas and thoughts to bring you and more people joining us.

Don't forget I am always looking for feedback from you and welcome any suggestions for articles, tips etc. Just email me anytime.

Having been back from skiing just a week we were across the channel again this weekend for a couple of days in France, I could get to make a habit of this holiday lark! So I am busy writing this on Monday, which is a bit close to publication for me........

This week we are all about saving money and no cost ways to improve your business, like making people's experience memorable and using bartering to get what you want. Read on for more...

Tips for your Business

It's all down to experience

Once upon a time parents served home-baked cakes at their children's birthday parties. Later they switched to ready made cakes. And now many spend £100 or more to outsource the entire party experience to a 'Wacky Warehouse' or similar - and often get the cake thrown in for free.

According to the authors of Welcome to the experience economy (Harvard Business Review), what has already happened to birthday cakes will soon happen to many other businesses too. As the competitive battlefield switches from providing services to staging experiences, the winners will be those who, like Disney, use their goods and services to involve each customer in a series of memorable events and experiences. Even business to business companies can do it, they argue, eg Silicon Graphics uses virtual reality to allow customers to experience what it will be like to own, use and touch products long before they are ever manufactured.

Many more companies could soon be putting memorable experiences at the heart of their business strategy. Will you?

In the Member Area this week

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Developing a Web Site Marketing Plan
Four Essential Marketing Plan Components
The Single Most Powerful Small Business Marketing Tool On The Planet
Increase Profits with Outsourcing Best Practices
Why New Month Resolutions Are Better than New Year's Resolutions
Are You Set Up For Success

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Article

Today's article takes a look at barter power

What proportion of your costs are paid for by barter?

For most businesses the answer is, of course, NONE!

A business I used to work with regularly gets more than 10% of everything it buys without ever handing over any money.

Examples of what they have got by bartering over the last few years include a £4,000 CD ROM, £12,000 worth of videos and training, a £1,299 subscription to a trade association, £7,500 worth of software to give/sell to their clients, £3,000 worth of tax consultancy, several magazine subscriptions, use of a private reference library, places on other people's courses, professional speakers to appear at their courses, advertising opportunities and much, much more.

And what they gave those suppliers in return has included: ideas, consultancy time, introductions to clients, their own products (usually costing no more than a 35p floppy disk!), speaking slots at their events and articles for their magazines and newsletters.

Rule 1 - You have to ASK. On none of these occasions did the supplier suggest barter - You will almost always have to suggest it to them. And at least three quarters of the people it is suggested to agreed straight away. Smaller organisations are especially keen since they are always reluctant to part with cash, and (unlike some large businesses) they are happy to try something new.

Rule 2 - Barter stuff that is cheap to supply, but costs a lot to buy. Always try to offer things that have a high perceived value (and high price tag) but which actually cost very little hard cash. And in return always ask for something that has a high price tag but which you know will cost the other party very little hard cash.

Examples of the sort of things that meet these criteria include: seats that would otherwise be empty on training courses, information products, computer software, professional advice, advertising space that can't be sold, use of their mailing lists, introductions, endorsements, referrals, testimonials and anything else that has a very low marginal cost to them - but a very high price tag in the market.

Rule 3 - Make your offer too good to turn down - For example, if you want a piece of software that retails at £1000, go to the supplier and say something like "I'd like to give you £1500 worth of our XYZ, and all I'm asking for in return is one of your CD ROMS that I'm guessing will cost you about £10". If you are offering something that you know they want/need, and which would cost them at least as much as the retail price of what you want in return, why would they say "no"? Especially when you point out that the cost of what you are asking for is tiny.

Barter organisations - As well as the DIY approach to barter outlined above, most Yellow Pages list several commercial organisations that specialise in facilitating barter transactions.

There are some important tax and VAT considerations when bartering - which you should check out with your accountant if you are unsure.

But why not give it a try? It could well help you move forward….

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Recommendations

This week I wanted to recommend something that is not strictly business related (unless you are a property investor!). But most of us at some time need a mortgage, whether you are moving, or are remortgaging the current house - maybe to release some money to invest in your business.

I have been using The Money Centre for investment mortgages for a while now, my broker there is Alan Tilney. Alan is always helpful and is quite happy to give quotes even when I am just considering a property, which means I have better numbers and information to make a decision with. But he also does residential mortgages. So if you are considering getting one, why not give hime a call? (and do mention my name as he doesn't know I have done this!). Call Alan on 0114 256 7414, or email him on atilney@themoneycentre.net

In this section I aim to bring you useful resources, websites, people, books and anything else which might be helpful to you. Do you have anything, or anyone , that has inspired you or made you sit up and think? If you have anything you would like to recommend please email me . Especially something (or someone)that really inspired you in your business.

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