This prestigious award came from Business Britain Magazine, and is the latest in a long line of awards that have followed the impressive growth of Bartercard since its inception in Australia seventeen years ago.
Bartercard is the world's largest and fastest growing trade exchange with a worldwide network of more than 55,000 business, who trade with each other in a vast array of products and services. It has its own currency called trade pounds and one trade pound equals one pound sterling.
Recently appointed UK Managing Director Tim Ashley Sparks says "Bartercard offers enormous advantages to businesses at any time, but when we experience poor economic conditions such as we are now facing, it comes into its own. Businesses - especially small to medium size businesses (SME's) - are always looking for a competitive edge, always have cash pressures and always have a strain on resources that constrains their ability to grow.
What we do at Bartercard is to partner our members to help them achieve their short and long term objectives. With our local franchise offices working closely with the members we can deliver new customers and valuable new business giving the competitive edge that they are looking for, whilst at the same time reducing their cash expenses and thus improving cash flow."
If you were a business that needed to make purchases for the products or services that you use in the normal day to day running of your business, would you rather pay cash for these items or pay with your own product or service?
As an example if a restaurant needs £1000 worth of printing and they are not part of the Bartercard network, they have no choice but to write a cheque for £1000. However, in Bartercard they could go to a Bartercard printer to receive the same product, price and service but when the printing was ready a simple voucher is completed which triggers the transfer of the "payment" of £1000 trade pounds from the restaurants account to the printers account.
This means that the printer has been paid immediately - no bad debts - and the restaurant has received his printing having taken no cash out his business.
Now, the local Bartercard office work with both businesses and in the case of the restaurant bring them new customers from other Bartercard members so that every time these customers spend, it reduces the debt for the restaurant so as well as saving cash the restaurant has actually paid for his printing with food and drink, and £1000 worth of meals costs the restaurant much less than £1000.
On the other side, the printer can now use his trade pounds to purchase many of his overhead items using his trade pounds instead of cash. The result is two winners:
The restaurant has saved cash, gained new customers, and bought his printing for much less than the real value, whilst the printer has gained a new customer, been paid immediately, filled spare capacity and been able to save cash and reduce his day to day business spending.
Tim Sparks comments "one of the big problems for businesses in tough times is that they are forced to cut back on things that are even more important than in good times such as marketing, advertising and training. How much more of this essential spending could a business do if they were not having to use cash but were paying for such services with their own spare capacity. Not only can businesses increase promotional spend, but the resultant increased revenues are cash revenues therefore further enhancing their cash position."
Bartercard's UK business has over 5000 members in all business sectors and is growing rapidly. The model of local offices ensures that members are properly supported and members are allocated their own account manager to work with them as they develop and grow. Members can trade locally, nationally and internationally in any of the 18 countries that Bartercard operate.
Tim Sparks says "The UK can easily support 100,000 members so the opportunity for us is enormous. We have focussed the business on growth and are seeing the benefits every week. We have also recently reignited our drive to expand the franchise network and to this end we have recently appointed Brian Whitford MBE in the role of Business Development Manager to take responsibility for the sale of new franchises and the co-ordination of the marketing function. Mr. Whitford joined Bartercard at the end of 2004 as a franchisee, after a successful international business career. In the following three years he built his franchise to 500 members, so he has actually worked the model and is therefore perfectly placed to combine his previous experience with that of the Bartercard experience to ensure that we choose the right people to work with us to deliver the significant future growth that is our goal.
Brian Whitford commented "a Bartercard franchise offers the opportunity to build a large and successful business with all the benefits of having a major brand behind you and a dynamic and highly experienced central support structure. We offer an unparalleled support package to our franchisees and have the philosophy that we're in it together and in it for the long term."
If you would like to find out about membership or a franchise contact Brian Whitford on 0845-219-7000 or e-mail: brian.whitford@uk.bartercard.net [1]
www.bartercard.com [2]