Using Community Currencies
Listen to our blog on "Using Community Currencies" here:
SUMMARY
On this segment of The Lifestyle Business Owner Radio Show, Aaron and Mayumi Muller welcome Bob Bagga, CEO and President of BizX. Bagga and Muller discuss community currency and how it can help you increase your cash flow, bring you new customers and grow your business. BizX is a community of over 5,000 businesses that use a user-generated platform to connect, share, interact, and can BUY and SELL with each other without using cash. At its core, BizX is simply a form of payment--an alternative form of currency.
Bob and Aaron met years ago, around the time when Bob was getting BizX started. Aaron believed in the vision, determination and passion that Bob exuded and quickly started getting his businesses set up for success by joining the BizX network.
LET'S GET DOWN TO BUSINESS
Most small businesses we have similar obstacles in terms of getting started and cash expenses. Joining a network of businesses is beneficial for many reasons, mainly to be able to share and utilize resources and are able to keep your cash in your pocket!
For small to medium size business owners there are two key ways to grow cash flow:
1. More cash coming in
2. Less cash going out
By using BizX dollars, you can use those dollars going out—keeping cash in your pocket. Last year, BizX members were able to generate just under $100 million in transactions. Everyone can take on a little but more business without increasing their overhead, this allows for your excess capacity to be transformed into incremental value to your business.
STREET SMARTS OF SMALL BUSINESS
Last week, we spoke on the first step of the Lifestyle Business Owner Formula: Buying The Business. You must always be sure you are buying a 'good' business, meaning you are doing your research including the key decision makers on your team, when it comes to buying a new business. The second step is: Increasing Your Profits—it’s not just about raising your prices and hoping for a better turn out. Whether this is your first, second or tenth business, this is our advice when it comes to increasing you profits in your business.
- Smart Marketing
- Improving your customers experience and perception of your business from start to finish.
- Web Presence
- Manage your websites, modernize, go mobile!
- Update, manage and create additions and modifications to your website and webpages where your business is represented.
- Reviews
- Align yourself with nationally recognized organizations that can endorse your company and add to credibility, in your specific industry
- Customer’s come back because of their experience, how do you follow up with policies and processes
- Make sure customers are welcomed when they enter and thanked when they leave
- Repeat Customers
- Give customers an incentive to come back
- Customer rewards
- Punch card
- Gift with purchase
- Listen to Feedback
- Take the time to acknowledge and address the good the bad and the ugly.
- Implement customer service programs and training
Create a 'WOW' experience, when this happens you will grow your profits.
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Want More?
Listen to our recent Lifestyle Business Owner Radio Show segments here:
How To Get Started In Business
Why Every Business Owner Needs An Attorney
The Power Of A Relationship With A Business Banker