Retailers Forum January 2021

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FORUM WORKSHOP
Coincidentally, you try to sell an ad to a company
that rents time-share condos in Hawaii.
They will only accept trade. Youʼve got the cash
to pay taxes, and you were planning to vacation
in Hawaii in a hotel that would have cost the
same as the time-share condo. These are the
conditions under which to accept trade.
You may be very tempted to take trade for
things you donʼt need just to get customers in
the start-up years. Big mistake. For one thing,
trade wonʼt pay your bills. Remember, I said
pay yourself
last. When
you accept
trade, you
pay yourself
first. Trading
may cause
Take your
Business to the
Next Level
you to run short of cash to pay debts because
your creditors wonʼt accept pass-along trade.
Your staff will start to wonder why you can afford
a new wardrobe, a new car, and luxurious
vacations when their salaries are so small.
They will resent you; morale will plummet.
Consider one other negative aspect of trade
you will have to live with; once a customer has
traded, he or she will expect to do so forever.
Just how many meals in restaurants, overnight
stays at local hotels, and gold necklaces do you
need? How much can you really use? Youʼll find
that your trade certificates start to pile up in
your desk drawer. You canʼt use all those ballet
tickets, and the season is almost over. After you
give five away to your employees, a nice
bonus, youʼll throw away three that no one can
use.
continued..
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