Three Ways Your Relationships Can Help You When Money Is Tight

By Michael Roderick  -  On 02 Jul, 2014 -  0 comments

If you are running your own business you are bound to have some lean times. These are times when you may be experiencing a dry spell with few new clients coming through the door, waiting on payments from current clients, or simply not getting enough in to cover your overhead. Basically, money is not readily available and, for many, this can be game over.

Here are three ways the relationships you currently have can get you out of this rut.

  1. Barter Services – If you need a copywriter, website doctor, or an accountant . . . there is always someone out there who is willing to barter. If you have been good about referring business to people, or if have just gotten to know some service providers really well, chances are they will at least be open to the conversation. If they are not willing to barter: do not worry, there will always be someone who needs to test out their services and get a testimonial. Many folks will tell you that you “get what you pay for” when you barter, but I have had some amazing experiences with it. My suggestion is to be very clear with the person about the services you will be trading as well as about the value of what each of you is offering.
  2. Cross Promote - I’ve mentioned before that your email blasts, tweets, and Facebook posts are free. You have the attention of the people who believe in your products and services. That is a valuable asset and you will be able to find people who would like to put your stuff in their posts in exchange for you putting their stuff in yours. If you always make sure that your cross promotion is a good fit for your audience you may even have current clients thanking you for making them aware of others services.
  3. Mutually Beneficial Arrangements - If you can’t afford a space to do a presentation there are bars, co-working spaces, and offices that are all looking to bring in new clientele that will give you their space for free in exchange for speaking in front of your audience at the beginning or the end. If you are trying to sell a new service, there are other entrepreneurs who will gladly pair up with you and set up a way for you to sell together. Look for ways to set up benefit for both parties and you’ll find that certain people will be happy to sponsor your events.

The next time that money gets tight, don’t try and squeeze one more dollar out of that wallet. Look at your relationship capital and start spending that.