With fewer paying customers, businesses are turning to trades to keep busy and reduce spending.
Trade exchanges work like mini-economies, wherein members perform services and earn trade dollars. And if the trade dollars can be used for things that the company would pay for with cash – then it’s almost as good as cash. (BizSense explained how trade exchanges work last year. You can read that story here.)
“People have never been as interested in trading as they are right now. We’re answering more phone calls and e-mails,” said Cindy Creasy Wolfolk, founder of James River Trade Exchange.
Wolfolk said that she’s signing up eight to 10 new members a month. That figure was closer to three to five a month last year. She said that she used to have to go out and recruit new members. Now they’re coming to her.
Members, meanwhile, are spending their trade dollars differently. “In the past, it was really kind of a hodgepodge,” Wolfolk said. “Now they’re spending trade dollars solely on business instead of on personal things.”
Wolfolk said employers are increasingly trying to use trade dollars to help compensate employees.
But not even the trade exchange is immune from recessionary pressures. Five members have gone out of business in the past five months.
With fewer paying customers, businesses are turning to trades to keep busy and reduce spending.
Trade exchanges work like mini-economies, wherein members perform services and earn trade dollars. And if the trade dollars can be used for things that the company would pay for with cash – then it’s almost as good as cash. (BizSense explained how trade exchanges work last year. You can read that story here.)
“People have never been as interested in trading as they are right now. We’re answering more phone calls and e-mails,” said Cindy Creasy Wolfolk, founder of James River Trade Exchange.
Wolfolk said that she’s signing up eight to 10 new members a month. That figure was closer to three to five a month last year. She said that she used to have to go out and recruit new members. Now they’re coming to her.
Members, meanwhile, are spending their trade dollars differently. “In the past, it was really kind of a hodgepodge,” Wolfolk said. “Now they’re spending trade dollars solely on business instead of on personal things.”
Wolfolk said employers are increasingly trying to use trade dollars to help compensate employees.
But not even the trade exchange is immune from recessionary pressures. Five members have gone out of business in the past five months.