DISPELLING BBX MYTHS

Myth 1 - What can I spend BBX on

I’ve been thinking a lot recently about a few obstacles I receive from people regarding BBX and this is the first in a series of articles about some of the myths surrounding BBX.

Today I wanted to discuss a view some people have about not being able to use BBX for their business.

I hear this sometimes from people where they think they won’t be able to spend or use their BBX because they don’t have any expenses. This can come from people who are small businesses working from home and believe they have nothing to really spend out on, or from more established businesses who think that they may already have everything covered.

For example, one thing I hear quite often from established businesses is that they already have (for example) a financial accountant in place and are happy with whom they have. Therefore they have no need to replace them.

Something I generally advise people is to look at BBX as not just a platform that can offer replacement services (such as an existing accountant) but to see how it can supplement those you already have in place. Carrying on with the accountant scenario, you may have a financial accountant in place for year-end etc. However, are you looking to grow the business? Are you looking at where you may be losing efficiency? Which is your most profitable product or service? If any of these questions are relevant to you, then it may be that you could use the service of a management accountant.

Management accounts tend to be something that larger organisations utilise. More often than not they will have an in-house management accountant to put together weekly/monthly reports for the board of directors and the management team. This helps those individuals to understand the business financial operations and formulate strategies for business growth.

Those businesses looking to take their business to the next step may not be able to afford an in-house management accountant and may also be reluctant to pay for an outsourced management accountant.

By using BBX to access this service, the business is able to obtain this premium service, without it affecting their cash flow.

With smaller businesses, I tend to get the same responses along the lines of; they have nothing they really need from BBX. I then ask them if they have any business cards, need any brochures printing, need any banners, go to any networking meetings. More often than not they do have requirements for these items and services. This allows me to go through how they can access all of this through BBX.

What is available on BBX?

Quite often people are surprised by the number of opportunities available on BBX.?

With this in mind, I thought it might be a good opportunity to go through the BBX 9 pillars of spending.

The 9 Pillars are:

1.????Business Services: - accountant, virtual assistants, solicitors, website development, printing services.

There is a huge variety of services available on BBX and as mentioned above; if you’re looking to replace an existing service, this is possible. Alternatively, you can use a service to supplement your existing ones.

?One of the most popular services that people use BBX for is access to business consultants from different fields. Many individuals are reluctant to pay cash for advice on business strategy or marketing strategy or sales strategy. However the value they receive from investing in these services is immeasurable. Many BBX clients access consultants from different fields if nothing else than to have a professional sounding board.

2.????Personal Usage: - holidays, eating out, using a gym.

There are numerous holiday outlets available not just within the UK. There are also holidays available abroad, villas in Cyprus, properties in Australia etc.

3.????SPPAM (Sponsorship, PR, Promotions, Advertising and Marketing).

As mentioned if you are looking to grow your network and want to go attend various networking events, in the South West in particular you are able to pay for various network memberships through BBX. If you’re looking for any marketing assistance, we have social media experts, digital marketing agencies, content writers and graphic designers. We have business to business and business to consumer advertising opportunities plus much more.

4.????Training - for you and your team.

Training covers quite a broad scope. We have businesses that offer training in first aid, mental health, health and safety and much more. Allowing your staff to operate at their best level and ensuring continual professional development.??

5.????Staff Incentives

You can use BBX to reward your staff in various ways. This can include meals out, staff parties, team building days (such as shooting days, go-karting, axe throwing all tailored to your needs) or by setting up a staff card where they can save up to go on holiday.

6.????Charitable donations?

We have a number of charities on BBX to which you can donate any surplus BBX you wish them to have. This helps the charities access the same services a business would.

They may have a requirement to print banners for an event, have an expert update their website, use a social media agency to gain more presence etc. The charities are always grateful to receive any BBX donations as it again helps them from using the cash donations they receive on these services, meaning the cash donations given, can go towards those they are helping.

7.????Wealth Creation – such as buying properties, buying businesses.

People seem surprised when they find out that this is available on BBX. Admittedly it’s not every day a property will come up, however, it has quite regularly and we currently have a property and two businesses on BBX available.

8.????Value Adding – this is a creative use of BBX.

As a hotel, guest house, holiday let or Airbnb owner, you’re probably aware that people tend to book 2 nights (Friday and Saturday). By using BBX to incentivise people to stay longer, your business generates more income.

It could be that you put an offer whereby if they book for the extra night they receive a meal voucher to a nearby restaurant or have a bottle of champagne or a hamper provided, all of which you can obtain on BBX gaining valuable extra cash income.

If you want to boost your customer service rating, you can send flowers as thanks to new customers or even send them a meal voucher at a restaurant.

9.????Carbon Off-setting

Sustainability is coming more and more to the forefront of people’s minds. We work with a company offering UN regulated carbon credit. If you’re concerned about your carbon footprint, you can use your BBX to offset your impact and pay with new business.

How to think about your BBX

A good way to think about it is as a way of investing in your business, through having the non-primary functions you need or would like, purchased via BBX. I know I bang on about it, however, it does mean that cash generated by the business, can then be kept to invest and grow the business.

One thing I would like to clarify is that BBX is there for businesses to sell their product or service if they have spare capacity.

This may mean that a particular business you are interested in may not necessarily have spare capacity on BBX at that point in time. It doesn’t mean that they never will, it just means that they are currently too busy (a good thing I’m sure you’ll agree) with day to day work.

For example, if you need business cards within the next few days, it may not be possible for the business you want. However if you can plan and are able to wait to have your business cards printed within a certain period of time, it’s something that BBX can definitely do.

It’s just a case of managing your own expectations. You won’t be able to buy a helicopter or Ferrari on BBX (although we did have a very nice Mercedes for sale not long ago) but there are certainly many other useful and interesting items available.

Contact us if you have any queries!

Hopefully, I’ve explained and clarified how BBX can be used within your business. If you have any queries relating to what is available on BBX then please feel free to contact me. We currently have 6500 businesses in our directory; I and my counterparts would be more than happy to go through them with you and how they can help you and your business.

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