By A. Sangeetha
sangeetha@thesundaily.com
GEORGE TOWN, Sun: After only two years, Barter
Business Network (BBN) is already planning to expand its market to other Asian countries.
BBN, which has nearly 600 clients in the country, has thus
far succeeded in owning a stake in a Korean barter company which enables its clients to
engage in barter business.
BBN chief executive officer Lim' Kean Beng said China and
Singapore are among the markets which are being targeted next where joint ventures will be
initiated with barter companies.
He said through joint ventures or affiliations with foreign
establishments, its list of clientele will have a broader spectrum of business, products
and services,
Bartering, Lim said, helps decrease cash expenditure arid
reduce surplus inventory while increasing cash flow.
"We have a wide variety of clients, from smallholders to
public listed companies, dealing in a range of businesses, including office Supplies
taxation, entertainment, electrical and professional services such as medical and legal
services," said Lim.
He explained that in order to sign up as a member of BBN
clients will have to pay RM995 and they would be listed as a life member.
Members are then given a membership card, much like a credit
card, which they can use to purchase any item from another member within BBN, he said,
adding that they do not have to use cash and instead exchange what they have.
"However, if the seller does not want. to purchase his
buyer's items, then he could do so by purchasing any other product or services within BBN
and points would deducted from your account.
"It is a very good method of selling as you don't pay
with.cash. You barter at marginal cost, conserve cash and increase sales," he said.
Lim said the idea of a barter business stemmed from the US
which has been in operation for 20 years.
In fact, he said, barter trade has grown so huge that each
state in US has its own network.
In Malaysia; members come from Kuala Lumpur Ipoh and Penang
only, said Lim after opening BBN s first barter night for .the year in Ferringhi Beach
hotel on Friday.
About 20 booths were set up where members took advantage to
trade.
Also present was BBN general manager Robert Teh.
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