That’s where bartering comes in.

At a time when businesses have to stretch every dollar, bartering can be a strategic tool for saving cash while acquiring necessary resources without spending capital.

Barter is almost as old as civilization itself. Neighbors who knew each other would barter or trade for services or items they believed were at least of equal value. That system can still work within communities, but most often, both parties do not have a “like in-kind need” for one another’s goods or services. In other words, it’s difficult to make a match both parties want.

In this digital age, though, it’s possible to find bartering partners across the city or across the country. Through third-party barter exchanges — in which members pay a commission for goods or services traded — more complex trades are possible. These digital capabilities are one of the factors driving a resurgence in bartering.

Doug Rio, owner of Amazing Air Inc. in Aurora, Illinois, has been trading HVAC services for more than 20 years. He says the main reason he barters is customer acquisition. In his mind, once a trade client experiences his service, they will be a customer for life — and tell their friends. He’s used his trade dollars on an answering service, electricians, paving, three printers, advertising, and — of course — dining out.

The story behind Amazing Air is tied to a remarkable customer experience. Doug Rio was once applauded by a customer for completing what was typically a two-day job in less than eight hours. The customer’s response — “That is amazing” — was the inspiration for the company name.

What can be bartered? Advertising, printing, public relations, website creation, and social media campaigns are popular. In addition, people offer and seek services such as child care, home repair, cleaning, landscaping, and computer repair, not to mention professional services like optometry, accounting, legal services, plumbing, and HVAC work. Restaurants and hotels are also interested in barter — in this case, to fill empty tables and guest rooms with customers they may not otherwise attract.

The best way to manage bartering today is through a barter exchange, most of which operate locally or regionally. Here’s how a barter exchange works:

A business lists its products or services for trade through a barter exchange. When someone barters for those goods or services, the business receives a trade credit, or “barter dollars,” based on the dollar value of the good or service offered. It can then use those trade credits to “purchase” goods or services offered by other members.

As a result, small businesses and sole proprietorships can use these channels to market to new customers and build a valuable network. The barter exchanges offer arbitration in the case of a dispute, and they keep track of the bookkeeping. This is important because barter transactions are considered taxable income and must be reported to the IRS.

HVAC professionals can thus obtain needed services or goods for their office without spending cash.

Bartering turns downtime into a valuable commodity, but it shouldn’t form the basis of an HVAC business. Barter should only be 3-5% of a business’s annual revenue; therefore, a business owner shouldn’t spend more than a couple of hours a week on these ventures.

There are two more reasons to consider adding barter to your financial portfolio. While less concrete, they are just as important.

Bartering encourages sustainability through the repurposing of goods and services, supporting the “circular economy.” It also builds relationships and encourages collaboration among individuals and business owners who may not agree on anything else. Mutual respect and trust are building blocks not only of businesses, but of our entire economic system.