The characteristics of money are durability, portability, divisibility, uniformity, limited supply, and acceptability. These are all critical characteristics of money. But how do we use the characteristics of money to our advantage for successful business?
Durability
Durability of money is such that it can be used over and over again; hence it must survive wear and tear for long periods. In business you cannot always rely on paper money coming in so branch out and allow for online transactions. In other words the fact that we cannot always deal with paper money is an opportunity to expand your business beyond the paper and achieve greater durability through online transactions.
Portability
Portability is that money must be able to go wherever such that it is easy to transport as people travel. Why not ensure that your business products can be accessed wherever money is portable. Enable pay pal, visa transactions and any other transaction platforms that are possible in your country that encourage the portability of money. So make your goods available to the extent of the portability of money.
Divisibility
This aspects deals with the fact that money must be easily divided to enable a person to buy different products. When you own a shop make sure that the shop offers different products which allow for different denominations. So if a person walks in wanting something for a dollar there should be something in it for them. So let your goods and services allow or encourage customers to spend different denominations. Think little extras which have different values.
Uniformity
Uniformity of money calls for a standardization of money so that it looks the same. Ensure that your products have a specific branding standard which is recognized in different parts. Let you products be uniform so that they are easily recognizable.
Limited supply
Limited supply states that money is only valuable if it is in limited supply. Once in a while in business provide products that allow for high demand. This will improve sales for some sections of your products. Produce some goods in limited quantities so that they become more valuable to people.
Generally Acceptable
This deals with the fact that the form of currency must be acceptable. If we are to do business then we must ensure that the business enables that the exchange that occurs is acceptable in terms of the value that we are to receive. Only sell a product or service that is going to return to you a currency whose value is acceptable to the survival of the business. If the currency is not acceptable to what you need to achieve then branch out to a new market with an acceptable currency.
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