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This is a common problem and highlights the need for the fundamental principle of cost of service. Firstly may we suggest separating the running of the LETSystem ie. the accounts base from that of development ie. the directory. The sterling account opening fee should ideally be used for the 3P's that is paper, printing and postage for statements.
The directory can be a service that is provided by someone within the system, and sold accordingly for cash & local to recover the costs. It may take the form of a booklet, a page on the local newspaper or an add board in a shop. However its done it's a service which needs to paid for by those using it. This could be from those paying for entries (local money of course) or the purchasing of listings or a combination.
And finally if the adds haven't changed substantially how about an interim update sheet.
Start slowly. Take only a percentage of the price in local money, say 20%, maybe only on certain lines and then only on your slack days. See how it goes. Remember you can be flexible, there is never any obligation to trade you might say I'm not taking local this month or I'm only taking 10%.
Only accept what you can spend, there is no point in running up a large credit balance only to find its of no use. Increased turnover wether cash or local is increased profit. LETS credits are real and yes, they are money just ask the Inland Revenue, they therefor are taxable as part of your profits (payable in sterling) and tax deductible if used as expenses. Baring this in mind always remember to cover your cash costs for stock, overheads & taxes.
Start your own system. Only this time make sure from the outset that people know they are trading in a LETSystem, with its five fundamentals. Then with no ownership there can be no arguments and as consent is required no one but the account holder has control over their own money. Everyone is free to trade with whoever they choose. It is certainly no business of the core group to impose constraints of any kind on trading.
You firstly need to let all the existing account holders know that you are still there. Send out statements along with some blurb about your new look LETS,thank the old team and introduce the new, and highlight the changes you've made. Get them to re list their directory entries but give them a life of perhaps two or three issues, this helps trading and maintains a line of contact. Maybe throw a social or trading gathering and get as much media attention as possible to rattle a few cages and get people to attend.
Get some new blood in the system, times have changed greatly in the last year, LETS is now not so alien to a lot of people, media coverage has put the vague idea of this funny money into the minds of many. Have a look at your literature, could it be updated.
Finally nothing beats word of mouth it is the best most effective medium. Be enthusiastic to everyone you know and those you don't. Consistently ask those already in the system to pass on the word, they can see the reasons for expanding the system as well as you can, they just need reminding sometimes.
Got a problem? Let us know and we will offer a solution.
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