Greetings everyone!
I learned that every little penny of money counts, no matter how small it is. It may not be significant at the time, but when you accumulate them, you'll see a big difference.
I have this client of mine who always begs for a small portion of the charge to be cut off whenever he comes for patronage. I would disagree, and he would start saying, "you can't remove just 100 naira or 50 naira? That small money?"
Well, that money is small when it comes to higher charges like 200k naira, but do you know that if I keep doing that for him 100 times, the 100 naira would amount to 10,000 naira? His charges are always below 5,000 naira, and each time, he kept dodging to pay 50 naira. I was recording this, and when he came around one day and began haggling, I opened my records, calculated the money the subtracted 50 naira had amounted to, and he was shocked. But he still came up with things like, "you are using that to build our relationship." Can you imagine that? This is someone for whom I reduced the cost due to long-term patronage and customership.
Ever since then, I stopped giving in to such deductions. From that day, he understood and stopped asking for reductions.
Like I said earlier, those little pennies we are letting go of, when accumulated and calculated in the long run, would amount to something big.
I don't know if this is common in your country (non-Nigerians reading this), but even 1naira counts in fuel prices. That's why if there are 5 filling stations in a city and four of them are selling fuel at 850 naira while only one is selling at 849 naira, the one selling at the difference of 1 naira will be crowded. Do you know why? For someone buying 1,000 liters, that person will save 1,000 naira compared to those buying at 850 naira.
Should we talk about the percentage points in crypto trading? You've seen how powerful those 'insignificant' decimals can be when the trade is done in large volume. In fact, in the peer-to-peer market, I can't find myself going to trade with someone offering a $0.01 lower rate compared to others.
People may call you stingy when you're trying to make sure these little pennies don't slip off your hand when you're in business, but don't pay attention to them. If you give room for that, you will be losing millions gradually, and you wouldn't know. I'm not saying you shouldn't be flexible in dealing with people regarding dashing out these little amounts of money, no, do it, but let there be boundaries to it. Just the same way you wouldn't sell your crypto to a vendor that has $0.01 less than others.
Currently, in my country due to "No crypto" policies, trading Hive to fiat goes through many processes and, in the end, the supposed $10 that was to be traded would end up coming out as $10.5 or $10.6. You can't tell me that you don't feel the little deductions.
Thanks for reading.
| Images are mine |