NIGERIA’S CASH CRUNCH: LESSONS FROM MY NEIGHBOURHOOD MARKET
As average and low-income Nigerians continue to grapple with the hardships caused by the unexpected cash crunch (Yes, we signed up to new currency and not cash shortage in a cash-dependent economy), 💁♀️ I have picked some lessons from the traders at the market close to my house.
1. BE FUTURE READY
There are now three groups of traders in the market: the ballers, the hustlers and the lookers. Too bad.
The ballers are those with bank accounts and internet-enabled phones who can access their bank apps to verify transfers instantly. They are able to exchange goods and get paid through bank transfers.
The hustlers (sadly so) who have basic phones depend on SMS alert which may not come fast enough for the customer neither would they want to part with their goods without payment confirmation.
Tell me, who has that time? I’d rather patronise the baller that won’t waste my time.
The lookers are hardly making any sales. I wanted to buy pineapples the last time I went. I approached the woman and asked if she accepts transfers as I was stranded myself. She answered “No bank”. I was sorry for both of us but more for her. I could easily get pineapples elsewhere but she had lost a sale!
Those who have bank accounts and can operate android phones did that way before this sudden policy. Guess what? They have turned themselves to price-setters since the buyers’ options are now limited.
See sense!
We’ll come back to policies later.
Whether as a professional or entrepreneur, you must be ready for the future at all times. The world is changing rapidly and most policies are heavily influenced by politics in a lot of places. That means that you may not be able to influence policies but the ability to project into the future of your work or business helps you position for the eventual opportunities.
2. DON’T SLEEP! — LOOK OUT FOR OPPORTUNITIES AND TAKE THEM FAST.
And there’s yet another group. The core business people.
They offered POS (Agent Banking) services before the cash crunch began. They swiftly came to the aid of the hustlers that have basic phones by helping them process payments from their buyers, having a mini-record book to document each seller’s sales and sorting out the transfers later. Guess what? It comes at an extra fee to them as well!
How many times have you wallowed in how terrible this policy is at this time (which I agree with) than seeing how your business can provide value that will in turn generate income from it?
Dear Professional, how often do you see the problems in opportunities first before seeing the prospects? How often do you complain about the ever-changing industry standards instead of preparing for the certification and strategically positioning for opportunities?
3. BE STRATEGIC
To be candid, we didn’t see this coming but here we are!
For every job/business/project you venture into, you must engage in strategic thinking and strategic partnerships.
See how the hustlers have partnered with Agent Bankers to get their payments sorted? They didn’t need any policy or bank to tell them what to do. They strategically thought their way out.
Per time, you must understand the people you need in every season. You must know:
- The people you have to get through
- The people you have to embrace
- The people you have to kick out!
Yass, not every friend/colleague/business partner is relevant in every season. If they would be a baggage, yank them off! #ISaidThat.
Here are the few lessons I have picked. Have you learnt some other ones? Feel free to share. And if you’ve got some cash, please send my way. I’ll gladly do a transfer.
Cheers to a beautiful weekend!
