In the pursuit of profit, businesses often overlook a crucial element that can lead to greater long-term success: the power of relationships.
This is the core message from local business commentator, Emmanuel Awor, who advises entrepreneurs to sometimes prioritize nurturing valuable business relationships, even if it means a slight reduction in immediate earnings.
Awor emphasizes that this isn’t a call for reckless spending or undermining one’s business. Instead, it’s about strategically identifying and cultivating relationships that hold significant future potential.
He suggests a practical approach: “If you’re supposed to earn a profit of ten thousand naira, there are customers you may decide to keep the profit margin at seven thousand naira. Always let them understand they’re getting a discount.”
While this might seem like a loss in the short term, Awor argues that a strategic mindset will reveal a gain far more valuable than just money. “It may look like you’re losing money, but if you’re strategic enough, you’re likely to gain something worth more than just money—relationship,” he states.
He further clarifies that this approach will not devalue products or services, as customers are always attracted to value, regardless of their wealth.
Awor concludes by highlighting the immense potential of such cultivated relationships. “That relationship can turn into anything bigger than the little profit you deliberately deprived yourself,” he asserts, suggesting that strong customer bonds can lead to significant future opportunities and growth for businesses.
