Commonsense Vs Greed

The most successful people in business didn't implement only the practical and theories they learned in business school or college. They also implement many things they learn from humans' actions, choices, decisions, and many things life taught them. They add wisdom, understanding, kindness, discretion, compassion, and commonsense, among other things.

Also, anything else they think will make their business more profitable. Common sense is one of the most significant elements that allows many companies to stay profitable for many years. Intelligent and innovative people use it in every business decision they make.

Many who failed followed the rules they were taught in college or wherever, but they add something the successful ones didn't. They add greed, dishonesty, incompetency, and they took humanity out of providing services for humans. They add a lousy attitude too. Greed and dishonesty are a component that I have seen in many businesses in my country. I don't see commonsense in many areas of business here in Jamaica, but I see greed.

I will be traveling in a few days, and the Airlines are demanding a Negative COVID 19 Test. I shopped around to get the best price, as it's not free. Several laboratories are charging J$8000.00.

The US dollars, or green gold as some call it, is heavily traded daily in Jamaica. The rate goes up daily, and many dishonest and greedy businesses increase their rate over the weekend, even when there is no trading. The tactic is to buy low and sell high.

The Western Union rate depends on the state it's coming from. Today's rate is Jamaican $149.82 to 1USD. So selling to these banks and Cambios can be as low as J$122.00-USD $1. However, businesses that need USD to purchase goods and or materials sometimes must pay more than J$150.00 to USD 1.

Back to my COVID 19 test.

A few Labs are asking for USD 50 or J$8000.00. I love the ingenious but innovative way used to get the USD at a better rate. Many will believe that they are paying less than the required amount. In reality, they are. That is if they pay in USD.

When you have a foreign exchange account and sell your bank your USD, they give a lot more than what they are selling non-account holders. The implications of COVID 19 have affected the world's economy and the personal income of billions. So, saving on everything is on everyone's mind. And businesses should be more compassionate towards customers.

Plus, if the consumer thinks they are saving, they will spend more.

One lab was greedy. They wanted US$60.00, which is more than J$8000.00. So they will have to buy their USD at a higher rate.

Replacing greed with commonsense is costly to everyone, especially with the world's economy struggling to recover. Greed will devour your business and profits over time, but common sense will help to keep it afloat. It is so simple and so powerful the lack of it can destroy your business.

Commonsense is a tool and only costs us if it's not used.

Greed is a weapon and will cost you when it's used.

Use the right one!

Thank you for reading this piece. I hope you enjoyed it.