Tom Luxsox Coins

Nickel Dime

Do you Favor the Fast Nickel or the Slow Dime?

I first heard about the “fast nickel/slow dime concept” early on in my investing days. Real estate people use it all the time as they would think about selling. Should I take less money now (fast nickel) or hold out for a higher price later (slow dime)?

I have applied this fast nickel/slow dime concept to all parts of my business life. I am always deciding between designing fast nickel models that generate immediate cash flow, or building long-term, slow nickel relationships and scenarios that have a better chance of paying a much higher return over the long haul.

I decided to take a poll among some of my friends and colleagues to ask what they thought about the concept of the “fast nickel and the slow dime”, which they preferred and why.

Boy! Talk about a loaded topic! The answers surprised even me, so I thought I’d share a few, and then chime in with my own.

“The way I see it, if your pipeline is stacked full enough, you have enough slow dimes coming in to maximize profit potential. The only reason to go for the fast nickel is out of desperation for work.” ~Pete

“For me, the fast nickel beats the slow dime any day. So buck common wisdom. Take a fast nickel over a slow dime.” ~ Judy

“Slow dime every time. Nickels usually wind up costing you a dime of effort anyway.” ~Ed

“I more often will hold out for the slow dime.

It's important to know I consciously decide with each deal what it will be. So there is not a straight answer except that I am usually looking for steady long-term residual income, so a slow dime.” ~ Ken

“A fast nickel is better than a slow dime. McDonald’s doesn’t make much profit per burger, but they sell a lot of burgers and they make a lot of profit.” ~ Jim

All pretty interesting, right?

As for me, I have always used both concepts in my business. When times are slow, I go for the fast nickel to pump up cash flow, and when times are good I am always working on the next slow dime project.

I have always believed that cash flow is king and if you need cash flow, fast nickels are easier to come by than the slow dimes. I have built businesses intentionally on the fast nickel idea because it allowed us the time and good fortune to work on some longer-term slow dime opportunities. When customers have a positive fast nickel experience working with us when risk is lower, we can earn enough of their trust so they can move with us into the slow dime level.

That being said, when you are able to create something of value to bring to the market place and it has long-term potential, I am a big fan of the slow dime— a return that continues to pay over and over turning lots of dimes into lots of dollars. You might ask why not go for the dimes to begin with and forget the nickels. After all, once it’s up and running, the slow dime business seems to be way less work than chasing the fast nickel. But we sometimes forget how long it took to build that slow dime business in the first place.

My opinion is to have a nice balance of both. This allows for a much calmer ride through the business cycles.

About the Author

About the Author:
Steve Kennedy is a professionally trained and certified co-active coach with a passion for "The Game of Business." With over 25 years' experience in creating, building and managing a dozen successful businesses, Steve's ability to partner with clients and adapt to their culture has been key to his success. Steve understands the challenges people face in the business world. Steve just authored an exciting new book titled, ‘Winning the Game of Business: The Entrepreneur's Quest for Ultimate Success’, due late Spring 2007 To find out more about Steve visit: http://www.winningthegameofbusiness.com

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