Relationship First Then Transaction
People sacrifice their relationships for a short-term gain (transaction).
Have you ever had this happen to you?
Loan sharks are notorious for this kind of behavior. They don’t care about you. All they’re after is the bottom line—how much money can they make off of you?
A transaction-first person thinks:
- I want my money from you.
- I don’t care about you. Just give me the deal.
- I’m willing to give up a wonderful relationship with a friend for a short-term gain.
Many business owners charge massive monthly interest rates because of this faulty thinking. They say to themselves, "I’ll have to charge you 20% per month just to get my money back because I won’t even get half of that back over the life of the loan."
In other words, they’re not expecting you to repay them in full, so they’re going to extort as much out of you as possible. Then they kick you to the street when they’re done. Or sue you for the remaining balance.
BUT WHAT IF they treated you like a human, built a relationship with you, and then asked you to repay?
"Ah no that would never work!” you may say.
It wouldn’t? I beg to differ. In fact, this is exactly how we’re building one of our fastest growing companies—Educate.
Educate does this. They put relationship first and are invested into the well-being of their customers. And they ask kindly for repayment. They charge a nominal 2-3% per month versus the astronomical 20% or more that their competitors are charging.
And guess what? They have a 98.5% payback rate on the thousands of loans that they issue.
Treat people as they want to be treated. They’ll appreciate it and treat you that way in return. And don’t be in a habit of sacrificing relationships for your bottomline. That’ll never produce long term success for you.
(photo via oxfam int'l)
Posted on August 15, 2016
by Tim & Tommy filed under