sonnie10:



Honestly, the only reason I decided to overlook it is because these days I have decided to stay away from avoidable stress. My peace of mind is paramount now. Even if he decided he was not going to supply the whole cement, I would still not have done anytime.

Yes, peace of mind is paramount.
3 weeks ago I gave someone work( personal work) of 70k I paid him 30k initial payment bcs I know him very well.
Day1 -day 5 the guy cover only 2pec of the job 10day along the line the guy cover JUST 5pec of the work , the work he supposed to finished within 4-5days oo.
The guy will show up to 10min work and leave ones he sees that we are not around ( off to work)
After 10days I see that the guy is not ready to do the work even if I give him 100 days.
I just called him to forget the whole thing and I engaged another guy immediately , young guy to do the job, boom the guy Finished it up within 3days at lesser price.

To refund part of the money become sky rocket scientist to him.
I don’t even stress myself I just overlook it.

Dirkcoyt:
Put yourself in the dealers shoes. The cement business is not even as easy as you think. Today it goes up tomorrow it’s coming down. They’re only struggling with the business too . Some days the loss will be too much the intended profitin future will only balance up and no profit made.

My supplier was lamenting to me then I told him one thing. Look you run a business the people paying ahead are also trying to dump the inflation gap on you to bear the loss. You also need to be smart to dump the loss back at them . Tell your customers you can only hold for 1month , more than that sorry you have to pay more. Why do you intend to pay 3-6 month down without picking it up if not that you’re trying to dump the inflation gap on the not so astute businessman?

those dealers usually pay manufacturers to produce in bulk for them and that's how it's done. No one takes the effects of the inflation because they order bulk goods and sell making profits on my funds.

sonnie10:



Honestly, the only reason I decided to overlook it is because these days I have decided to stay away from avoidable stress. My peace of mind is paramount now. Even if he decided he was not going to supply the whole cement, I would still not have done anytime.

My mental health matters a lot to me. That’s why I’m working hard to save from things I can control instead of having unnecessary stress on things I have no control over.

_______

On the flipside, I paid a guy some thousand of dollars some years back to get me a Toyota Venza. I didn’t see the car nor my money.

One day, I decided to put a call through to the guy and told him “Bro, I’m not dragging anything with you on this issue. Please just feel free with me and let’s find amicable way to manage this issue.”

I don’t want someone to start looking for me with gun just because he felt I’m pestering him because of my money.
My life is more valuable than a Toyota Venza

The mistake has been made and I’ve learnt my lesson. There are stores where they do pay and pickup and I chose not to buy from them.

________

In January, I made an arrangement with a delivery guy to assist a client to purchase 10 bags of cement.

Till date the guy has not delivered the cement or refund my money
It’s either LASTMA has arrested him; VIO block road; tire removed; his mummy is sick or he’s in traffic.

I just moved on and made a refund to the client. Lessons learnt.

Na help o I help o!

________

#ThisisLagos

spyder880:
I have been reading some of our submissions about the possibility of paying for materials with the intention of picking it up later, and the fear that the sellers may refuse to release your complete quantities, or insist on refunding your money and I am getting increasingly shocked here. When has Nigeria become that bad?

I give someone a large deposit running into several millions and he is making some transactions with my money, with the understanding that they will give me my supplies at our agreed price, and I walk in 3 to 6 months later and the dealer refuses to supply me because prices has changed, why did I pay you in the first place? I paid you to hedge on inflation.

In my experience, the dealers are happy that I pay early, they immediately deploy the funds and order heavier quantities and stock them. Most of my dealers are heavy stockists, offloading trailers and in a day. I have a dealer who offload up to 5 long trucks of cement in a day, pay him and he pays BUA, Dangote or Lafarge immediately and your supply is assured. He will be turning the money over till you come for your goods, in my case I just call, give me 50 bags, he will check and say, now remaining 150 bags? I will say, yes. And my goods will be loaded. I pay only transportation and loading charges.

Business is all about integrity, and I cannot be doing business with those I cannot trust, these guys I pay for goods hasn't disappointed me even once in the last 23 years, their children grew up to continue transacting with me, and maybe my children will grow up and continue with the business arrangement, I dont think they will start now to disappoint. These guys know me too, and we have mutual respect for each other. I will give examples.

The time Y16 iron rods jumped from N5,900 to N6,400, I had over 200 rods paid for. The time POP cement jumped from 3,600 to 7,500, I had 140 bags paid for, and I later collected it, even as it took time due to non availability. There are times I pay for 1,000 bags of cement at the same time, and we monitor how I take them, no matter how long ago it is. I just maintain a file to document all such transactions.

I constantly do this, there are reputable business people that have integrity and are reliable, look for them , don’t have such issues so far in construction

early this year bought about 120 tonnes of tmt tiger iron rods , included was 50 tonnes for a project I dint start till about 4/5 months later , not even purchased the land for construction then , no stories , been buying iron rods from him for more than 10 years, price difference was close to 60k par tonne at supply

Recently my cement supplier told me 3/4 weeks ago cement was going to go up from factory by 300 , said I should pay in advance to lock in prices, normally supplies on credit , I did at 3520 , just supplied this week . 1800 bags

Paid for cdk tiles 2 months ago at the advice of the sales rep , price went up 2 weeks after , they were disturbing me since to come and pick it up , space was not ready , only received first batch of 3 trucks last week . Will stretch the others to November ending

If you cannot hedge by buying ahead , how do u save on projects then ? Look for the right peeps

@brabus , all must get sense

I have experienced it however in other lines of business , there are some Chinese coys we buy corrugation paper from , paid well ahead as my manner is to ensure continuous supply to the factory , as there were scarcity locally and internationally, and prices were rising , they refused to supply after giving half of the order , compromise was a price in between what I paid and the new price which was a 100% increase

rmx:


I constantly do this, there are reputable business people that are have integrity and are reliable, look for them , don’t have such issues so far in construction

early this year bought about 120 tonnes of tmt tiger iron rods , included was 50 tonnes for a project I dint start till about 4/5 months later , not even purchased the land for construction then , no stories , been buying iron rods from him for more than 10 years, price difference was close to 60k par tonne at supply

Recently my cement supplier told me 3/4 weeks ago cement was going to go up from factory by 300 , said I should pay in advance to lock in prices, normally supplies on credit , I did at 3520 , just supplied this week . 1800 bags

Paid for cdk tiles 2 months ago at the advice of the sales rep , price went up 2 weeks after , they were disturbing me since to come and pick it up , space was not ready , only received first batch of 3 trucks last week . Will stretch the others to November ending

If you cannot hedge by buying ahead , how do u save on projects then ? Look for the right peeps

@brabus , all must get sense

I have experienced it however in other lines of business , there are some Chinese coys we buy corrugation paper from , paid well ahead as my manner is to ensure continuous supply to the factory , as there were scarcity locally and internationally, and prices were rising , they refused to supply after giving half of the order , compromise was a price in between what I paid and the new price which was a 100% increase

Yours is on different scale. I’m sure you forgot the volume of cement you do in a year is more than consumption of some town in a year.

They’ll fight hard to have you na

Good morning and may we be able to afford the beautiful things we want.

Compare and contrast

https://www.nairaland.com/6845828/lets-build-beautiful-gate

Dirkcoyt:
Put yourself in the dealers shoes. The cement business is not even as easy as you think. Today it goes up tomorrow it’s coming down. They’re only struggling with the business too . Some days the loss will be too much the intended profitin future will only balance up and no profit made.

My supplier was lamenting to me then I told him one thing. Look you run a business the people paying ahead are also trying to dump the inflation gap on you to bear the loss. You also need to be smart to dump the loss back at them . Tell your customers you can only hold for 1month , more than that sorry you have to pay more. Why do you intend to pay 3-6 month down without picking it up if not that you’re trying to dump the inflation gap on the not so astute businessman?

Once you pay in advance and the cement distributor pays in advance with your funds before any price change occurs from the manufacturer , there is no reason they should not supply you at that old price , they get commission also , remember

The issue comes when they have to store it for you for sometime , warehousing comes with a cost, that’s where relationship comes in and also if they value the volume of business you do With them regularly. Most people with such issues will be people that buy once a while and small quantities I reckon , I think spyder also alluded to that

n3xt:




Yours is on different scale. I’m sure you forgot the volume of cement you do in a year is more than consumption of some town in a year.

They’ll fight hard to have you na

It’s all about saving cost for me , am so wired that way . Profit /cost saving starts by buying right is my mantra , not by using less

rmx:


It’s all about saving cost for me , am so wired that way . Profit /cost saving starts by buying right is my mantra , not by using less

You’re doing great! Bode is blessed to have you

rmx:



Paid for cdk tiles 2 months ago at the advice of the sales rep , price went up 2 weeks after they were disturbing me since to come and pick it up , space was not ready , only received first batch of 3 trucks last week . Will stretch the others to November ending

Why don’t you buy this from Emeka shop or Mr Giwa in Orile?

That’s exactly my point.

How many people here are going to do 3 trucks of tiles?

_______

Some people will read this and go ahead to make downpayments with shady and unscrupulous businessmen.

rmx:


Once you pay in advance and the cement distributor pays in advance with your funds before any price change occurs from the manufacturer , there is no reason they should not supply you at that old price , they get commission also , remember

The issue comes when they have to store it for you for sometime , warehousing comes with a cost, that’s where relationship comes in and also if they value the volume of business you do With them regularly. Most people with such issues will be people that buy once a while and small quantities I reckon , I think spyder also alluded to that

You're right Sir, its like a football game where the team depends on the passing game to advance against their opponents (inflation) the objective is to score (profits). As soon as a client pays, the money shouldn't last long in the contractor or builder's account, you pass to the dealer, who loops the ball into the 18 yards box only for the incoming manufacturer to execute a scissors kick and there's a goal.

Problems arise when people hold on to money for too long, with big dealers, storage is never a problem because they have extra stores and warehouses all around different parts of the market and even beyond. Their goods keep coming in and stored for the owners to come for them. Warehousing comes with a cost, but some of these dealers owns their warehouses which they lock till they need to move goods from there.

Then again, we are forgetting one of the most vital economic issues, the cost of funds. Every business person knows how difficult it is to obtain interest free deposits from their customers, only the most trustworthy of businesses enjoy this benefit. Cost of capital is saved for any dealer whom the customers trust enough to deposit huge sums to, they will not have any need to borrow from banks on high interest. These funds can even be deployed to other uses like importing more goods, asset acquisition or new property purchases. I dont see any reason they shouldn't be happy we are trusting them with our money for a period of 3 months to 1 year. Imagine the turnover and the expected profits over such a long period of time.

But like I will always say, select strong businesses where you are sure they won't disappear tomorrow. There are people I can beat my chest and say they are more trustworthy than banks. Even without an agreement, they can do honest businesses with you and never cheat you. I have had to deposit large sums to people, and maybe call them a day later to remind them to prepare an invoice, and that I wont pick up till I start the new project. Also, these dealers trust me, I can call and say, move 200 bags of cement to so and so places, without paying a dime, they will move the cement and send me their account details and total cost later, sometimes a week later. There was a dealer I quarrelled with because he didn't send me his cost for over a week, I nearly even forgot about the supply.

It's all about integrity, business thrives and is much easier if there is integrity.

n3xt:


Why don’t you buy this from Emeka shop or Mr Giwa in Orile?

That’s exactly my point.

How many people here are going to do 3 trucks of tiles?

_______

Some people will read this and go ahead to make downpayments with shady and unscrupulous businessmen.

Due diligence is required all the time

Could have gone ahead to do a transaction with a major importer of Spanish tiles, we discussed a proposal where I was to pay 50% advance , and the tiles will be imported at a good discount to what he sells , would have had no issues going that route , just felt I had a better deal at cdk . With both, objective is always to save money while getting best of quality , that’s the only way i know

n3xt:




Yours is on different scale. I’m sure you forgot the volume of cement you do in a year is more than consumption of some town in a year.

They’ll fight hard to have you na

Where are we going in this country? After this post, I thought he was a builder, clicked on his username to feed my eyes on his projects and guess what I saw

https://www.nairaland.com/329224/2008-white-toyota-camry-unbelievable

That was a tokunbo vehicle being offered at 3.6m one year after production in 2008.

Today, the vehicle is now 15-16 years post production. Guess how much the same tokunbo is being sold?

Here sir

https://www.nairaland.com/6794680/2-units-2007-model-toyota

spyder880:


You're right Sir, its like a football game where the team depends on the passing game to advance against their opponents (inflation) the objective is to score (profits). As soon as a client pays, the money shouldn't last long in the contractor or builder's account, you pass to the dealer, who loops the ball into the 18 yards box only for the incoming manufacturer to execute a scissors kick and there's a goal.

Problems arise when people hold on to money for too long, with big dealers, storage is never a problem because they have extra stores and warehouses all around different parts of the market and even beyond. Their goods keep coming in and stored for the owners to come for them. Warehousing comes with a cost, but some of these dealers owns their warehouses which they lock till they need to move goods from there.

Then again, we are forgetting one of the most vital economic issues, the cost of funds. Every business person knows how difficult it is to obtain interest free deposits from their customers, only the most trustworthy of businesses enjoy this benefit. Cost of capital is saved for any dealer whom the customers trust enough to deposit huge sums to, they will not have any need to borrow from banks on high interest. These funds can even be deployed to other uses like importing more goods, asset acquisition or new property purchases. I dont see any reason they shouldn't be happy we are trusting them with our money for a period of 3 months to 1 year. Imagine the turnover and the expected profits over such a long period of time.

But like I will always say, select strong businesses where you are sure they won't disappear tomorrow. There are people I can beat my chest and say they are more trustworthy than banks. Even without an agreement, they can do honest businesses with you and never cheat you. I have had to deposit large sums to people, and maybe call them a day later to remind them to prepare an invoice, and that I wont pick up till I start the new project. Also, these dealers trust me, I can call and say, move 200 bags of cement to so and so places, without paying a dime, they will move the cement and send me their account details and total cost later, sometimes a week later. There was a dealer I quarrelled with because he didn't send me his cost for over a week, I nearly even forgot about the supply.

It's all about integrity, business thrives and is much easier if there is integrity.

Very well said . The kind of advantage Integrity , trust , reliability gives in business cannot be quantified. Many are just too short term in there thinking.

michlins:
those dealers usually pay manufacturers to produce in bulk for them and that's how it's done. No one takes the effects of the inflation because they order bulk goods and sell making profits on my funds.

The thing is people do it with not just dealers they do it with the retailers too. How do the retailers they do it with offset the inflation gap?

Itsrm:


Where are we going in this country? After this post, I thought he was a builder, clicked on his username to feed my eyes on his projects and guess what I saw

https://www.nairaland.com/329224/2008-white-toyota-camry-unbelievable

That was a tokunbo vehicle being offered at 3.6m one year after production in 2008.

Today, the vehicle is now 15-16 years post production. Guess how much the same tokunbo is being sold?

Here sir

https://www.nairaland.com/6794680/2-units-2007-model-toyota

, naira don spoil

We bought that vehicle early 2009 . I think close to 20k $ . Guess what the exchange rate was then

Good afternoon and Happy Sunday.

Please is flow switch good for overhead tank on a building? If not, any suggestion?

Thank you.
cc topsy
n3xt

kopell:
Hummmm wisdom of wealth creations. Oga sypder880 as given everything out for those young people that go to the club every weekend and spend 5k naira and above and those that choose to buy iPhone load credit to waste on social media. Rethink, you can do same over time. Stop wasting your resources, these are the secrets to build wealth not yahoo, yahoo. overtime it will be a great wealth base. Things don’t happen overnight.

Itsrm:


Where are we going in this country? After this post, I thought he was a builder, clicked on his username to feed my eyes on his projects and guess what I saw

https://www.nairaland.com/329224/2008-white-toyota-camry-unbelievable

That was a tokunbo vehicle being offered at 3.6m one year after production in 2008.

Today, the vehicle is now 15-16 years post production. Guess how much the same tokunbo is being sold?

Here sir

https://www.nairaland.com/6794680/2-units-2007-model-toyota

There’s nothing wrong with us in this country. It’s only racketeering and profiteering that has ensnared us.

To think I bought same car in 2014 (6 years after production) at N1.850 and now (14 years later) it’s double the amount

The price you pay for giving some people the benefit of the doubt.
Also spent money correcting the low-quality and badly erected steel used for the roof.

I am just trying to be calm for now.....

I give grace to people until I have none left for them, then I respond.

EgunMogaji2:


Truly sorry to read this mate.

Olusojisorunmu:


Aventures is your best plug Sir.

Okay sir. I will consider when it's time.

bukolo:
Good afternoon and Happy Sunday.

Please is flow switch good for overhead tank on a building? If not, any suggestion?

Thank you.
cc topsy
n3xt

Yes it is good.

Based on your water level, it will open or close the electrical circuit generally used to pump water.

n3xt:


There’s nothing wrong with us in this country. It’s only racketeering and profiteering that has ensnared us.

To think I bought same car in 2014 (6 years after production) at N1.850 and now (14 years later) it’s double the amount

All around the world, vehicles are classified as liabilities. Here they are assets

Thanks for your response.

One more thing,what about the longetivity of the pumping machine?

n3xt:


Yes it is good.

Based on your water level, it will open or close the electrical circuit generally used to pump water.

Itsrm:


All around the world, vehicles are classified as liabilities. Here they are assets

Cars are asset to wannabes and freshers

bukolo:
Thanks for your response.

One more thing,what about the longetivity of the pumping machine?

I didn’t get your question here.

Some couple of smart ac /water switch left


You can reach out….

n3xt:
Alternatives To Door Subframe Any ideas?

Pros, Amateurs, Baba Latis & Jack-of-all-trades

... ...

Dirkcoyt:


The thing is people do it with not just dealers they do it with the retailers too. How do the retailers they do it with offset the inflation gap?

business is an understanding between two people. If you find someone who you understand, you do it with him or her.

If not, wait until you can pay and pick up

EgunMogaji2:


Truly sorry to read this mate.

I think I just saw you on elebu road? The bike scare me

twinskenny:
I think I just saw you on elebu road? The bike scare me

Guilty as charged

All you people storming Ibadan without wetting the ground, there’s God o.

twinskenny:
Some couple of smart ac /water switch left


You can reach out….

I’ll take one to test with my system if affordable. You know I’m a retiree living on pension and dollar is not smiling anymore - lol.

Itsrm:


All around the world, vehicles are classified as liabilities. Here they are assets

It actually depends.

Are we talking about a Ferrari F40 or a Trabant?