A Fast Nickel is Better Than a Slow Quarter

A good friend of mine, Vinnie, once told me, “A fast nickel is better than a slow quarter.” This is one of those statements that often sounds witty at the time but is usually ignored. He told me this a couple of decades ago, and I didn't give it much thought until later in my career. The original discussion was about selling items, as we had worked together in a Comic and Card collectible shop. He was saying it's great to get the big sale once in a while, but don’t count on it to pay the bills. Instead, many more minor sales would continue to keep the lights on in your store. You are more likely to sell small items to multiple people, and a small upcharge can lead to profits faster than waiting for someone to purchase the “golden goose” from your stock.

Fast forward a few years, and I began to realize that this nugget of wisdom meant a lot more than just selling comics or cards to the masses.

From a business and contracting perspective, the idea is similar. Should I take on a few more minor contracts or wait for a major one? Many starting don’t have the luxury of waiting for a big one. When you are cutting your teeth in the industry or have just started a new business, you need to take more minor contracts to pay the bills and build your name recognition.

As I think about it more, though, I can see where the logic is built into agile development. We tell developers to break things down into manageable or digestible chunks. Small pieces of work that bring value that will eventually add up to a finished product. These “nickels” add up to be “quarters” and are faster to develop. A quick turnaround allows for adjustments as needed and limits the need to pivot due to significant scope changes.

As many PMs know, scope changes can lead to costly projects if they aren’t appropriately managed. I think it’s a good idea to continue producing “nickels” instead of “quarters.”