Yesterday saw the official end of circulation of the Canadian penny. The coin now costs more to produce than it’s actual face value.
Already stores have signs out explaining how they plan to deal with cash purchases in terms of rounding up or down to the nearest nickel.
So would you pick one up if you saw it lying on the ground?
See a penny, pick it up,
all day long you’ll have good luck,
give it to a faithful friend,
then your luck will never end
According to various tests and research picking up a penny will likely depend on your age. The older you are the more likely you would pick it up, quite often to add it to a collection at home. Huge numbers are never spent, just put away in drawers, jars or fall down the back of sofa’s! But the younger generations just ask, what does a penny buy you nowadays anyway? My children probably are not even aware that a penny used to actually buy something!
So what is a penny truly worth? If you saved a penny on day 1 and then doubled what you had each day for 30 days, by the end of the month you would have over $5 million! It’s called the compound effect.
The penny is a little like taking action with your personal brand. Like a big purchase, the huge shift in positioning of your brand has an immediate effect and benefit, but after a while that wears off, the novelty is gone and if you have done nothing else it leaves you (or your target audience) wanting more. However if you make small incremental changes and improvements over time with your brand then you get the pay off of the compound effect.
So instead of a toonies worth, here are some compounded penny questions to ask of yourself , my two cents worth!
- “The penny drops” – have you truly embraced and accepted that personal branding is the most important way to proactively manage your career or business?
- “A bad penny always turns up” – are you being conscious of making poor decisions or actions that can impact your brand negatively?
- “A penny for your thoughts” – what ideas and thought leadership can you share and expand upon that sets you apart and establishes your expertise and brand?
- “In for a penny, in for a pound” – when a great opportunity arises are you ready to take the step and make a real difference?
- “It’s worth every penny” – have you considered the value of making an investment in yourself with professional personal brand coaching?
Question: How are you adding a penny for your thoughts? Leave a comment below