Whoopee! “Results are less horrible”
NYT Headline: Earnings Fall 44% at Bank of America
Bank of America’s better-than-anticipated results kick off another week of bank earnings but follow a roller-coaster week for the financial sector. Stocks plummeted early last week amid widespread investor fears, but quickly shot up after banks like Wells Fargo, JPMorgan Chase and Citigroup reported results that were less horrible than investors expected.
No, no - come back. I’m not going to beat the real estate dead horse.
That depressing mess - as big and sticky as it is - is nothing more than a symptom of the real problem. Big companies aren’t in business to stay in business these days. Most of them are so focused on making money NOW, they shortchange their systems, their employees and their customers. The right hand doesn’t know what the left hand is doing…as long as it’s counting money, nobody cares.
Very small but telling example: Bank of America STILL sends me notices about my account services, and special offers, since I’m a valued customer. One tiny problem - I’ve not had an account there for years. Little wonder nobody there connected the real estate dots before it was too late. If they don’t even know who is and isn’t their customer…what hope is there for responsible management?
So, just how is the relevant to you and your business? If you’re a small company, you can keep up close and personal with your customers. You see them live and in person (or should) on a regular basis. You can manage the company without complex computer systems. (If it’s broken before automation, it’ll be very, very broken after automation.) You can rely on good old-fashioned file folders and a filing system if need be. You can return phone calls. You can make phone calls. You don’t have to obsess about Wall Street. You can focus on real business with real people.
Tags: marketing, marketing troubleshooting, US Economy, Bank of America, real estate bust
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