What's the problem? Is it the economy? The regulations? The FDIC assessment?
I had a rewarding week last week. I talked with over 60 bank CEOs who had attended past Boot Camps. They're happy. Having record profits. Having fun.
Go figure.
Didn't they get the memo?
More than half were in the top 5 percent in earnings compared to peers. Almost all were in the top 10 percent.
They weren't depressed at all. They are, in fact, seizing the moment.
While the "herd" mentality is pushing the pause button to work on asset quality issues, cutting back employee pay, dealing with the fallout of employee morale and spiraling downward in hopes that the "economy" comes back to save them, others are getting smarter and strengthening their lead.
What if bestselling author Harry Dent is right about the "coming depression"? He isn't always right, but he has been at times. What if the economy gets worse and stays there for over five years? Will cutting salaries and travel really save you, or will it be the last nail in your coffin?
How do you think disgruntled uninformed employees as a key strategy will work?
Blaming the economy will only keep you from pulling ahead. Get over it. Close that back door.
Pull up a chair. It's time for you to have an authentic conversation... with yourself.
What ARE the things within your control that you're not controlling?
Do you still have order-taking employees? Lenders who chase their tails on deals, only to come up with a "We can do this deal IF we match the rate" story? Marketing dollars that aren't getting massive ROI? Unskilled employees who work hard getting nowhere fast? Service that's good, but not good enough to create a feeding frenzy of high-profit new accounts?
Ask yourself this... what is your score on a 1-10 on each of the following? Be honest now.
- Customer service
- Sales skills
- Sales management
- Sales mindsets
- Differentiation to position you as a premium-priced player
- Strategy to target high-profit accounts
- Accountability
- Culture infused with a "bring it on" attitude
- Strength of middle management to execute your plan
- Executive team focused and executing well
- The right strategies in place
- A one-page strategic plan with all employees' work plans tied to it
Tell the deeper level truth, then get busy closing your gaps. The truth WILL set you free…
