Where are you compromising?
By Mark Arnold
Life, both personal and business, is often a series of compromises. Compromise is often a necessary step towards attaining a desired greater goal. It may not be the easiest thing to do, but sometimes must be undertaken.
Some things, however, we are much less likely to compromise. These tenets can include our faith, morals and beliefs. The same applies in business. As banks and credit unions, there are some things we generally must compromise in order to conduct daily business. Other things, however, we must cling to. These include:
Rules and regulations. This is a fairly simple one. While these may not be near and dear to the heart like other examples, rules and regulations (no matter how seemingly burdensome and superfluous), are enacted to be followed. For financial institutions, such rules and regulations might include edicts handed down by the NCUA, FDIC and CFPB.
Brands and identity. Enormous amounts of time, money and planning go into brands and corporate identity. If you don’t live the brand at your bank or credit union every day you risk tarnishing and losing it. A lost brand is next to impossible to re-earn. Don’t compromise it. An example of a compromised or degraded brand is Toyota. Beset by a series of major recalls and safety concerns several years ago, Toyota has been forced to work diligently to revive its once sterling brand.
The best interests of your customers or members. They’re why we’re in business. If we fail to take their best interests to heart every day and factor them in every decision, we may as well shut the doors now. If it’s not the right thing to do by your consumers, don’t do it.
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