Good morning.

How big is too big? That’s a question I asked myself after reading an article about Wells Fargo just this morning.

The tarnished reputation bank is in the spotlight again with another fine for ripping people off by selling them things they didn’t need. Matter of fact a 1 BILLION dollar fine. WOW right? Sounds like a lot of money right? 

I learned long ago to ask the question “compared to what?“when something comes up like this. When one looks closer to Wells Fargo’s last quarters 6 BILLION dollar profits, it’s just a drop in the bucket…And nothing compared to it’s 1 TRILLION dollar company evaluation.

Do you think this will make a difference to Wells Fargo?Even with the largest fine ever handed out to a company by the Consumer Financial Protection Bureau. 

I think not.They have reached a level where even the laws that are set to protect us the consumer aren’t even adequate anymore. The fines they can acure don’t exceed the profit potential that is gained.

Leaving a company to run recklessly in a market full of uninformed consumers.

The same battle has been going on for years with cold calling or telemarketing in the real-estate industry. Laws have been set up to protect the consumers from people bombarding their phones and pestering them.

This hasn’t stopped the advancements of people’s willingness to follow the rules. Matter of fact realtors just use more technology that circumvents the system. With products such as 3 line dialers that call 3 people at once or using automated machines to do the calling. Blasting thousands of phone numbers at once.

Wherever money is to be made it always seems someone is willing to break the rules so that they can make more. No matter what the cost. 

The sad thing is that these systems never focus on treating us with respect. These systems are set up by a profit driven model…Not a people driven model. It’s a ME ME ME model.

They fail to recognize that all people really want is to be treated right. To be looked at as a real person and not a number. If these companies focused on an approach that centered around its people then they wouldn’t know what to do with all the business.
Just like when I wrote about Chick-Fil-A. A customer focused business model that is crushing it.
Instead, these companies keep marching to the same tune. Blasting people out of the water and paying their fines. Sadly it’s the approach that is just taught in our business world today.

But it’s not one you have to adapt. That’s why we changed to a Value Driven Approach to doing things. Everything is centered around a Purpose Value Driven Approach.

You just don’t have to do business that way. 

If you like what you read then please write back.  Thank you so much and I look forward to hearing from you soon.

Chad

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