That’s Insane

I think I actually saw smoke coming out of my ex- boss ears.

A potential client was pending. 24 hours promises became 96 hour promises… than few days…. And soon a few weeks.

When we chased up why the delay our compliance person always said.. well it’s because of X and Y and so we need to get a, b, and c.

“That’s insane”

With those words the compliance officer was shown into the office and although we couldn’t hear, it was obvious through the glass door, he was getting chewed out.

By lunch time, the client line was open.

I went into my boss’ office later and asked what happened.

“Simple George… I made it clear to compliance that clients pay the fees which pays their salary. So either he had to have a good reason why we couldn’t open this client or why it wouldn’t make more sense to save money and outsource his function to others who were compliant and understood basic business.”

My boss was right.

Later on, when I was working for another company another compliance person was insisting we get the drivers license of all owners of UAE sovereign owned companies. Finally when I had enough, on the recorded call, I asked him to point to me the specific regulation that made it necessary for us to ask what no one else was.

“Well it’s not required.. but we recommend just in case….”
That client line too was opened right away.

This post isn’t about poking fun at compliance, (although I did find it laughable to see compliance staff hired to regulate traders when the regulators themselves couldn’t tell the difference between a bid or offer if it hit them in the face).

It is about understanding what is core to business.

Your List.

Without an audience, you don’t have customers.
Without customers, you don’t have a business.

And so on .. and so forth…
It’s why your #1 asset is not your employees, your shareholders, or anyone else. It’s your customers.

And the value of your #1 asset is how you treat your customers, which is where treating your employees as a valuable asset comes to play.

But it all starts with attracting, providing a superior experience, and earning the loyalty and repeat business of the right type of customers.

Don’t let bean counters and “check the box” premier league players convince you otherwise.

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