Back3 lessons and 3 observations There was a story in yesterday’s Financial Review regarding the Union Bank of Switzerland moving away from small retail clients to focus on larger clients. Apparently this decision has been driven by a range of factors including regulation and declining margins for smaller retail customers So, is there a message […]
3 lessons and 3 observations There was a story in yesterday’s Financial Review regarding the Union Bank of Switzerland moving away from small retail clients to focus on larger clients. Apparently this decision has been driven by a range of factors including regulation and declining margins for smaller retail customers So, is there a message here for all of us? Quite possibly! I certainly take the view that: Our resources are best devoted to profitable sectors There will be an increasing trend towards focusing on niches There are services better provided by automated online capabilities Very few of us are not aware of the importance of continually assessing the profitability of each sector of the business. Fewer I suspect are sufficiently focused on dropping business that is profitable but does not achieve a desirable level of profitability There is worldwide an increasing trend towards focusing on niches, understanding those niches,…