Over the weekend the US Federal Government agreed to rescue struggling Citigroup Inc, which will absorb potentially hundreds of billions of dollars in losses and injecting fresh capital into the troubled financial giant.
I ask myself, what it is that these financial companies doing wrong or did wrong in the past? But it just goes to show that no matter how big company get, it shouldnâ€™t get bigheaded in its success and forget who butters its bread. But somewhere along the line, a lot of companies forgot the three basics of building a good business that will survive any financial crisis. These three basics are:looking at the future, earning customer trust, and being able to manage the business well.
I canâ€™t stress enough about trust. I believe as long as a customer trusts a company products or services, (s)he is going to come back. But just as success, trust is easy to find â€“ but maintaining that level of trust is the hard part.
The Governmental system in Dominica is a good example where people have trust in the abilities of those who were elected to govern. But itâ€™s not only the governmental system many people have lost trust in, but theyâ€™ve lost trust in each other, and that kind of mind-set can bring crisis to any economy.
I’m curious to hear your thoughts on the present global financial crisis.