Bad Chasing Out Good
There is a law in the field of economics called Gresham’s Law. This law simplified states that bad money chases out good money. This was first stated in the 1850′s when Henry MacLeod named if after Sir Thomas Gresham (1519-1579).
The law has application in business if we allow it.
Bad customers can chase out good customers. Bad customers can take up our time and energy and cause us not to focus on the good customers. The good customers get tired of this and then seek a new supplier. The business is then left with the bad customers.
Bad staff members can chase out good staff members. The average team members can frustrate the best with the result of the good staff members looking at alternatives.
We can stop this law taking affect if :-
1. we careful about the selection of clients and continually review the client base to remove the least desirable clients.
2. ensure we have performance standards in place that are enforced and rewarded.
So lets reverse Gresham’s law and make good customers and team members chase out bad customers and staff.
-
Subscribe to Major Focus Group
Or, subscribe via email:
-
Subscribe to our FREE newsletter, The Focal Point and get your FREE copy of How to have a Focused Business.
We respect your privacy: No spam mail and you can unsubscribe at any time.