Achieving stability and success for your credit union demands a great strategic plan, and the effort to develop that plan is the most important contribution a senior team and board can offer.
But how do we plan in a world where we can’t anticipate what will happen next?
It’s a Catch-22. A turbulent world demands a plan, but dramatic, fast changes disrupt planning efforts.
Make no mistake—there’s a huge need for planning in a world where everything can change overnight. A great plan—and planning process—brings momentum, clarity, and efficiency. Weak plans—and weak planning processes—bring stagnation, confusion, and waste.
Avoiding or trivializing strategic planning is a recipe for disaster. Strategic planning success in the digital age simply requires new variables. Now, we must include adaptability and resilience, along with safety and soundness, member value propositions, and strategic goals.
Strategic planning is not an event, it’s a daily part of business. And like all year-round efforts, strategic planning requires attention, discipline, and resources. It won’t just happen, even among the most well-meaning leadership.
The following suggestions are aimed at building a robust strategic planning process for your credit union going forward.
Consider four areas, no matter the size of your credit union.
NEXT: Inputs and data