Resolving to build a successful strategic plan

According to the Alliance Professional Group, 70% of strategic plans fail. You read that right: 70%. My guess is the number is at least that high in many credit unions. Think of your last (or current) strategic plan. How many initiatives were partially completed, deferred or flat out stopped before the plan was put on a shelf to collect dust?

Credit unions spend way too much time on worn out exercises (SWOT analysis), tactical decisions (branch locations) and minutia discussions (product rates) in their planning sessions. If you make strategic planning routine, that’s exactly what you’ll get: a routine plan—and more than likely that plan will be part of those 70% that fail.

Sometimes the best outcome of strategic planning is not greater analytic insight. It’s greater resolve.

If credit unions want more effective strategic plans, they must start with better resolve. So before you start the strategic planning process at your credit union, make the following resolutions:

• Resolve to involve all—Effective strategic plans involve every one in your credit union. Not just the board and not just the executive team. Everyone. It’s your loan officers, member service representatives and even tellers who will execute the plan so make sure you get their involvement (and buy-in with the plan). If you are acting like the Wizard of Oz creating a grand scheme behind a curtain then your plan is destined for failure. Stop dictating and start involving.

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