Stop straddling your strategy
There are multiple traps and minefields when it comes to strategic planning. Focusing too much on tactics and not enough on strategy. Rushing through the planning process. Rehashing old issues.
While those are common pitfalls, one of the major mistakes credit unions and banks make with strategic plans is waffling. In other words we sit on the fence and don’t make strong, bold decisions. In an effort to gain consensus we want everyone in the room (executives, board members, etc.) in agreement about the strategy.
While unity is indeed a key to success the result of making sure we hold hands and sing “Kumbaya” might be a straddling effect. In other words, because we want EVERYONE happy with the final product we include EVERYONE’s ideas in the plan. And then we end up just straddling the fence rather than making some necessary (and oftentimes difficult) decisions.
Here are a few examples where straddling causes problems:
- We don’t have a consensus on target audiences so we end up trying to be all things to all people
- We can’t decide what the top priorities should be so we end up with six or seven strategic initiatives rather than a focused three or four
