Add inspiration to your ‘tough times playbook’
What to do if you decide you need to adjust your strategic plan
Many are concerned that the next few years could be financially tough for credit unions, even if we avoid recession. Tight liquidity, escalating cost of funds, inflation-driven operating expense increases and accelerating loan losses are just a few of the strategic challenges the industry faces.
Raise your hand if you’re tired of disruptive industry events. OK, noted. Now, what to do about it? You’ve survived shocks before, probably some pretty big ones. Take a moment to remind yourself of the takeaways from those times and how they can be used to adapt to the current environment. That knowledge can serve as a deep source of optimism, inspiration and energy, especially through tough times. Read on for more ideas to add to your “tough times playbook.”
Should we adjust our strategic plan?
Depending on your situation, plans may need to be adjusted, which can be incredibly disappointing. The important thing is to keep strategy as the guiding light as adjustments are made. Whatever your strategy is—perhaps it’s becoming a leading choice for payments, offering top-notch multi-channel experiences with personal guidance when needed or building a business banking experience that rivals local competitors—continue to work toward it.
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