CFO Focus: An economic foundation for strategic planning
Current trends call for credit unions to focus on leadership optimism, employee retention and achieving key objectives.
One absolute in life is that downturns in the economy are inevitable.
Currently, the global economy is moving lower into an economic valley that could negatively impact your members—and, therefore, your credit union. If your members have no debt, plenty of equity and decades of working (in the right industry) still ahead of them, they may not feel a recession. But other people—and the organizations that serve them—will face financial challenges.
W. Edwards Deming, a world-renowned consultant, said it best… “It is not enough to do your best; you must know what to do, and then do your best.” This is perhaps the biggest takeaway when approaching your strategic planning in the coming year. Understanding where your credit union is positioned, as well as the direction of the economy and its impact on your members, will give your credit union the upper hand against its competition.
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