Don’t set aside the future as you put out the fires of today

Even as you execute your business continuity plan, ongoing work must be done on your credit union’s overall strategy. Here’s how to do it.

Let me be clear here; this article is not about crisis strategy, which involves contingency planning and business continuity planning for dealing with identified crises as they arise. It is about the formulation and reformulation of the regular ongoing strategy of the credit union during times of organizational stress. Setting aside your preparation for the future to concentrate solely on putting out the fires of today can be detrimental to the long-term viability of the organization.

I’ve had several calls from credit union CEOs over the last few weeks requesting guidance on a couple of topics relating to strategy. Their first concern is whether all existing strategic initiatives should simply be put on the back burner until we see the much-hoped-for, light at the end of the tunnel. My answer to that is a categorical no. Your competitors are not going to rein in their efforts to win the allegiance of your members. As far as is possible, under the challenging circumstances, there is an even greater need for quality strategic discussion now than in stable times.

The second question I’m being asked relates to how best to evaluate the relevance of existing strategic initiatives in light of the extreme volatility that’s resulting from the COVID-19 pandemic.

 

continue reading »