Driving credit union growth through operational efficiency

All businesses go through various stages in their existence–credit unions included. After you open your doors and have some time to get things running, you naturally start to expand. Over time, however, you hit your peak–and things noticeably begin to plateau.

At that point, most organizations see a contraction–just how much depends on the situation. Then, you hit a trough.

The key thing to understand is that a plateau can actually happen at any point along the way. As you move from one phase to another, you’ll find that the strategies you used to rely on may not work as well anymore. If you continue to leverage them anyway, it doesn’t mean more growth–if you’re lucky, it just doesn’t mean an immediate contraction, either.

That’s why improving operational efficiency is so important for credit unions. This is true for a number of reasons, all of which are worth taking a closer look at.

 

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