The business development function at many credit unions across the country has enjoyed a renaissance of sorts in the last few years. In the past, BD was often seen as a driving source for new members and new revenue, particularly as it related to select employee groups (SEGs) and SEG development. As credit unions continue their march towards more inclusive fields of membership, however, BD professionals have seen their focus and energies directed more towards the community at large.
Whether it is focused on SEG or community involvement, business development is still a critically important function for credit unions. However, it is not something to tackle solely with the efforts of qualified and dedicated business development personnel. For business development to realize success, credit unions must move beyond looking at it as a single person or even as a department and see it in a more strategic light — and also the responsibility of every staff member, including the president and the executives.
Sean McDonald, President of Your Full Potential, notes “The business development function is essential in today’s ultra-competitive marketplace. Not only do credit unions need business development but they also need to make sure that the employees that are charged with carrying out the duties are well-versed and have the proper experience, training, understanding of the role, and passion to get the job done. Considering all of this, it should simply be assumed that business development would be represented in the C-Suite.”
In your business development efforts, your CEO is your secret weapon. Why is credit union executive support in business development so important? Consider these reasons:continue reading »