You have no doubt heard the saying that doing the same thing over and over and expecting a different result is the definition of insanity. Why is it, then, that so many financial institutions fall into this trap? To be fair, it isn’t just banks or credit unions. Many businesses fall into this trap. The longer you do that, the harder it is to dig yourself out.
The same can be said of strategic planning. How many times do you review the same data, come to the same conclusions and make the same goals that don’t get met? That’s insanity. It’s insane to spend all that time and effort to accomplish so little or even worse, move backward.
Strategic planning is meant to stretch your thinking. If done correctly, it is designed to make your leadership team think outside the box, dream big and push your financial institution to step outside its comfort zone. That doesn’t mean making decisions on a whim. You still have to be responsible stewards of your customers’ or members’ money. It means doing some things differently.continue reading »