Is Your Strategic Plan Really Strategic?
by Mark Arnold
As we approach the end of 2012, most financial institutions are already focused on 2013 and their goals for making next year successful. Both credit unions and banks have more than likely crafted their strategic plans.
But is your strategic plan really strategic?
My guess is much of your strategic plan is actually tactical in nature. During planning sessions, we spell out our overall goals, our action steps for accomplishing those objectives and our timelines for making it happen. Those are all critical steps to take—but they are tactical.
Because we live an incredibly fast paced world, the financial services industry is changing at a rapid pace. That makes planning beyond a year extremely difficult. However despite the ever changing landscape, credit unions and banks must examine where they are going in the next three to five years (and not just next year) with their strategic plan.
How can we do that? Here are 10 suggestions:
