On Strategy: 3 strategic thinking approaches
Focus on problem-solving for your key stakeholders
Every credit union has a similar origin story: in 19XX, a group of {insert a common bond group} became frustrated with their lack of access to affordable financial services. So {insert number of founders} from {insert common bond group} decided to throw $ {insert initial capital, likely less than $1,000} into {insert a physical vessel like a cigar box} to solve this need. Today, XYZ Credit Union is a multi- {million or billion} full-service financial institution.
Throughout history, we’ve chartered a lot of credit unions. In 1969, we peaked with a total of 23,866 active credit unions. As of June 2023, only 4,686 credit unions were operating: a 21% survival rate. If credit unions want to not only survive but thrive, they need to (among other things) develop their strategic thinking muscles. This mandate is both individual and organizational. In this column, I hope to share successful approaches with the 50 or so clients I have the privilege to work with in today’s credit union landscape.
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