On strategy: The importance of strategic planning for credit union boards

5 tips to ensure your strategic plan is leading to the right place

If the ladder is not leaning against the right wall, every step we take just gets us to the wrong place faster. – Stephen Covey

What a great quote—and it’s so true in so many ways. It’s like the quote from Alice in Wonderland, “If you don’t know where you’re going, any road will take you there.” So, what do these quotes have to do with credit union boards and strategic planning? Read on and see.

Strategic planning is critical for the board of directors; not only is it a key role and responsibility of the board, but it establishes a coherent and unified direction for the organization. The strategic plan guides the credit union in fulfilling its mission, goals and its response to both opportunities and challenges in the financial services market.


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