Prioritize efficiency in times of uncertainty
Over the last few years, we have all become familiar with operating our businesses in highly uncertain environments. Continued murkiness surrounding the possibility of a recession, the release of sometimes-troubling monthly macroeconomic data, and the recent turmoil in the broader financial system have only emphasized the need for stability. While there is no doubt that credit unions are the safest financial option for American consumers, it’s important for us as leaders to zero-in on our leadership strategy during times of uncertainty.
In a recent Inc. article by Stacey Epstein, she analyzes how leaders can ensure their businesses move forward amid turmoil. She suggests the best way to combat the turbulent environment is to ensure your trains are moving at peak efficiency. Notably, Epstein highlights data from Morgan Stanley evaluating earnings transcripts from businesses during the most recent earnings cycle, which found that the most used word was “efficiency.”
So, how can you obtain efficiency at your credit union? Here’s what I learned:
- Focus on purpose. I’ve written about the need to outline your credit union’s purpose and find your “why” at length, and when we think about optimization and efficiency, it is that kind of organization-wide, purpose-driven positioning that will provide results. Focus your attention on the things that really move the needle toward your credit union’s goals.
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