Reboot don’t redo

Reboot don’t redo your credit union’s strategic plan in response to coronavirus.

“How do you know if you’re making the right move?” That was the question Yvon Chouinard was asked several years ago at a conference.

His response: “It’s a lot of gut instinct. If you study something to death, if you wait for the customer to tell you what he wants, you’re going to be too late. That comes from Henry Ford: Customers didn’t want a Model T; they wanted a faster horse.”

The last time I checked, Yvon Chouinard’s Patagonia was debt-free and selling $575m per year. I like his track record.

Now is a great time to ask whether your credit union is making the right moves, but we can’t know what the right move is without sufficient information. Let’s assume based on what we know that coronavirus and the social upheaval left in its wake will not go away all at once. Now let’s think about what things might look like in seven months.

 

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