Strategic planning—now there are two words that can strike cynicism and frustration into the hearts of any bank or credit union executive. And with good reason.
Financial institutions spend a great deal of time, money and energy on strategic planning, all too often with sketchy results. The refrain goes a little something like this: “Year after year, it is the same old thing. We talk and talk and nothing gets done.”
Unfortunately, these are all too often the results of traditional or old-school bank and credit union strategic planning sessions. A group of well-intended and committed executives get together in a boardroom or somewhere off-site, share a good meal and brainstorm ideas for the future. Somebody takes notes, compiles the report, and shares it later with the participants. There are about 97 action items to complete, all front-and loaded into the first half of the next year.
This is about as inspiring as watching paint dry. And you can do a whole lot cheaper by actually watching real paint dry, for all the worth that too many strategic plans have.
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