Strategic planning DOs and DON’Ts

Now that we are well into the third quarter already, many credit unions are in strategic planning mode for 2019.  As you begin your credit union’s strategic planning process, here is a list of Do’s and Don’ts to guide you to success.

DO: Include your marketing person in the session.  Otherwise this key person and area of your credit union’s growth will be flying blind.  Not including marketing in the critical thinking and planning for the future is like buying a gun and not getting any bullets.

DON’T: See it just as a regulatory requirement.  If you simply dust off your 2018 plan, change the dates, and put your binder back in its place on your bookshelf, you’re missing this important opportunity for growth for your credit union.  

DO: Get your team prepared beforehand.  Make sure everyone is up-to-speed on the current situation of the credit union and comes prepared to think about and discuss it’s direction going forward.

DON’T: Come into the session with the mindset of “this is how we’ve always done it.”  And don’t allow this harmful thinking to permeate the discussion and derail the critical planning process.  Employ a “greenlight thinking” approach so everyone’s voice and ideas are heard, and different tactics are entertained.  

DO: Have an outside facilitator for your session.  While the CEO may be the one in charge of the meeting’s particulars, having him or her as an active part of discussion and NOT focused on running the meeting will ensure their ability to be fully present for the meeting.

DON’T: Skip the tactical plan for how each of the objectives are going to be met.  Set a deadline for each goal and then develop a plan on how each objective will be accomplished, including required resources, team members, and/or departments.   

DO: Use your credit union’s brand elements (mission, vision, and core values) as the foundation for its strategic plan.  Reviewing these elements for accuracy during the meeting as well as aligning all of your credit union’s 2019 objectives align with the values will ensure that you are staying true to your brand.

DON’T: Overextend your credit union’s human and financial resources.  Writing a plan that includes an excessive amount of goals will not only bog down your team, but it will also impede the overall success of your plan.

Amanda Thomas

Amanda Thomas

Amanda is founder and president of TwoScore, a firm that channels her passion for the credit union mission and people to help credit unions under $100 million in assets reach ... Web: Details

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