Strategy or execution: What’s more important to your credit union’s success?

Research has shown that only about 8% of leaders excel at both strategy and execution. So, with limited resources at your credit union, which is more important to your success? Of course, the answer is: BOTH!

But how?

Credit union strategic planning sessions that ask these two questions “What are we great at?” and “What are we able to achieve?” is a step toward successful strategy and execution. Instead of coming up with big visions and asking already task-saturated teams to take on more, start small with those two questions.

Another reason to start small is your budget. Execution is often delayed because, ‘We just don’t have the budget for it.’ Linking your budget to the strategy is essential. I always tell my team, “Never say I didn’t have time; instead say it wasn’t a priority,” and see how fast the important things start getting done over the urgent fires. The same goes for budget. If you identify something as a priority but never fund it, is it truly a priority? You may have to experience some necessary endings and shut the door on some legacy products, services or other budgetary items to make room for the new, more important items that will make and keep your credit union relevant.


continue reading »