As we close the books on 2016 and enter the New Year, strategy is probably top of mind for most financial institutions. Credit unions are either reviewing plans they made in the Fall for 2017 or they are busy preparing for a first-half of the year strategic planning session.
Plans, however, will remain just that—plans. Unless you are intentional. Goals are not accomplished by osmosis.
Strategy is no different than those of us that are embarking on diets, starting to exercise or eating healthier as part of our New Year’s Resolutions. All the good intentions we have will only last a few weeks (if not just days) unless we intentionally commit to achieve our goals.
So what can you do to take initiative with your strategy? Here are four ideas:
- Review your plan regularly—All too often once the strategic plan is written and documented we put it on a shelf and never look at it until the next planning cycle or until the examiners show up in the office. How often should you review your plan? At least a monthly deep dive with the executive management team. Successful C-Suite executives review their top line strategic objectives weekly or even daily (to help them make sure their financial institution is focused on the right things).