The competition is at the gates … so stop deliberating!

Your enemies are at the gates.

Maybe you already know that. Maybe this is old news by now. But it’s worth specifying exactly how close they are to tearing down the walls, pouring in and hauling away your deposits and loans.

Look outside the walls

So, what’s going on out there?

Aven now has a HELOC credit card that promises an approval in three steps and 15 minutes. The Klarna Card takes Klarna’s Buy Now, Pay Later business model to the next level by simplifying it’s interest-free “pay in four” system to the level of in-store use. SoFi’s online checking and savings accounts promise no overdraft fees, up to 15% cash back and 4.30% APY on savings.

These are just a few examples of the ways financial industry competitors are grabbing current and potential members from you. You can’t wait any longer to streamline your services and get creative.

But oftentimes, leaders spend too much time deliberating about these issues – not deciding on them.

Your credit union must assert itself on the financial battlefield. Your credit union must decide … well … to decide.

Master the art of decision-making

In “Traction,” Gino Wickman discusses how “Most people … rarely identify the real problem before they start discussing, and thus they rarely solve anything.”

Does this happen during your leadership meetings? How about your Board meetings?

There’s value in discussion, but credit unions sometimes hang out in discussion limbo forever. The point of discussion is decision. Seek to reach a decision about an issue each time you discuss it.

Some great ways to improve decision making are:

• Identify the root issues
• Appoint a meeting czar
• Announce a decision (with action steps)

Identify the root issues

Of course, serious issues make for hard decisions. Take Wickman’s advice and identify the real problem to make decision-making easier.

For example, a common problem credit unions have is not resonating with younger generations. This is the issue at its highest level. It’s time to drill down. Start asking “why” after each issue until you can’t anymore.

Why doesn’t XYZ Credit Union resonate with younger generations? Because it doesn’t have the digital capabilities. Why is that? Because its core is outdated. Why? Because we haven’t done a core conversion in a while.

At the end of the line of questioning lies the solution: this particular credit union needs a core conversion.

That’s just an example. Your decision will be different depending on your unique answers to each “why.” Just remember – don’t hover at 30,000 feet; start landing the plane.

Appoint a meeting czar

Meetings have a funny way of always getting off track.

Someone might show up late with a crazy story. Or someone makes a joke that starts a chain of other jokes. Maybe your discussion simply veers from one issue you’re talking about to a totally unrelated issue.

Regardless of why you go off the rails, appoint a conductor to keep you on track.

This meeting czar has the power to interrupt a story, joke or irrelevant issue to refocus everyone on the conversation. When discussion is focused, you’ll solve more issues and come up with more plans. Meeting time is for making decisions. Anything else can wait.

Announce a decision (with action steps)

Announcing your final decision doesn’t have to be dramatic. It’s merely a confirmation that everyone understands the decision and agrees on it. Simply state the decision and assign action steps to put the pieces in motion. This will ensure your decisions become reality.

Yes, it won’t always be smooth. Yes, not every decision will be a home run. But as long as you decide … you’ll move the needle.

As Wickman says, “More is lost by indecision than by wrong decisions.”

So, start making decisions today. It’s time to fight tooth and nail to keep what’s yours!