No, the title doesn’t contain a typo. Or a missing word. But it is missing something: lost opportunity.
When it comes to many strategic initiatives, financial institutions can have a case of the “nots.”
- “We’re not going to train our staff because it cost too much money.”
- “We’re not going to invest in branding because we don’t see the value.”
- “We’re not going to conduct a strategic planning session this year because it’s a waste of time.”
Sometimes there are valid reasons for not doing a particular project. The investment might be too much, the timing might not be right or the project load may already be too high.
However, in many cases let’s call the “not” disease what it really is: an excuse.
When examining whether the cost is too high, the time involved is too much or some other reason credit unions and banks must also consider the cost of NOT doing a particular strategy or project.continue reading »