The number of Fs your credit union makes

February 10, 2020 by Frank Allgood, Your Marketing Co.

There’s evidence to suggest a cooling economy. Economists point to GDP growth that is limping at a slow pace. Even the Credit Union National Association is predicting “slower economic growth, more uncertainty and more consumer caution will slow credit union growth.” In CUNA’s third quarter report, after a five-year average of 10.1% loan growth, the national trade association is predicting 5.5% growth for 2020.

So, it’s time to cut expenses fast, right? Well… not so fast.

A Harvest Business Review study found companies that do that have the lowest probability (21%) of pulling ahead when times get better.

Should we invest boldly? HBR’s study suggest only 26% fare well after a downturn.

Actually, HBR’s study suggests a balance of “defensive and offensive moves” having the highest probability (37%) for success.