From temporary branch closures, to a remote workforce, to a massive influx of deposit liquidity – financial institutions experienced many drastic changes as a direct result of the COVID-19 crisis. So we’ve been speaking with leaders from credit unions that have continued to grow members and revenue throughout the pandemic. Here are some shared recommendations we captured that your institution can consider when building or reworking your own strategic growth initiatives.
Build Flexible, Fluid Strategies
Joseph Walsh, President & CEO of Direct Federal Credit Union, offers a simple but effective mantra: “Plan, do, check, and adjust.” He explains that strategies require planning and action, but they also require constant attention.
He also recommends that your strategic plans should be flexible and fluid, allowing for unplanned changes or adjustments. One way to do this is to determine, centralize, and communicate fixed, strategic goals. This will help you to stay focused on these established objectives if (or when) you have to build on or change your plans.
Meeting with stakeholders frequently to discuss strategic plans will help keep goals on track while also fostering discussions that will lead to quicker, more effective strategic adjustments as they arise.
continue reading »