Welcome To Strategic Planning Season

So here we go again. It’s that time of year that credit union executives hunker down and start their annual ritual of building their plan for the next year. Having gone through this process more than I wish to admit, I thought I would share some of the questions I would want asked and addressed, if I were a Board member at a credit union.

1. Who do we want to serve? Afterall, we can’t be all things to all people.  And don’t tell me we need to focus on Gen Y, because our future is beyond just appealing to Gen Y.
2. What is our value proposition and is it unique and meaningful to those we want to serve? See question 1.
3. How do we reduce friction? We need to make it easier for our members to do the things they want to do.
4. Has our competition changed? Is it the bank down the street or some new iPad app?
5. Economic uncertainty remains a concern for the vast majority of consumers. Can we do something to make people feel better?
6. How can we be more passionate in this “business” (I think a credit union is a business) and are we demonstrating that passion to our members and our audience?
7. Are we empowering our people?
8. Why aren’t we embracing shifting consumer behavior? Does our business model still work?
9. For years we have spoken of advocacy. How can we bring this concept alive in a meaningful way?
10. Banking has become something consumers do, and more many consumer, banking may no longer be reliant on the traditional bank branch. So how do we differentiate the credit union through other delivery channels?

I’m not suggesting strategic planning become tactical in nature, but I do think a “plan” should address these questions. I’m sure you have more, so feel free to contribute to this post.

Bryan Clagett is a principle driver of Geezeo’s global marketing, brand and outreach efforts. Clagett joins founders Shawn Ward and Peter Glyman in establishing Geezeo as the premier personal financial management provider in the financial services industry. Since 1987, Bryan has held a number of executive positions in the financial services industry. www.geezeo.com