Why Your Strategic Plan Is Failing

by Mark Arnold

We’re about halfway through the year now. How is that slice of awesomeness you called your strategic plan working? You know, the plan that was going to change everything about your credit union or bank. The one that was going to ensure you hit your loan and growth numbers. The one that was the strategic plan to end all plans.

We spend tons of time conducting strategic planning sessions at our financial institutions. Yet many of our plans die and don’t get implemented. But it’s not too late. You still have several months to make a course correction and get your plan back on its path to greatness.

Here are a few problems (or reasons) why your strategic plan is failing (and more importantly, what you can do about it):

Problem: Your plan was stupid—That’s harsh but it may be true. An unrealistic plan, one that didn’t consider trends or a plan focused on the wrong issues will all lead to failure. Think of J.C. Penney: their new retail plan failed badly because it was simply the wrong strategy.

Solution: Start fresh—Plans are just that: plans. Rather than keep working on an unwise strategy it might be best to admit your mistakes. Don’t wait until the upcoming planning cycle. Start now. Just like your computer, sometimes the best move is to simply hit the restart button.

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