Wrapping up 2016: A holiday review

by Sarah Marshall, North Side Community Federal Credit Union

If your credit union is anything like most businesses, fourth quarter and the holiday season mean excess! — Excess loan demand as members scramble to borrow money for Christmas presents, holiday travel, New Year’s parties and other unexpected expenses.  Excess candy, sugar cookies, chocolate donuts and holiday fruit baskets as vendors start sending treats as an annual thank you. Excess busyness as friends schedule holiday parties and time with loved ones while at squeezing out year- end profit at work. Maybe it means excess time standing in lines if you are the type of person brave enough to do your holiday shopping in stores instead of online. With so much activity, it’s easy to get caught up in the immediate moment. Lights, parties, decorations and gifts all serve as distractions from the bigger picture.

It’s also easy to celebrate the good and be anxious about the challenges ahead in 2017. Year end is a momentous time, both personally and corporately. It marks an end of one year of accomplishments and obstacles, and offers a clean slate for the next.  As with all businesses, credit union leaders sit down to write budgets and put together strategic plans for the upcoming year.  We set new goals for our employees and envision what can be built in the next year.  Even so, it’s easy to approach the planning process with a sense of obligation and task orientation.  Don’t let this busy time slip by without spending some time laying the foundation for a strong upcoming year. Your strategic plan and budget aren’t just check-marks off of your to-do list. Those responsibilities are the bricks that build the credit union vision.

Reflect: Do an internal and organizational self-check of what went well and what did not in the past year. Review the strategic plans that were written last year, and try to identify what events caused them to veer off track. Perhaps turnover in a key role is an indication that succession planning should be a higher priority in the upcoming year. Perhaps a large project went more smoothly than anticipated. Understand the processes that made it come together well.  It is worthwhile to evaluate the ‘why’s’ of what worked and what didn’t.

Reframe:  Sometimes the projects and products you launched weren’t as successful as anticipated. In some cases, after all is analyzed, external situations have created circumstances that were beyond the credit union’s control. Obstacles always create opportunity – if nothing else, it provides an opportunity to think differently about processes and procedures. If something didn’t work, establish what the new priorities are, or how the project needs to be reimagined to be successful.

Refocus:  Strong leaders set goals, but they also establish a vision. Remind credit union staff of their why.  Think about who the credit union is serving, and remind each branch and department how the credit union is made up of ‘people helping people.’ Reward and motivate people around the mission of the organization, and establish standards and goals that are connected not only to the balance sheet, but the strength of service culture.

Reinvest: Leverage your time and resources. It’s impossible to do everything. After doing an organizational scan and setting new goals, make sure everyone on staff is using their time to their highest and best priority. For example, if employees are wading in piles of paperwork, a paperless system may save time and productivity. Don’t outsource everything, but sometimes small projects or improvements that can be outsourced can have a disproportionate impact on morale, image or productivity. Don’t be afraid of investing in better infrastructure.

It is an investment of several hours of time, questions, and genuine conversations.  We are all functioning with limited time at this time of year. However, a year- end review may be the most valuable hours you spend ending 2016 well and pushing toward a strong 2017!

Sarah Marshall

Sarah Marshall

Sarah Marshall is a consultant in the credit union industry, and can be reached for partnership and speaking opportunities through Your Credit Union Partner. Her background in community development includes ... Web: https://yourcupartner.org Details