Plansmith Blog

3 Activities to Start ASAP this Fall

Posted by Sue West on 9/23/19 11:32 AM

Oh, Autumn. The changing of the leaves, the crispness of the morning air... and the crunching of numbers?

Yep. We're bankers. It's what we do. And fall, it's the perfect time for some of our favorite - and most crucial - banking activities.

Here are the 3 game-changing activities Plansmith recommends starting as early as possible in the fall:

  • Set Goals that are aggressive yet attainable.
  • Design a Playbook of action items that must take place in order to be successful.
  • Create a Financial plan that reflects, monitors, and adapts to change.
1. Set Goals

Goals - whether strategic, annual, quarterly, or otherwise - are kept as rock solid keys to the success of the institution itself. They are most often unique to your organization, but too often kept internally between upper management and the board. We suggest you broaden your goal setting to include all individuals and departments that may influence reaching these goals, which means just about everyone!

2. Design a Playbook

Easier said than done you say, and I might agree had I not experienced the power of developing a company playbook firsthand. A playbook takes your goals to a whole new level by describing what actionable activities need to take place to reach these goals. They should be easily shared and monitored on a regular basis. This may involve a small investment in a tool that helps you track this process and is simple to use, such as Plansmith's StrategyGPS™.

3. Create a Financial Plan

Now that you’ve established where you’d like the organization to go, it’s time to form a financial plan that demonstrates how you’ll achieve it. Growth, pricing, other income generation, and expense control are all part of your financial map. Most of us actually start here then figure out how we’ll get to our numbers. However, if you begin with a corporate plan of action, or playbook, the numbers will follow suit. You can’t grow loans without needed demand or forfeiture of interest rate, or can you? For example, by developing an action plan of targeted markets you can experiment through the use of a financial model to find the proper balance between growth, offering rates, and the overhead costs associated with accumulating that business.

So, take your time and don’t put the cart before the horse. Stay true to these key plan development suggestions and your numbers should “fall” into place.

Click here to learn how Plansmith can help with these 3 important activities.

Topics: ceo, bank strategy, strategy, community bank budgeting, bank mission vision core values, credit union planning