Plansmith Blog

The banking industry is complex, and it’s only getting more intricate. For successful organizations, budgeting and forecasting are the foundation of strategic financial planning. They guide decisions, manage risk, and ultimately steer the organization towards its goals. However, striking the right balance in the level of detail included in these crucial processes, namely budgeting and forecasting, is a delicate art. Go too granular, and you risk getting lost in the weeds, obscuring the bigger picture. Provide too little, and you lack the actionable insights needed for effective management. Finding that "just right" Goldilocks zone is paramount.

We’ve all been in meetings that weren’t exactly productive. You know how it goes…

• The meeting begins with little to no agenda
• You waste most of the time discussing off-topic subjects
• Debates over seemingly meaningless items end up derailing progress
• Someone ends up creating more questions than solutions
• The meeting takes an hour longer than it was scheduled for
• The team walks away with no clue what to do next

I can talk about social media all day long. And all night, for that matter.

Social video is hot right now. So hot in fact that 90% of users say that product videos are helpful in the decision process (Hyperfine Media).

With so many different community banks offering so many different products, banks often ask us how they can better compete on product offerings. If a bank is offering two checking accounts with no monthly fee, three with rewards, and one with insurance, what should a competitive bank offer in response?

Trust. Nearly a decade after the global financial crisis, banks are still struggling to win it back from the general public. According to a recent study from Brunswick Group, only 27% of Americans trust banks. And globally, 56% of people favor smaller, more personal banks – this provides community banks with a huge opportunity.

Read this guest blog by Kevin Masi, Co-Founder & CMO at Torque Digital, to learn how proposal software is defining their brand and could influence yours.

Since I started my business in 1992, we’ve always looked for ways to improve our marketing, our finances and our operations. As we’ve gotten better, what I’ve also found is that these three areas are much more interconnected than I had ever considered. Or maybe it’s more accurate to say that because of growing competition, the need to differentiate ourselves from competitors is more critical than ever. Brands are the expression of what makes a business different and valuable to the market. And we are beginning to see all the ways that operations affect our brand – and seeing how our handling of financial matters also affects our brand.

It's a new year. It's a good time to evaluate performance and revisit overall bank strategy. The new year also means looking into sales techniques. Of course you focus on prospective clients, but what about everyone else? Who is everyone else? Good question...

New Year - New Clients?

It's true, it is a new year. What happens when the new year hits? Sales goals are reset, people are desperate for change and everyone is presented with a fresh start -- ready or not. If it sounds overwhelming, you're not wrong, but let's focus on the positives.

In this time of chaotic newness lies beautiful opportunity. This includes the chance to earn new business, as well as the opportunity to maintain current clients and win back former ones. It's definitely an exciting concept, so let's dive in!

Thank you to everyone who attended the March 2016 Financial Compass Roundtable!