Plansmith Blog

In perhaps the most overused sports quote of all time, hockey legend Wayne Gretzky said, “I skate to where the puck is going to be, not where it has been.” That piece of advice is usually used to inspire people to look ahead to emerging markets and business opportunities. Right now, however, I think that quote can serve as a guide for us to examine where this is all going, and how we should be planning for what’s coming next. We know where the puck has been; rates have dropped to historic lows, the stock market has plummeted, most of you have closed your lobbies to commercial traffic, and you’ve probably taken numerous other steps to try to limit the impact that this pandemic will have on you and your bank or credit union.

Everyone probably has their budgets in place for 2020 by now. And now comes along the Coronavirus and messes everything up. The Fed has already lowered rates by half a point. So, now you’re scrambling to figure out how this will impact your 2020 plans?

Seems like you have a few choices:

I know my numbers, but how do I communicate them to others within my organization?

Everyone relates to numbers, no matter who you're talking to, but not everyone reads them in the same way. So, how do you make the most out of your conversations with everyone who needs to relate to the same numbers?

Most of us have been building annual budgets forever. First on paper spreadsheets, then with electronic spreadsheet like Excel, and now with software budgeting tools that amount to little more than more convenient spreadsheets. But a budget is typically all numeric built with trending and last year’s information. Usually the CEO provides a growth and earnings expectation and we build the budget to make the math work. If you have a system that can also provide rate risk analysis and draw detailed data from your core system, you really have a great system. So, what’s the problem?

A budget without a Playbook is just numbers on a page.

But many managers say they just don’t have the time or resources.

Plansmith’s Playbook is a simple online platform to help you create clearly defined initiatives, track progress, and reach your targets by creating an action plan for your budget.

Technology is a beautiful thing. It allows people to seamlessly engage in business interactions from thousands of miles away. It helps strangers grow real, meaningful relationships. It bolsters professionalism and deepens client/company relations.

However, we find it can leave you feeling like something’s missing.

After almost 50 years in the biz, we've learned a thing or two about banking. And since most of our employees have spent time in the industry, we know the heavy hitters that keep bankers up at night.

That's why we designed our business around one specific goal: giving our clients one less thing to worry about.

Running a successful business, like anything worthwhile in life, is difficult. Of course, the same can be said for operating a bank or credit union.

There's never enough time in a day to get everything done. The amount of work per number of hands to accomplish it isn't equitable. The number of new regulations versus training bandwidth is not even close to on par.

"It was a very informative two days. It was also helpful to learn different ways to navigate through the tabs and fields in the Compass program."
 

We had nine bankers in our office last Thursday and Friday attending our first 2-day event, and what a success it was! We had a great group ranging from new clients, new users, and more established veterans, banks from $240 MM to $1.6 B in assets, men and women from diverse backgrounds, traveling in from near and far. The group was excited to share thoughts and ideas, and interested in ways we can help them enhance their understanding of the planning concepts and models.

“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.”

- (Not) Charles Darwin

It’s true.

Although this is a pretty great quote, Darwin never actually said it. It was an attempt by Dr. Leon C. Megginson, Louisiana State University Professor of Management and Marketing, to capture the essence of Darwin’s seminal “On the Origin of Species” for a 1963 speech to the Southwestern Social Science Association. The text of the speech was subsequently published in the Association’s quarterly journal, and the rest is quote-misattribution history.