Most of us hate planning. So why would I want to start now, when I could wait until the usual time next year?
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
Only part of a successful strategic plan lies in the plan itself. A good plan, just like a recipe, is important. But any good chef will tell you, choosing the right ingredients is only half the challenge. The rest lies in executing the recipe properly.
So, how can your bank or credit union make a better strategic plan?
Here are some simple tweaks to the ingredients and execution of your strategic planning recipe.
I was playing golf the other day and, of course, while I’m playing I’m thinking about work, which is a bad idea since I should be concentrating on my game. But I’m always thinking about ways to make planning more effective. My thoughts today were on variance analysis. Everyone uses variance analyses in their board reports to check progress against plan and it is certainly a good check. At board meetings we review our current position relative to last month, year-to-date and last year-to-date, etc.
As a company passionate about the value of planning, we have our own strategic plan. Like most, we would gather for a few days every year to review our mission and vision, discuss our market opportunities, develop objectives, determine action plans, and assign responsibilities. But, I am ashamed to admit, just like many companies we never really executed as well as we should for a number of reasons.
So, you decided to open a new branch? This comes after you’ve spent hundreds of thousands of dollars on new electronic delivery technologies. It also comes after we just hit a record for financial institution branch closures. And let’s also add the fact that lobby traffic has reduced by 10 times the rate of those branch closures. Given these facts, how can you know if you’re making the right decision?
Garry Kasparov. You might only know him as a former world chess champion; perhaps the greatest of all time.
Don't let your bank fall victim to outdated preconceptions of strategy. Traditionally, strategy has been made out to be a big, scary word. It sounds daunting, dark, and almost threatening. Or, at the very least, kind of boring. But what you're thinking of is the strategic planning of the past.
Make strategic planning a priority that your team will take ownership of in a positive way. Here's how to put a fresh twist on your bank's strategy.
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.