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WHY DO STRATEGIC PLANNING?
Today’s competitive environment is fierce. Any businesses
today without a plan cannot possibly hope to succeed. A
plan helps you to better focus on prospects and manages
growth. You’ve probably heard the phrase “That
how we’ve always done things” a thousand times.
But doing things the old way won’t help you grow
today. Members are changing. Technology is changing. Employees
are changing. Competition is changing. Strategies and processes
that worked in the past may not be as effective because
everything is changing. In the last twenty years, we have
seen the Credit Union industry shrink by nearly 50%.
Today, financial products are fast becoming a "commodity." To
remain competitive, a Credit Union must offer a wide enough range of products
and services to satisfy the needs of its members. To stand out in the marketplace
today, however, a Credit Union’s products, services or technology
must be unique or exceed the competitions whenever possible.
As we look around the marketplace, it seems that banks, brokerage firms,
car dealerships, insurance firms, and retailers that have entered the
financial arena, have realized that simply offering products and value
in service offerings are becoming standard for financial services. Credit
Unions that are able to clearly identify their core differences, ones
that have a vision and a plan for the next 3 to 5 years, have a higher
chance of attracting and retaining members in the future.
WHAT ARE THE TOP ISSUES FOR A CREDIT UNION TODAY?
From FOM changes, declining loan to share ratios, the need to increase
members and attract volunteers, any one topic is more than enough of a
reason to consider strategic planning. Other topics to consider discussing
are:
- Financials
- Lending
- Deposits
- Non-interest income
- Technology
- Human resources
- Field of membership
- Facilities
- Product penetration
- Products and services
- Marketing and PR
- Capital position
- Business development
- New technology
- Customer/member Relationship Management (CRM)
- Branding or name change
- Succession planning
- Physical office/staffing needs
- Charter conversion
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