Our blueprint for inspiring and transformative strategic planning sessions
“It’s their plan, not our plan.”
That’s what comes out of credit unions’ strategic planning sessions when they work with CU Strategic Planning, according to Sr. Director of Strategic Planning Services Jessica LaRocca.
Strategic planning should be used to help credit unions make sense of their future. It should provide clear direction and a flexible approach to achieving what the credit union defines as success. Ultimately, the goal is to improve the lives of their
credit union members and communities. A strong strategic planning facilitator will guide discussions – even challenge them – but not tell a credit union’s leadership team what its strategy should be.
Steps for Rock Solid Strategic Planning
Jessica shared that the discussions that occur at our credit unions after this one exercise can be highly enlightening for them as well as us as facilitators. Some realize for the first time that they’re all rowing hard in their canoes but in different directions. These dialogues help the entire leadership team begin to coalesce around a single North Star—the mission and vision of the credit union.
One of our recent strategic planning sessions was at Fort Randall FCU in South Dakota. CEO Julie Thomson shared, “We knew what we wanted; we just didn’t know how to get there.” After the strategic planning session with CU Strategic Planning, the credit union is progressing “in a direction that is helping us grow and better serve our communities.”
Jessica continued, explaining, “We perform a deep financial analysis where we compare them to their credit union peers and other Community Development Financial Institution peers. The visuals that come from this research can be eye-opening. The areas they need to grow and opportunities in their markets become clearer.”
“Our market analysis,” she added, “really digs deep and usually provides shocking information for the credit union. It highlights the demographics and where the greatest need is in the community. We recommend some ideas on possible programs to offer members that have worked for our other credit unions.”
Finally, credit unions can’t leave their strategic plans to sit and gather dust after the planning session is over. A successful strategic planning session should leave the credit union inspired and working toward its strategic goals. Our credit unions receive a comprehensive report after each strategic planning session. CU Strategic Planning provides action steps with accountability from our credit unions’ strategic planning session. After six months, we hold a follow-up meeting to help keep the implementation of the strategy on track.
Why Good Strategic Planning Matters
Even when credit unions haven’t let their plan sit on the shelf for a year, it can stand some refreshing sometimes. While the overarching strategies won’t change often, the objectives and KPIs under different strategic goals might shift, so revisiting strategic planning every year is crucial for credit unions.
“When you don’t do your strategic planning each year, individuals or entire groups of people might veer off course, and your team might be rowing again in different directions,” Jessica advised. You might add in other programs or products that don’t align with your mission or vision. It’s something credit unions need to do every year to stay on track.”
Regularly performing strategic planning:
- Uncovers insights about your position in the market
- Establishes a solid foundation for future growth and sustainability
- Anticipates challenges and provides effective solutions
- Fosters adaptability
- Aligns forces
- Encourages foresight and fuels innovation
- Leverages collaborative wisdom
Strategic Planning is an Ongoing Process
CU Strategic Planning’s approach is a comprehensive process that includes a thorough review of your financials, your market, your vision and your priorities. Our preparation and research contextualize the process, guiding our credit unions through evaluating their core values. Core values are necessary for the creation of relevant and achievable strategic goals.
For example, this background work allowed us to collaborate with SMW 104 FCU in California last fall to formulate new relevant core values, mission and vision statements. CEO Sherry Javad expressively affirmed that the new statements “speak to [the credit union’s] true commitment to whom we serve proudly. Inclusive statements that genuinely serve the underserved, transforming lack into abundance and reigniting our passion for what we do.”
Jessica added, “I’m very passionate about helping credit unions help other people. I love seeing them grow.”
Next Steps
Our most successful credit union partners prioritize yearly strategic planning sessions and embody those strategies in every decision and action. New Orleans Firemen’s FCU stands out, demonstrating the seamless integration of its mission and vision into every aspect of its operations, with compelling results.
Please get in touch with Jessica LaRocca here if you’d like to learn more about Strategic Planning with CU Strategic Planning.