Not All Strategic Plans Are Created Equal
Michael Wolsten, Owner, Michael Wolsten Consulting
After working with dozens of credit unions, I hear so many leaders who say things like:
We have a plan that our board and team rarely look at or understand.
I honestly don’t even know where to find our strategic plan.
We have a plan that isn’t even relevant to where we are today.
And while it’s common to hear this from leaders all across the country, I also often hear:
I want a plan our board, leadership, and team can get behind and take real action on.
I want to ensure everyone’s voice is heard and get the best ideas from everyone this go around.
I want our board to not only sign off on our next steps but also really understand our vision and actions.
Every credit union deserves a compelling plan that directs its growth and helps the organization weather any storm.
As I work with leaders and their boards, there are three things to watch out for in plans that don't work:
1. Not Made Just for You: Some plans are like trying to fit a square peg in a round hole—they're not made for your organization's unique needs and feel robotic.
2. Goals Are Unclear: Plans without clear goals are like trying to find your way in the dark without a flashlight. You'll end up going in circles and never really living out your mission.
3. No One's Keeping Track: Plans that don't consistently have someone monitoring them can easily fall apart. It's like trying to play a game without any rules. Your plan needs a scorecard that everyone can easily observe and update so you can build on your success.
Now, let's talk about the good stuff—plans that are super-specialized:
1. Focus on What Matters: These plans are like a GPS, guiding you straight to success by focusing on precisely what your credit union needs.
It’s why strong strategic planning facilitators spend time surveying everyone (your board, leaders, team and you) to get to the bottom of the truth and leverage your growth.
2. Using Resources Wisely: With these plans, you're like a superhero using your powers for good because you're using your members' resources in the most intelligent way possible.
Take stock and build off Your Big 5 (Culture, Service, Growth, Finances and Systems). This helps refine your focus and leverage your efforts.
3. Ready for Anything: The right plan is like having a secret weapon up your sleeve—you're always ready to adapt and conquer whatever comes your way!
Tailored Strategic Plans: Instead of generic frameworks, develop a strategic plan that is custom-built for your credit union’s specific challenges and opportunities. For example, if your credit union is expanding into new markets, your plan should include targeted strategies for market entry and member acquisition.
Clear, Measurable Goals: Set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals. For instance, if improving member retention is a priority, set a goal to increase retention rates by 10% within the next year and outline the specific steps to achieve this.
Consistent Monitoring and Accountability: Implement a robust tracking system with regular progress reviews. Use dashboards to provide real-time insights into your strategic goals and adjustments. This approach ensures everyone is aligned and accountable.
Why does all this matter? Consider State CS Employees Credit Union, which adopted a tailored strategic plan focusing on its unique member makeup. Within a year, they saw a 20% increase in team satisfaction and a 15% boost in membership growth. This wasn't by chance—it was due to having a plan specifically designed for their needs, with clear goals and regular monitoring.
Investing in an effective strategic plan is not just an expense; it’s a critical investment in your credit union’s future. By focusing on areas such as member acquisition, operational efficiency, and digital transformation, you can expect measurable improvements in both member satisfaction and financial performance.
For example, implementing a data-driven approach to member engagement can increase cross-selling opportunities and higher revenue per member.
Having a plan that's just right for you isn't just a good idea—it's a must to help your credit union powerfully grow so you can serve your members at an even higher level in the years ahead.
