NAFCU Webinar
Jul 16, 2020
Cutting Expenses During a Pandemic
“We need to reduce expenses by 10 percent across the board,” is what we are hearing a number of credit union senior management teams say.
The objective of containing or even reducing operating expenses can be appropriate in light of tremendous uncertainty. However, the end result must be a stronger, more competitive organization with a compelling value proposition.
It is very likely that traditional approaches to quality member acquisition, cross-selling, and delivery of financial services has forever changed. Hunkering down and cutting expenses without the desired strategic outcomes top of mind is a huge mistake that is entirely avoidable.
This webinar offers a process that participants can readily put into action, helping leadership drive dual objectives of containing expenses and remaining highly competitive in today’s whirlwind of ambiguity.
Key Takeaways
- Review four key business model questions that are tough to answer, yet still need to be addressed
- Understand why it is essential to reach clarity and prioritize financial measures of success
- Discuss why the timing of pulling key financial levers is so important for senior management and the board to understand
- Learn a proven process that uses data, and strategic financial and capital planning, to help leadership prioritize decisions, move into action, and have the flexibility to quickly adjust to continue driving strategic strength
C. myers will speak on Thursday, July 16 at 2:00 pm ET.