Failing Fast Can Lead to Success
As margins shrink and competition increases, credit unions find themselves in a tougher environment than in years past. New ideas may provide a path to improved profitability, but some credit unions shy away from the additional expense. Launching new products, services, marketing campaigns, etc. can be expensive and time consuming. Consider doing a small test or pilot program before doing a full-scale launch. Most importantly, understand what kind of results you expect and if it doesn’t deliver, fail fast.
In other words, don’t be afraid to say, “gee, that didn’t work out so well,” and get out. You don’t want to be burdened with an unsuccessful endeavor for very long. But without trying, you are unlikely to find a successful endeavor.
Many ideas such as new products, services and marketing campaigns can be tested fairly quickly without a huge investment.
Creating a culture of failing fast can be difficult, but it is necessary. It is unlikely that the rate of change will slow anytime soon!
