Preparing For Strategic Planning
As you prepare for strategic planning with your credit union, consider carving out time to go through a structured strategic thinking process. There are many scenarios to test drive. Test driving helps you rehearse tomorrow today. The objective of a structured strategic thinking process is to expand thinking and imagination – not necessarily to make decisions during this process. Following is just one example scenario many credit unions are test driving. We have listed a few questions to consider.
Test Drive: It’s 2017 and it is clear that most consumers prefer minimal verbal communication when addressing their banking needs.
Questions:
- What would be the credit union’s measures of success in this future?
- What would be the credit union’s value proposition in this future?
- How has limited verbal interaction impacted the credit union’s ability to create member loyalty?
- How is the credit union effectively cross selling in this future?
- How is the credit union acquiring new members from its target market in this future?
- What is the role of physical locations in this future?
- How has it changed recruiting, training and retention of employees, management and board?
- How is the competition taking advantage of this strategy?
- What verbal communication was considered “sacred cow” and left untouched?
Keep in mind the more you delve into the questions, the more questions you may have. That’s expected!
