Bank and credit union strategic planning requires revival…because in many cases, it’s lifeless. Stale. Dull. Awkward. Regardless of what word you use, planning sessions can be painful affairs you undergo (or avoid) year after year.
Maybe your facilitator beat the Board over the head with so much data she wasn’t invited back (a true story). Or perhaps he made one of your leaders stand up and sing “I’m a Little Teapot” (yep, another true story from a reader of this newsletter). Or you might simply skip the session altogether, carrying over last year’s plan and shuddering at the thought of revisiting organizational strategy.
It doesn’t have to be this way.
Here are five bank and credit union strategic planning defibrillators primed to bring your session back from the dead. Ready? Three…two…one…CLEAR!
- A Fresh Trends Report: In the credit union world, everyone knows the E-Scan. Outside that space, there are other yearly reports that are much the same every year. But a trends report shouldn’t be run-of-the-mill. It should offer new material and prompt novel thinking. Our proprietary M-Scan does this well. And if you do your own session, research and write your own report. Get people thinking in new ways so they generate new ideas.
- A Frienemy: You need a planning session that challenges you…or you’ll never get a plan that takes you to the next level. This is the “frienemy” concept. Your facilitator must love you like a friend and challenge you like an enemy. Do you have the same goals every year? Is everyone nodding along and ready to get this over with by lunch? Introduce a frienemy to the room and see what a little discomfort can do.
- A Myth of Excellence: You know the SWOT, right? Who doesn’t! Most leaders do the SWOT in their sleep at this point. It’s time for a new exercise. The Myth of Excellence is a forward-focused activity asking you to decide on your areas of excellence. Is it service? Is it product offerings? You can’t excel in everything. Decide where you should focus (and not focus) on being superb.
- A 10% Rule: Too many planning sessions have too many wallflowers. Some participants sink back into their chairs, vainly trying to activate facilitator-proof camouflage. Others speak the half-truth…stopping just short of 100% of their thoughts. Fear restrains some of the best ideas. How much innovation have you lost due to fear? How much money have you lost due to fear? It’s time for it to end. Don’t stop at 90%. Give the extra 10% as well.
- A Follow-Through: The best plan is the one that gets implemented. Don’t stick your plan on a shelf after the session. Have a plan for the plan! Meet regularly to discuss your progress and make achieving your goals non-negotiable. Repeat this mantra: “We will not be here next year.”
Your bank or credit union strategic planning session isn’t too far gone. The miracle workers at On The Mark Strategies use the best practices above to guide your team to an incredible plan. Plus, it’s fun! And who doesn’t like having fun? Book a free consultation now and let’s get started.
