Strategy is a tricky beast that means different things to different people. For some people, it’s goals over a one-to-three-year term. For others, strategy is nothing less than ten years out. Both can be right.
The most successful organizations operate at two different altitudes simultaneously. They think at 100,000 feet to cast compelling long-term visions that inspire and guide decision-making. Then, they drop down to 30,000 feet to create concrete strategic plans that move them toward those visions.
The Many Faces of Strategy
One definition of strategy is “a long-range plan for achieving something or reaching a goal, or the skill of making such plans.” Of course, long-range means different things to different people…and the very definition of strategic planning becomes vague and fuzzy as a result. For our purposes, let’s divide your organization’s strategy into two groups:
1. Vision Casting (5-10 years)
2. Strategic Planning (1-5 years)
Vision casting is about imagination and possibility. It asks: What could your organization become? How might consumer needs evolve? What legacy do you want to create?
Short-term strategic planning focuses on execution and resource allocation. It addresses concrete questions: What are our specific objectives for the next few years? Which initiatives will have the greatest impact? How will we measure progress?
The most effective bank and credit union strategic planning recognizes these different needs and systematically addresses them. Vision casting establishes long-term direction. Strategic planning translates that vision into actionable plans with clear timelines.
Casting a Vision
Vision casting develops a clear, compelling picture of what your organization could become and why that matters for the consumers you serve. It starts with understanding the changing landscape: How are consumer expectations evolving? How will digital assets or Open Banking reshape financial services? What demographic changes will affect your market?
The best vision casting sessions create space for leadership teams to think beyond current constraints. What would you attempt if you knew you couldn’t fail? What impact could you have if resources weren’t limited? What would make your organization indispensable to consumers?
This type of thinking feels impractical to leaders focused on immediate challenges. But without compelling long-term vision, strategic planning becomes a series of incremental improvements that never add up to transformational change. It’s all about going 10x rather than 2x. Think in the impossible now, and it might just become possible for you somewhere down the road.
Building a Shorter-Term Strategic Plan
Once you have clarity on long-term vision, shorter-term strategic planning becomes much more focused. Instead of trying to figure out where you’re going and how to get there simultaneously, you can concentrate on questions that drive execution. You stop making disconnected improvements and start building systematic progress toward your desired future.
Short-term strategic planning also becomes more dynamic when connected to compelling vision. Instead of creating three-year plans that become obsolete quickly, you develop frameworks for addressing industry shifts. The end is in mind; you now need the next level down strategic focuses that will get you there.
The most effective approach here involves annual strategic planning sessions that revisit the one-to-five-year plans while keeping longer-term vision as the consistent backdrop. This creates accountability for execution while maintaining focus on transformational goals.
The View from Above
Thinking at 100,000 feet doesn’t mean losing touch with 30,000-foot realities. It means gaining perspective that helps you navigate those realities more effectively.
The financial institutions that thrive over decades balance visionary thinking with execution. They invest time in understanding where they want to go before they worry about how to get there.
Your next bank and credit union strategic planning process should address both altitudes. Cast compelling visions that stretch your thinking about what’s possible. Then build concrete plans that move you systematically toward those visions.
On The Mark Strategies is ready to help with your strategic planning session. Book a free consultation today and let’s discuss it.
