Credit union strategic planning starts with your mindset. Whether you are a board member, executive or manager you will never fully develop an effective strategy without first having an effective mindset.
People often think strategic thinking is complicated. It’s not. It’s the simplicity that actually makes it difficult. Think of your strategy like running hurdles. If you clear the hurdles in your path, you run faster. And sometimes the biggest hurdle is your mindset.
As Warren Buffett once said, “The difference between successful people and really successful people is that really successful people say no to almost everything.”
One of the best ways to develop your strategic mindset is to think like an owner. Having an owner’s mindset is having a strategic mindset.
4 Keys to a Credit Union Strategic Planning Mindset
Here are four specific things you can do to embrace a strategic mindset:
- Demonstrate autonomy – Don’t wait on others to bring up ideas. Bring them yourself. Those with the owner’s mindset act as if the success of the organization rests solely with them (though not at the exclusion of teamwork).
- Make decisions confidently – Some industries (like financial services) have a reputation for taking a long time to make decisions. The right strategic mindset is confident, makes decisions and moves forward. The right mindset is “fail fast and move forward.”
- Contribute new ideas and initiatives – The most effective executives and boards don’t just talk about the “good ol’ days.” They actually look forward and plan the future. Try something new and different!
- Embrace mutual accountability – Strategy is everyone’s job. And that means holding each other accountable for that strategic execution. Owners take accountability. A strategic mindset requires accountability.
The Call Comes From Inside the House
The biggest hurdle in credit union strategic planning sessions is often not external threats or internal execution. It’s often your mindset. It’s complacency. It’s risk avoidance.
There’s a famous scary story about someone calling a babysitter with creepy messages. She contacts the police and has them trace the call. The twist ending? The caller is already in the house.
The biggest threat to your strategy (and your future) is already inside your house. As Henry Ford said, “Whether you think you can or think you can’t, you’re right.”
Want to have a better strategy? Start with your mindset.
And if you’re just starting out building your credit union strategic planning mindset muscle, you don’t need to do it alone. Schedule your planning session with us, and we’ll walk you through a process designed to get everyone involved in a focused plan. Book your free consultation now.
FAQ
Q: What is a strategic mindset and why is it important?
A: A strategic mindset is thinking like an owner – approaching organizational success as if it rests solely with you while still valuing teamwork. It’s important because the biggest hurdle to effective strategy is often not external threats or internal execution, but rather your own mindset. As Warren Buffett said, “The difference between successful people and really successful people is that really successful people say no to almost everything.” Strategic thinking itself isn’t complicated; it’s the simplicity that makes it difficult. Having the right mindset helps you clear the hurdles in your path so you can run faster toward your goals.
Q: What are the four ways to embrace a strategic mindset?
A: The four ways to develop a strategic mindset are: (1) Demonstrate autonomy – bring ideas yourself rather than waiting on others, acting as if organizational success rests with you; (2) Make decisions confidently – adopt a “fail fast and move forward” approach instead of lengthy decision-making processes; (3) Contribute new ideas and initiatives – look forward and plan the future rather than just talking about the “good ol’ days”; and (4) Embrace mutual accountability – recognize that strategy is everyone’s job and hold each other accountable for strategic execution, because owners take accountability.
Q: What are the biggest threats to organizational strategy according to the article?
A: The biggest threats to strategy are often internal mindset issues rather than external threats or execution challenges. Specifically, complacency and risk avoidance are the primary obstacles. As Henry Ford said, “Whether you think you can or think you can’t, you’re right.” The article uses the metaphor of a scary story where the threat “is already in the house,” meaning the biggest danger to your strategy and future comes from within your own organization’s mindset, not from outside competitors or market conditions.
