Now would be the time to insert a pithy quote about looking ahead. Like “the best way to predict the future is to create it” or the line from Yogi Berra: “It’s tough to make predictions, especially about the future.”
When it comes to your organization, the future is not about a quote on the wall. It’s about conducting a bank or credit union strategic planning session.
Almost every financial institution carves out time yearly or every other year to develop a strategy. But strategic planning is a process—not a date on a calendar. Because you’re doing planning on a regular basis, it’s easy to do the same things year after year after year. That repetitiveness translates into stale outcomes.
So, how do you ensure this year’s planning session is energized, focused and results-driven? Here are three ways to make your next planning session the best ever:
- Ask the right questions—A good plan often begins with a good question. As Charles Kettering once said, “A problem well stated is half-solved.” So, start your session with the right questions. Some questions we ask our clients in pre-planning surveys include: “In light of today’s uncertain and volatile economy affecting our consumers, how should we adjust our strategy?” “If you were to offer the CEO one piece of advice about stewarding the organization’s strategic future, what would it be?” and “What do we need to do or stop to align our strategy with our purpose?” Your best planning session ever starts with the best questions.
- Throw out the SWOT and use unique planning exercises—If you want to take a different approach to planning…get rid of the SWOT. As my friend Jeff Rendel says, “One of the best ways to build a successful strategic plan is to get rid of the SWOT. There is probably nothing you don’t already know that a SWOT is going to reveal.” But what do you do to replace the SWOT? Two new exercises On The Mark Strategies created are the Five Star Analysis and the Myth of Excellence. One is a tool to examine your current situation, and the other is a positioning exercise for the future. Having your best bank or credit union strategic planning session ever often means replacing the SWOT with different thought-provoking exercises.
- Take some risks—Financial organizations are inherently conservative. But as John Maxwell says, “The moment you decide not to take a risk is when your competitors will pass you by.” A planning session is an ideal time to explore where you can embrace risk rather than run from risk. Potential avenues to explore include risks with reaching unique groups, risks with marketing, risks with technology and risks with hiring or firing. And remember this principle: not taking a risk is actually taking a risk. If you want to have your best planning session ever, then be willing to take some risks.
Things are uncertain…it’s true. But that means now is not the time to pause planning. Now is the time to make your bank or credit union planning session the best ever. Book a free consultation with On The Mark Strategies today and let’s make it happen.
