|
Toss
it or Tune It: Credit Union Strategic Planning in 2020
COVID has undoubtedly impacted your 2020 strategic plan. But don't fall for the Devil's easy temptation to skip planning in 2020. Planning in a time like this is far too important. You should consider though whether to
Toss it or Tune It.
Toss It:
throw out the original strategic plan, temporarily, and replace it
with a shorter-term Tactical Plan to get you
through.
Tune It: Look
at your strategic plan in light of the current turmoil for what you can modify and capitalize on.
Strategically, only one thing is certain: your members have become fully digital and they'll expect their credit union to fill their digital needs. This is not a year to pull back from planning. The board and senior management still need to be on the same track with the same goals and expectations. Even if those
expectations are greatly scaled back from your original 2020 plan.
The TEAM Resources
approach for 2020:
Think Long, Act Short, and
Preserve Capital
1. Think Long:
continue to focus on what is good for the credit union in the
long-term;
2. Act Short:
create short term solutions
to meet the urgent and important issues constantly
arising, but always keep the short-term actions closely aligned to
the Long-term plan; and
3. Preserve Capital:
do all that you can to hold on to your Capital to Assets ratio and
not allow it to sink perilously.
We can work with you virtually, or in person, like the good old days. We have done virtual planning sessions for over
five years and they are a terrific way to meet and discuss the
future of the credit union.
Contact us to discuss 2020 planning or to get a
proposal. We look forward to working with you in 2020.
|
No comments:
Post a Comment