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CUXCEL Virtual Credit Union Strategic Planning

2021 Credit Union Strategic Planning, When is the Best Time to do it?

Written by: Kevin Stang | Posted on: | Category:

There are many conflicting viewpoints on what to do about 2021 Strategic Planning. So, to help you answer this question, here are few pro’s and cons of scheduling a planning session sooner vs. later.

CONs for Planning within the next 3 months

  1. Planning via Zoom, Teams, WebEx, etc. just does not deliver the same kind of interaction you’d get from meeting in person. If the people building the plan are not engaged, you will not only get a weaker plan, but less ownership and flimsy execution.
  2. Should we be really planning expenditures when government assistance is expiring, when there is a presidential election, during an ongoing pandemic, civil unrest, wildfires, and more. If we do not know what is going to happen tomorrow, maybe we should wait and see if we have a budget for newly planned expenditures.

PROs for Planning within the next 3 months

  1. Consumers are rapidly adopting digital services. Therefore, why wait another 6-9 months to decide on how we are going to upgrade or better communicate our digital services when we can get moving on it now.
  2. Uncertainty is the new norm. We have known this since the great recession, and as a result, we have improved our processes and systems thus enabling us to quickly adapt to the changing environment. Therefore, shouldn’t the process of strategic planning be a priority rather than an exception to this rule?
  3. We have an opportunity to invest in the growth of new members and deepening relationships while some of our competitors have taken a sabbatical. Planning involves discussing ways we can meet our community, SEG, and member needs. So, let’s do just that - and do it while our competitors have stopped providing assistance, kept their doors closed, etc.
  4. Our members and potential members have been stricken hard and need a “trusted” financial institution that cares about their needs. As a credit union, this is what we do best. Now is our time to truly show how we deliver on this promise. Planning can guide us to perfect a brand message that we will thread into our culture to blanket our members with a feeling of trust and security.

Whether you choose to wait for greater certainty in the future, or get started on planning right away, I certainly hope I was able to provide you with a few insights to help you make this decision. Having performed multiple virtual sessions this fall, I can say it IS possible to turn out a great plan with the right kind of pre-planning and post-planning activities in place. Please contact me to share your thoughts on strategic planning.

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