Strategic%20planning%20what%20you%20should%20be%20discussing

Strategic Planning: What You Should Be Discussing!

Presented by: Sean McDonald

www.YFPTips.com www.CUBDAcademy.com

Today’s Goals • Discuss what Strategic Planning Is and What It Is Not • Provide a framework for the most effective Strategic Planning sessions • Review the roles and responsibilities of the CEO, Management, & Directors • Provide a list of topics/questions that you should definitely be discussing www.YFPTips.com www.CUBDAcademy.com

What Strategic Planning Is • An essential function. If you are not planning, you are not thinking.

• A chance for executives, senior management, and directors to discuss the strategic focus of the credit union.

• (Did you catch that?) SP is NOT just for the Board and CEO anymore – it can’t be!

• A time to develop high‐level strategies www.YFPTips.com www.CUBDAcademy.com

What Strategic Planning Is Not…    

A complaint‐filled waste of time An exercise in futility To be treated as a vacation Supposed to include actual tactic identification. (oooooooo……)  Just for the Board & CEO anymore (yep, I said it again!) www.YFPTips.com www.CUBDAcademy.com

Effective Strategic Planning includes: • • • • •

Pre‐Session Hire a Facilitator!!!

Situation Analysis – confidential survey, questionnaire, interviews, etc.

What is the perception of the credit union?

How well do the power‐players think you are doing?

Results may surprise you! www.YFPTips.com www.CUBDAcademy.com

Effective Strategic Planning includes: During The Session • Survey Results Review: We will review and discuss the results of the confidential surveys (see above.)

• Emerging Trends: What is happening throughout the credit union industry? CUNA E‐Scan Review – how does this affect our credit union?

• Value Proposition, Mission, Vision, & Values: Review all – do they need to be updated? Does everyone know what they are? Identify the ways that the credit union communicates its brand to members and potential members. www.YFPTips.com www.CUBDAcademy.com

Effective Strategic Planning includes: • • • •

During The Session Financial Review: Financial performance report/ratio analysis/peer comparisons.

Staff Review: What services can we introduce to make our employees grateful and happy to work for us?

Future Prospects: Where does credit union want to be in 6 mos., 1 yr., beyond? Are we aiming for a 1 year strategic plan, 3 years, beyond that?

Member Engagement : What do our credit union members want? How can we engage our members better? How can the credit union stay relevant and add VALUE to their members’ lives? www.YFPTips.com www.CUBDAcademy.com

Effective Strategic Planning includes: • •

• •

During The Session Niche Marketing: Identify our niche market(s). How can we capitalize on our opportunities therein?

Technology Review: How can we improve our technology and how do we get the members to use it?

Do we have the infrastructure in place to properly serve our members?

Management Review: What are you happy with?

What needs to change?

Goal‐Setting: We will set strategic goals and high‐level strategies associated with them. www.YFPTips.com www.CUBDAcademy.com

Effective Strategic Planning includes: During The Session • Why isn’t there any discussion on tactics, action plans, etc?

– Goes back to why it is so important that senior management be invited to the session – Has everything to do with roles and responsibilities!

– So let’s discuss…. www.YFPTips.com www.CUBDAcademy.com

Roles & Responsibilities…

• These can get mixed up quite easily • I don’t pull any punches….as you can probably tell already!

• Directors, Executives, and Management personnel have specific roles to play and, contrary to what some believe, they do NOT overlap!!!

• Planning is only effective if everyone does what they are supposed to do…. www.YFPTips.com www.CUBDAcademy.com

Role and Responsibilities: DIRECTORS • Identify high‐level strategies/policies & goals • Create or confirm the credit union’s value proposition, mission, vision, and values • Provide input and suggestions related to the strategies that you identify • When it comes to tactic identification and action plans, trust your CEO to manage that process with his/her leadership team. Don’t interfere!

• Review reports as appropriate to determine whether or not progress is being made www.YFPTips.com www.CUBDAcademy.com

Role and Responsibilities: CEO • Take the strategic direction that the Board has identified and task your senior leadership team with identifying tactics and formulating an action plan • Expect regular updates on the status of projects, progress reports, etc.

• Report those updates to the Board

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Role and Responsibilities: Management

• Identify tactics to reach the goals that have been set • WRITE an ACTion Plan • Execute the plan • Hold people accountable • Keep track of projects (use a tracking software) • Provide regular updates to CEO www.YFPTips.com www.CUBDAcademy.com

Roles & Responsibilities….in a nutshell • Directors:

Govern

• CEO: Delegate & Hold Management Accountable • Management: Manage the staff to ensure that the work is being done www.YFPTips.com www.CUBDAcademy.com

If You Follow This Plan…

• • • • •

Everyone is happy! (Hopefully…)

More gets accomplished!

Credit union is more productive!

No one gets in each other’s way!

You’ll have a much better chance that your goals will be reached!

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Topics/Questions That You MUST be discussing…..

• Where are we going as an organization?

• Who do we want to serve?

• Who are we and are we effectively communicating our brand?

• Do we need to re‐brand ourselves to create more awareness in the communities we serve?

• What are we willing to risk? www.YFPTips.com www.CUBDAcademy.com

Topics/Questions That You MUST be discussing…..

• What are we not willing to give up or change?

• Do we have the proper infrastructure in place for what we want to achieve?

• Do we have top‐notch talent working at our organization?

• Can we make tough decisions regarding non‐productive employees? www.YFPTips.com www.CUBDAcademy.com

Topics/Questions That You MUST be discussing…..

• What are the things that are holding us back?

Are we committed to either fixing those things or to getting rid of them altogether?

• Are we committed to fixing what is broken and improving upon what is not?

• How can we balance aggressive growth and our fiduciary responsibilities?

• How do we stack up against our competitors when it comes to innovation, creativity, market awareness? www.YFPTips.com www.CUBDAcademy.com

Desire, Courage, Commitment • Your team must have a desire to ask these kinds of questions • They are tough and should make you a little uncomfortable • But it must go beyond the desire to ask • Your team must have the courage to answer them honestly • Then, they must commit to getting better! www.YFPTips.com www.CUBDAcademy.com

Be Visionaries Start thinking BIG! Want more loans? Offer BIG deals.

Get NOTICED! Get PRESS! Long‐term goals and action plans!

Spend the money and hire outside consultants, trainers, etc. to help you.

• Keep up with the ever‐changing marketplace!

• SET the pace instead of merely keeping pace.

• • • • •

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Why I Do What I Do

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Thank You!!

• CU Business Development Academy • The most comprehensive business development training in the industry…

• www.cubdacademy.com

• Your Full Potential, LLC • Staff & Management Training • Consulting • Strategic Planning

www. YFPTips.com sean@yfptips.com (201) 920‐9328 www.YFPTips.com www.CUBDAcademy.com