Determining your credit union’s strategy takes real work.
Directors needs to be key players in setting organizational strategy. But how can they choose a single focus from the many possible strategic directions available to a growing credit union?
According to Les Wallace, Ph.D., the secret is hard work.
“You’ve got to put in the time,” says Wallace, president of Signature Resources, Aurora, Colo. “You’ve got to spend some time looking at what the literature is saying. You’ve got to track the developing future in the financial services industry. And, as you do that, it starts becoming clearer and clearer what trends are likely to have the highest impact on your organization three, four and five years out.”
Wallace suggests that making the time to talk strategy calls boards to get on a regular schedule—a “strategic rhythm”—of big-picture discussions. Hear more about this idea in the CUES podcast.
He also suggests boards make time for strategy discussion as part of their regular meetings, while still providing appropriate fiduciary insight. Get his advice for running productive, engaging meetings in “‘Flip’ That Meeting”.
View a new video on how to roll up your sleeves and get down to the work of choosing your CU’s strategy below.