Not a subscriber?
A 5-step process to prepare your board for strategic planning success
Helping people used to thinking operationally think strategically takes practice. Here’s a five-step approach.
Now is the time for credit unions to focus on how they can remain relevant and become prevalent over the long haul: How can we be future-proof? Creating an effective strategic planning process isn’t easy (nor should it be) and can benefit greatly from having a well-chosen industry professional act as facilitator. What are some key attributes you’ll want your facilitator to have?
Credit unions are well aware of the importance of attracting Generation X and Y consumers to develop a younger clientele that will fuel growth into the future. There is another prime target market on the horizon that will soon populate your membership base and employee roster: the Linksters.
Boards need to stay close to their credit unions’ goals to better serve members—even when initiatives in support of doing so are difficult to measure.
Evangelical Christian Credit Union delivers on Cooperative Principle 7, through its loans to churches and it specialized services for Christian leaders around the world.
Rogue Federal Credit Union and four other local cooperatives in Southern Oregon have formed Rogue Co-ops to find ways to help local cooperatives succeed. Embodying Cooperative Principle 6, this unique coalition of cooperatives focuses on putting people first, innovating to meet members’ needs, and providing local service while being part of a global network.
Latino Community Credit Union offers a full range of accessible financial products and services designed to meet the needs of immigrant Latinos and low-income populations. Due to the high percentage of previously unbanked members, financial education—and Cooperative Principle 5—is a key component to the CU’s success.
Community Plus Federal Credit Union became a Community Development Credit Union to enhance its ability to improve members’ financial lives as part of Cooperative Principle 4.
Focus more on members and the external environment, less on internal processes and rehashing historical data.
Knowing the answers to the following high-level questions may help you and your fellow directors understand the dynamics of marketing at your CU, ask the right questions, and establish the right support for your credit union’s marketing efforts.
The Latvian credit union movement has re-emerged after Soviet control to meet member needs and serve as a model of Democratic Control, Cooperative Principle 2.
Vancity’s overarching brand, “Make Good MoneyTM,” focuses on Cooperative Principle 1. The CU appeals to people’s sense of wanting to belong to an organization that considers their own and their community’s long-term health.
ASI Credit Union strives to move people up through the cycle of credit, to create pathways out of generational poverty, in its focus on Cooperative Principle 3.
Despite, a challenging economy and fast-changing environment, Elevations CU focuses on the longer term, using a rolling five-year plan and two facilitated board planning sessions per year. Its goal: developing and executing a well-defined strategy, rather than over-planning and under-executing a ‘perfect plan.’