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High-performing organizations use practical and measurable bottom-up planning processes for the benefit of their stakeholders
A Q&A with Communicating Arts CU President/CEO Hank Hubbard on his CU’s success strategies for serving inner city Detroit
Citadel Federal Credit Union uses Citadel Class ServiceSM to set itself apart in the marketplace.
The high-performing CUs profiled in this study were not always high-performers. Their success occurred when they stopped trying to be all things to all people and identified something they could be the best at. While their success seemed to happen overnight, the groundwork was laid years earlier. Maybe more than anything, the creation of a trust-based board/management relationship combined with the enhancement of board capacities for strategic leadership proved indispensable to making the transition to high performance.
This large CU keeps expenses low and products simple to provide low-cost, high-quality services to long-term members.
A strong strategic partnership takes into account the working knowledge, technical expertise, and operational understanding of a credit union’s executives and board members and marries it with ideal suppliers within the industry.
Los Angeles Police Federal Credit Union uses a variety of tactics—including scorecards, consent agendas and other good governance practices—to ensure its board stays focused on its intended destination.
The Balanced Scorecard is a powerful tool CUs can use to define "what success looks like" in achieving strategic goals. Reflecting their responsibility for setting strategic direction for their CUs, boards need to exercise a leadership role in developing and using the Balanced Scorecard as a core element of their strategic plans.
Managing group dynamics for productive retreats and committee meetings can require up to three proactive steps: (1) develop a shared commitment to applying the underlying principles of good group dynamics, (2) create a well-designed structure that supports good group dynamics for every retreat and committee meeting, and (3) bring in a skilled facilitator or ensure the group leader is skilled in group facilitation.
Your CU’s five- and 10-year strategic vision isn’t likely to change much. How do you translate it into your goals for next year?
CUES, in partnership with Decision Strategies International, Inc. (DSI), one of the world’s leading companies in the area of scenario planning, brings you 2015 Scenarios for Credit Unions in North America. Building on two earlier works, the study focuses on four distinct future scenarios, and challenges credit union leaders to question their assumptions and to develop a more flexible, multi-faceted view of the future.
The strategy workbook begins on page 71 of 2015 Scenarios for Credit Unions in North America – This workbook may be used at a strategic retreat, or individual questions may be discussed over the course of several monthly board meetings.
Strategy is the credit union’s formula for winning. Strategy is defined by the five facets of the strategy diamond: Economic logic, staging and pacing, arenas, vehicles and differentiators. Organizational design (in this case, the board’s relationship with the CEO) must support the strategy for the credit union to succeed.
Strategy and finance work in concert. This Q&A explains how one credit union board develops strategy and works with management to monitor financial progress.
After the strategic plan is written, how can the board ensure it is a living document? Communicating the plan to stakeholders, reporting on implementation, revisiting the plan and refreshing the plan upon expiration are keys to achieving strategic goals.
C. Myers Corporation outlines an alternative strategic planning process used by many successful credit unions.