Strategic Planning: Five Critical Areas for 2010 - Credit Union Strategy

Credit Union Industry expert and strategic planning consultant Michael Hudson describes five critical areas your credit union needs to consider as you develop a strategic plan for 2010 and years to come.

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1.Efficiency. Take a look at all of your processes and procedures, document and map them, and look for areas you can find small incremental improvements. All of those small improvements will lead to great returns for your organization in the longer term. If you put the foundation of efficiency in place, you'll have a much better chance of achieving your long term vision.

2.Business Development. You can also think about this as member development, but your action is the same: Identify the system that you're going to use to reach out into your local community and recruit the right members to your credit union.

3.Technology. Technology is a game changer. The advent of smartphones completely changed the way consumers interact with their financial institutions. Technology has to be at the core of your long term strategic plan. Look at your e-bank, your online systems, and your bill pay. Look at how you are going to use smartphone technology to connect with those new members that want to use that technology. Recognize that they key in technology is this: You have to have multiple pathways that connect with the multiple groups of members you have, all of whom may want different things.

4.Culture. Never has it been more important that we create a solid culture within our credit unions. You need all your employees to be on the same page. You need them to be looking at the same way of building your organization moving forward. You need them to be communicating a consistent, common message to your members. Putting time and energy into building your culture will have huge payoffs as you pursue your long term strategy.

5.Branding. Branding is not about your logo, your name, or that you are a credit union. Your brand is about all of those things that you do that make my interaction with your credit union unique and distinct. So take a serious look at your marketing materials. Do they convey a common theme and common image? Do they make the consumer look and say "That's the credit union for me"? That's what a brand should do.

For more information about improving the strategy, leadership and culture of your credit union visit http://www.CreditUnionStrategy.com

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• Credit Union
• Strategic Planning
• Business Strategy
• Strategic Thinking
• Increasing Efficiency
• Business Growth
• Credit Union Performance
• credit union strategy
• michael hudson
• dr. michael hudson