By Ted L. Thames, CCE
If you have been following along for the last few weeks, you know that the 10 questions we've been discussing will force you to do some thinking. Today—the final question.
10. Is there sufficient ongoing management dialog to keep initiatives on track, face difficult issues, eliminate barriers and maintain momentum?
The key to enlightened performance management is to consistently and frequently monitor plan performance against plan strategies and objectives. Management must commit to itself that discussions of performance against plan will happen regularly and that projects that are moving slowly or teams that need help clarifying objectives will get the proper attention.
Recognizing and celebrating early successes, as well as honestly communicating about projects that are not progressing as planned, is the key to success. It is really up to the CEO to make sure the dialog happens, that successes are celebrated and problems are openly discussed and resolved.
Start From Where You Are
Every credit union is unique. Your planning process must be tailored to your unique needs. Many have been through previous planning efforts, and many have been very successful. Institutions with a solid planning record may need only a review and minor adjustments. Others may be challenged with understanding cause and effect relationships or choosing the right set of success measures.
Still others are facing major transitions involving field of membership changes, the loss of support from a founding sponsor, growing competition, or even threatening financial or compliance challenges.
The quest for greater member value requires good planning and execution. It also requires a personal commitment on the part of senior officials that striving to increase value delivered is the right thing to do. The external environment will continue to become more competitive, making member acquisition and asset growth even more challenging. Technology investments and risk mitigation efforts will continue to take time and attention.
Every CEO and senior manager in our industry wants to see their credit union grow and their members prosper. The task at hand is to do the things necessary to deliver increasing value to members and employees. This is the only true path to continued growth and success. It is my hope that your credit union will make the necessary commitment to planning and strategy development to not only survive but thrive in the future, no matter how difficult the operating environment may become.
Ted Thames, CCE, is owner of Q10 Resources,
a strategy development and planning firm dedicated to the growth and
success of credit unions. He is also a credit union strategic planning
specialist affiliated with Cornerstone Advisors, Inc. Ted can be reached at 903.343.1176; tthames@q10resources.com or tthames@crnrstone.com.
Also read parts 1, 2 3 and 4 of "10 Strategic Questions CU Leaders Must Answer."
