Creating Value in a Deleveraging World
As I reflect on my travels to over 20 cities in 2011, I am struck by a conversation I’d like to share with you. Upon arriving late one evening in Las Vegas to speak at a credit union conference, I asked the cab driver, “How’s business?” I heard a profoundly sad story. His face is seared in my brain as a reflection of the impact of the contracting and deleveraging in our country that began in 2008.
Eight years ago, he moved to Las Vegas and purchased a home for $180,000. A global financial institution provided him with a line of credit, and he proceeded to build a new deck and buy large new cars every year as his home value increased to $400,000.
Adding value means knowing how your credit union creates value for the member and how you fit in; understanding the financials of your credit union; focusing on the things that are important to adding value; caring passionately about your members; continuously improving your skills so that you can keep finding new ways to add value and coming up with and testing new ideas.
Creating a future in a complex world requires creativity and innovation. In a complex world, values and adding value are two concepts that enable creativity and innovation to take place.