The Strategy Party Is Over: Now What?
Most credit unions are undoubtedly familiar with an annual strategic management cycle and planning session. What is perhaps less familiar is how to convert planned strategy into a prioritized execution plan to deliver maximum results.
Execution is critical because the realized strategic impact for the organization equals the sum of all completed projects during the year, not necessarily what was planned in a prior strategic session. Disconnection can and does occur when less strategically desirable projects are selected, resources are misallocated, or resources run out prematurely before important projects are complete.
The most common method for implementing a strategic plan and introducing organizational change is through project management. Projects are often the means to execute strategy such as a project for a new home banking system.
However, a common reason why strategic projects fail to deliver their desired benefit is due to competing project priorities and limited resources such as time, money, and people. This is especially true in lean organizations such as credit unions.