Credit union business development used to be all aboutdeveloping relationships with and acquiring new members from SelectEmployee Groups. That isn't the case anymore. Businessdevelopment is one of the fastest-growing trends in the creditunion industry. There are many reasons for this surge.

First, credit unions are realizing that having a strong businessdevelopment program is becoming a necessity. And this includes alltypes of credit unions including community charters, CDFIs,multiple common bonds, etc. That's because more credit unions arerealizing that the business development function encompasses a lotmore than just SEG development.

Indeed, community development, building relationships withcenters of influence and key decision-makers, community outreach,creating and maintaining visibility and awareness for the creditunion, and shaping and communicating the credit union's “valueproposition” are all part of business development.

To demonstrate all of this, I would like to offer a definitionof credit union business development: “The art of developingsustainable and meaningful relationships with local businesses, thecredit union's community, and existing and potential members withthe goal of increasing the credit union's viability and itsvisibility to local business and the community at large.”

The next reason for the surge in business development is that ittouches almost all aspects of the organization. Businessdevelopment professionals must have strong and trustingrelationships with their fellow employees. The ability to worktogether with marketing, operations, lending, and member serviceemployees is vital to the success of the business developmentprogram.

While it is fantastic that business development is gaining moremomentum throughout the industry, it should be noted that businessdevelopment is not for everyone – this does not mean that allcredit unions don't need it – this means that the businessdevelopment profession is not for everyone.

It takes a certain skill set for an employee to be successful atbusiness development. Many credit unions make the mistake ofstarting a business development program and putting someone incharge of the program that is not suited for the kind of work thatbusiness development includes. It is important to have the rightpeople doing business development.

Here are some traits of successful credit union businessdevelopment professionals: they are hard-working, flexible,passionate, driven, ambitious, not afraid to “push the envelope,”and are persistent (but respectful.) In addition, they realize thatbusiness development is not a 9-5 job and that it is a job thatrequires finesse and the ability to communicate with people throughpublic speaking, making presentations and buildingrelationships.

Since business development is becoming more and more desired, itis also important for credit union senior management to realizethat it needs to be included in strategic planning initiatives andthat input from the business development department should begathered when making decisions about product development, serviceenhancements, and goal-setting.

Finally, credit union business professionals need the “freedomto fly.” Most of their work will be accomplished outside of thecredit union itself. Don't chain them to a desk or hold them to atime clock. Hold them accountable but don't suppress their need togo where the opportunities to develop more business for the creditunion are.

A strong business development program at your credit union willlead to more members, more loans, and will foster greaterrelationships throughout the community. And who doesn't want thosethings?

Sean McDonald ispresident of Your Full PotentialLLC in Bloomfield, N.J., and founder of the Credit Union Business DevelopmentAcademy.