There are some crucial components that comprise an effective strategic planning process.

Conducting a thorough environmental scan to understand the credit union's current and future financial marketplace environment. This will involve some market research regarding national/local financial services and credit union industry economic and consumer market trends.
Conducting an analysis of the credit union's strengths, challenges, opportunities and threats – its SCOT – is a very important component of your planning process. A review of member surveys, focus groups, product/service usage patterns and feedback are key member service assessment indicators.
Understanding the difference between your credit union's mission (who you are) and vision (where you want to go or become) is crucial for leaders. The core values and philosophy of the credit union need to continue to be aligned with the strategy for growth.
Identifying and prioritizing key strategic initiatives, competitive advantages and strategic directions needed. Knowing who your competition is, and what your credit union's competitive advantages are, will help you properly develop product and service strategies to position you for prospering in the financial services marketplace.
Developing a tactical action-step plan that includes budget and key result areas, as well as business plans, timelines, completion dates, outcome measurement, accountabilities and impact on resources, including financials, staff and facilities.
Creating an evaluation process to ensure how effectively the credit union will meet the measurement criteria. This should be monitored on a regular basis throughout the year at monthly board and staff meetings.
Communicating the progress to key stakeholders for direction, motivation and performance assessment. Sharing progress reports keeps communication open and the process on track.

Strategic plans should be reviewed at least monthly for progress and then annually updated to stay aligned with the direction of the credit union and to incorporate responses to changes in the financial environment and new member needs.

Instant Insights /

Strategic Planning: Ditch the Gut and Focus on the Data

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