• In many cases, operating efficiency allows for pricing flexibility and new investment options. When efficiency drives value, this provides capacity for growth. Seek scale and efficiency in all operations – revenue-producing and support-based. Measure success and set targets for every facet of your business. Lean business models allow for competitive adjustments when the pace of change accelerates and adaptations are essential.
• Focus on a particular niche field of membership or set within a larger field. There is considerable value in closed fields: Affinity and loyalty is high, even in times of change. The shared culture of a well-niched credit union provides a unique benefit through its mutual connection. Niche markets provide abundant opportunity for credit unions with open fields of membership, too. Look for specific demographic sets that present significant opportunity and build a business plan to generate strong affinity. Once established, you can take the standing, self-generated model and replicate it in other well-defined membership sets.
• If members are anticipating change, so must your internal culture. Discuss with staff members how financial services has changed through the years and how "we used to do business," even if that past is somewhat recent. Then, describe what members will expect and how your leaders – at all levels – will help to foster growth and loyalty. Duties will change; what remains steady is your commitment to pragmatic change as a principal attribute of your culture.

Exploring New Value