Mission: It is the reason your credit union exists and the compass for creating long-term value. Remaining focused on delivering your mission to members influences current performance (sales), future capacity (growth) and lasting enterprise value (market share).

What, exactly, is the purpose of our credit union? Ultimately, who gets the benefit of our products, services and investments?
How much shared value is in our purpose? How should the credit union balance the benefit of one group (members) to serve other groups (employees, partners, community, etc.)?
Does our credit union's purpose match the philosophy of our board and chief executive? Is our message (products, services, experiences) consistent with our mission?

Members: They own the credit union and are the de facto shareholders. Leading at the speed of members requires your credit union to deliver exceptional financial, experiential and engagement-worthy value.

How do we know we are delivering real value to members? If membership were viewed as the ownership and investment it is, how would members gauge their return on investment?
As a board, how much do we know about members, in general? What are we learning about members' habits, product use, financial value and future needs?
What kinds of forums or channels exist to hear and learn from members, giving our credit union the opportunity to refine and expand business offerings and experiences?

Board Makeup: A credit union's board is different as it represents owners and customers (one in the same as members). Seek out to ensure members have the best and most pertinent leadership that represents and reflects the membership-ownership composition.

Do we have the right alignment and demographic representation of directors on our board? Do we display diverse skills, perspectives and backgrounds?
What practices exist to gauge board effectiveness and constant development? Have we established continuing education requirements and a self-assessment tool?
How robust is our board recruitment process? Do we have a strong set of candidates who might be ready to serve on the full board or associate board?

Executive Leadership: More than just day-to-day management, the CEO and her/his team are expected to lead the credit union through volatile, uncertain, complex and ambiguous times. The result is a high-performance group able to achieve objectives and produce at elite levels.

What kind of leadership skills are needed for the next phase of the credit union? What investments in the CEO and executive team are necessary to ensure top talent?
From investments in talent, what value will be created through revenue, profits, member value and market share? What dashboard elements will reflect a return to members?
How deep is our executive talent pool and succession plan? How well do we know our executives and are we able to see their executive leadership skills in action?

Performance and Strategy: Here is where your board can help the CEO work "on the business" rather than be "in the business." The goal is to focus on long-term value created from operating success.

How should we evaluate credit union performance? How much weight should be placed on operating metrics, long-term financial stability and execution of strategic objectives?
Are board agendas focused beyond monthly financial results? Are conversations centered around longer-term trends, options, investments, business models and markets?
How will the credit union fund its long-term plans for growth? Will current operations, cash flow and capital support growth; or, is there a need to pursue mergers and acquisitions?

As your credit union continuously evolves to serve its members, challenge your board to grow, as well. Consider these questions, and ones that develop in conversation, to help your board remain focused on value, relevance, and legacy for current and future members and markets.

Instant Insights /

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