Strategic Planning
If history is any indication, the Fed will likely move rates too far too fast and ultimately break the economy, forcing us into a recission if we aren’t already there. Tis will certainly have a material impact on both consumer and commercial real estate.
Operations I was once told you are either learning and growing, or you are preparing to die. I think this is even more valid today as the pace of change continues to increase. Doing nothing is not an option as your competition and customer will pass you by. Te regulatory burden is real, and fintechs continue to chip away at our margins. We must find ways to operate more efficiently and partner with technology firms to generate more income and/ or relationships with existing customers.
Employees It’s been said that COVID accelerated technology by 20 years in some cases. Many of our employees can now work remotely and/or are demanding more flexibility in their schedules, which means we need new and different skills to manage, lead and engage with them.
Your bank’s next generation of leaders must be actively engaged and involved in the strategic planning process. Te youth in our organizations haven’t been tainted by years of hard lessons, and they aren’t as fearful of failing. Engaging your young bankers could provide them a unique opportunity to both grow and possibly give a more seasoned leadership team a different perspective on old or new problems and opportunities.
Each of our institutions will address these issues differently, and I encourage those leading our banks to evaluate their strategic planning practices and cultures. Do you have a board or bank culture that is comfortable being uncomfortable? Does your board challenge management or each other? Healthy conflict makes our organizations stronger.
Business as usual is not an option for us. We are losing a significant number of charters each year, and I
attribute some of these losses to poor strategic planning practices. If your strategic plan is to sell, doing nothing is an adequate strategy.
However, if you want to be a thriving institution three, five, 10 years from now, its starts today with effective strategic planning.
starts day y wit strategic plan effective
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