Guest Commentary

By Mikelle Brady, Partner 

 Update Its Strategic Plan?

If your financial institution last updated its strategic plan pre-COVID — or worse, it never had a strategic plan in place — now is the time

to revisit the planning process. A nimble, well- constructed strategic plan allows a bank to make necessary adjustments, quickly, in a rapidly changing business climate.

One thing is for certain: change is coming. Te more flexible the strategic plan is, the more the bank will be set up for success in the future. A good strategic plan answers the following

questions. Where are we now? Where do we want to be? How do we get there? How do we measure progress and success?

Tese questions are as relevant today as they were pre-pandemic, but now they should be considered through the lens of the impact of COVID-19. Every bank will answer them differently because each has its own unique demographics, communities it serves and customer base.

“What is the impact of the pandemic to the bank?”

Banks should ask themselves what has changed, how they have adjusted and how these adjustments will affect their strategies going forward.

asked Ty Glenham, senior lending consultant of Profit Resources, Inc. “What has changed during this time? Many have learned to work remotely (or learned who cannot work remotely), to make do with fewer branch hours and to revise their online banking approach. Banks should ask themselves what has changed, how they have adjusted and how these adjustments will affect their strategies going forward.”

And while there are many firms that can update a bank’s strategic plan, the result can oſten be a canned or cookie cutter approach. Banks will get a more customized approach by working with consultants who are experienced in the banking industry.

Tere are companies that specialize in strategic planning but not in the banking industry. Banks can gain from the banking expertise of a company that specializes in the industry. Furthermore, a bank should seek a facilitator who will stay with them throughout the process, including during follow-up and progress measurement. Tis type of firm can help bank executives adjust along the way and brainstorm solutions to challenges that may emerge.

Progress measurement along the way can make or break a bank’s implementation of the strategic plan. Without it, the goals may as well be ideas or dreams. Te bank’s executive management team must identify how progress will be measured and documented, and that progress should be reported at least annually to the board. Te board then knows if the bank’s strategy is sound and if the bank is on target to achieve and fulfill its vision.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32