Strategic planning ideas are a second thought for many this year.
For example, a financial institution executive was recently discussing with me the severe impacts from the pandemic: earnings are tanking, investment income is negligible, fee income is dropping significantly, and loan volume/income is slowing. As a result, the board decided to postpone their strategic planning session so they could focus on a more tactical plan for the coming months.
While I certainly understand the sentiment, the reality is this: now is the time to focus on strategy and not just tactics. Even while the pandemic storm is swirling you must think beyond the immediate crisis.
One of the worst things your credit union or community bank could do now is to delay or postpone your strategic planning process. While you may have to adjust how you plan, you absolutely still need to plan.
But how? Here are a few strategic planning ideas adjusted for this unique year:
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