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According to John M. Floyd & Associates (JMFA), a leading provider of profitability and performance-improvement consulting, having a clearly defined strategy that focuses on goals and measurable outcomes is essential to a credit union's success—regardless if the institution is in the acquisition mode, is preparing to sell, or is simply implementing new programs and services for its members.
To be effective, JMFA advises that every strategic plan should take a multi-level approach that:
To get staff members involved in the strategic planning process, an initial communications outline should be created that shares the credit union’s vision, mission, and values; gathers staff input on challenges and opportunities; explains the role each staff member; and defines specific action steps for employees in relation to the plan.
Upon implementation, each strategic initiative should be given an owner who will be responsible for moving it to completion. In addition, management should regularly meet with staff to discuss how the plan is progressing and acknowledge the important role everyone is playing to help the credit union become successful.