The benefits of having a forward-thinking and comprehensive strategic plan are many. At a time when even the smoothest-running credit unions are exploring ways to boost their strength in a harsh economic climate, an objective and experienced voice to facilitate the creation of a strategic plan can be invaluable. To offer credit unions these benefits, CUcorp’s HRN and the Center for Board Excellence have begun Strategic Planning Services.
With more than 20 years experience in the credit union industry, HRN’s Michael Moyes is now the go-to guy for credit unions seeking a strategic plan that addresses ROA and capital improvement, membership growth, branding, technology and other areas. He’s served as senior vice president of operations for Mountain America Credit Union and as president/CEO of Salt Lake Credit Union, as well as league consulting services director for the Utah League of Credit Unions.
Credit unions are already familiar with creating an annual plan to address key areas, but there are advantages to having an outside party as part of the process.
“A facilitator can present ideas that they’ve been exposed to at other successful credit unions, and any potential politics that can arise from working with an internal facilitator don’t exist,” Moyes says. “A facilitator can keep the process on-track and on-schedule.”
Moyes has worked on staff at credit unions of several different asset sizes, including a $7 million credit union, a $265 million credit union, and $2 billion credit union. This experience helps HRN’s Strategic Planning Services meet the specific needs of all types of credit unions.
The planning process can be done quickly in a credit union board room during a half-day session, or brainstorming and recording of ideas can be done over the course of a few days away from the office. The typical, full process can include strategic planning pre-work surveys and interviews, a meeting with the CEO and board, strategic planning facilitation, presentation of the final plan at a board meeting, future board meeting progress updates, and a written strategic plan to be distributed to management and the board. The finished strategic plan is commonly tied to a credit union’s annual budget and business plan.
Among the items accomplished through strategic planning services:
- Pre-work surveys from your board, management and/or staff
- Reinforced credit union vision, mission and values statements
- Environmental scan of current market conditions
- Review of financial statement and status
- Underlining of strengths, weaknesses, opportunities and threats (SWOT)
- Creation of strategies for ROA and capital improvement, branding, growth, branching, technology and more
Whether your credit union is looking to add focus to its plan or wants an objective voice to manage the process, HRN Strategic Planning Services can help. If you feel that your credit union could benefit, contact HRN at 734-793-1530, ext. 520.