CUNA Mutual's Tim Gardner shared a two-year method credit unions can use to build their strategic plans: RESULTS in year one, and FUTURE in year two. The words are acronyms built by a series of steps leading to a plan:
RESULTS - Year One
Review current state-"Credit unions must know where they are," he said.
Envision the future-"Where the credit union would like to be."
Simplify the vision-"Make it attainable."
Understand the gaps-"The difference between where the credit union is and where it wants to go."
Link vision to action-"Develop strategies."
Tie measures to activities-"What will make things happen."
Stick to the process-"Too many credit unions create a plan, then don't follow it. The next year, they simply restate the plan that was laid out the year before."
FUTURE - Year Two
Forecast and industry trends overview- "Gather information from CUNA, NCUA and other sources."
Understand the credit union's "current financials, organization and plan."
Test the future-"Use simplified scenario planning."
Unleash the future-"Hold a no-constraints exercise. Imagine the best-case scenario for the credit union in 10 years, then think of what would make that happen."
Review current plan to meet new or future needs-"An absolute necessity."
Execute-"Again, having a strategic plan is one thing, but to be useful, credit unions must follow through."
