ORLANDO, Fla. – Not surprisingly, “growth” has been much in discussion at Credit Union Journal’s Grow Show here. More surprisingly, perhaps, it was generally agreed by many of those sharing growth strategies that growth for growth’s sake is a mistake.
“Growth is an ends, not a means,” reminded Neil Goldman, principal with Member Research in Los Angeles. Moreover, credit unions often focus on the metrics, he said. At credit unions…we say, ‘Let’s go see how many new members we can find.’ We don’t worry about attrition or whether the boat has holes in it.”
Similarly, Teresa Freeborn, CEO of Xceed Financial Credit Union, which has plotted an aggressive plan to grow, observed, “Growth is a result, not an objective. You get better or you get worse, there is no door No. 3. Hearing credit union managers explain away their growth problems is a little like listening to addicts in denial. Growth is a choice. It’s up to you to decide if you want to grow your credit union.”
