Which Way? 3 Ways to Prioritize Your Options for Growth
March 20, 2018
Your growth possibilities may be endless, but your resources are not. For many credit unions with limited time and money, deciding which growth opportunities to pursue can be a challenge.
Here are three ways to prioritize your options for growth.
- Start with your vision
The best way to make sure you’re moving in the right direction is to take a step back from all of your ideas and begin by looking at your vision for your credit union. What do you want it to be as an organization? When you have a clear picture of your goal in mind, it will be easier to visualize what steps you need to take in order to achieve it. Without a clear vision, you could end up pursuing options that actually drag you in an opposite direction.
- Use tools to stay objective
While it’s natural to be somewhat subjective—after all, growth is exciting—you don’t want to make decisions based on emotions alone. Bring objectivity into your decision-making process by using tools to evaluate and compare your options. For example, develop between four to six key criteria with quantifiable metrics to evaluate your options. This simple benchmark tool will ensure you pay attention to what’s most important, and that you hold each option to the same standard.
- Gather data
Making a decision without the proper information can be a big mistake. Conduct research to validate (or invalidate) your assumptions. You don’t have to uncover every granular detail, but it will be helpful to have an understanding of trends and how they might impact your market in the future. One of the best sources of information about the marketplace is your membership. Try identifying the needs and wants of current and future members. It may even be as simple as conducting a member survey, or asking your sales department for input.
While it can be overwhelming to process through all your options for growth, the good news is that you have many options. Hopefully, these three suggestions will help you organize your thoughts as you plan your next steps.
Written by John Dearing, Managing Director at Capstone, a leading advisory firm focused on helping credit unions and CUSOs grow through proactive strategic growth programs and mergers and acquisitions.
Learn more about Capstone on NWCUA’s Strategic Link: http://nwcuastrategiclink.com/partner/capstone-strategic-inc/.
Posted in Strategic Link.