Put in the Elbow Grease!
Do you have any stunning houses around your neighborhood? You know the ones…bursting with color, flowers in full bloom and butterflies flitting around like something out of a fairytale.
Don’t you wonder what their secret is? Well, here it is - a lot of hard work.
And it’s the same way at your community financial institution. To achieve stunning growth, you need to put in the elbow grease and cultivate success. Former University of Alabama Coach Nick Saban said:
“There are two pains in life. There is the pain of discipline and the pain of disappointment. If you can handle the pain of discipline, then you’ll never have to deal with the pain of disappointment.”
But what does this hard work look like on the ground floor? What does it mean to cultivate growth at your credit union or community bank? Let’s take a look.
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Make the Right Plan
Most everyone does some kind of strategic planning…but not everyone does it right.
That doesn’t mean there’s only one right process or one facilitator right for you. Those things aren’t true. But your mindset and approach do need to be in the right place. Too many community banks and credit unions treat strategic planning like:?
Community bank or credit union strategic planning is none of those things. It does check a box, it does appease regulators, it should be fun and getting the right date is important. But none of those are the point.
Strategic planning is a process, and it takes work.
It’s a vitally important exercise that shapes your future direction. It deserves the time and effort necessary to align around a strategic vision and strategic initiatives. Without the right mindset and focus, you might not end up where you want.
To continue the metaphor, you want to be sure planting a garden is the right decision over building that deck or outdoor kitchen. And you want to be sure everyone understands what you’re building…because everyone has a part in executing the strategy.
As Simon Sinek says in this video, your strategic planning hang-up may be the language you use:
Take strategic planning seriously and you get serious results. Work hard and the plan will work for you. And keep it simple to become simply great.
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Prune, Prune, Prune
A stunning yard doesn’t stay that way without constant pruning. If you stop pruning, the trees grow out of control and the rose bushes falter. And your community financial institution falters without pruning as well.
Let’s focus on two areas you need to continuously prune:?
I know what you’re thinking: “Prune talent? In this labor market? Are you crazy?”
Well, you shouldn’t needlessly cut groups of employees. This isn’t about your budget or meeting some arbitrary standard. Pruning talent is about making your organization run as efficiently as possible.
You want to hit what Netflix founder Reed Hastings calls “talent density.” ?Talent density is a critical mass of capable people who help you achieve your goals. No wasted potential allowed.
To achieve talent density, Netflix managers employ the “keeper test.” Learn more about how Netflix successfully prunes talent in this video…
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Would you fight to keep all your employees if they said “I quit” tomorrow? Are you afraid of seeing them go elsewhere? Prune talent to get the most effective team possible and remove excess from the community financial institution.
Second, you want to prune marketing. Community bank and credit union marketing easily becomes cluttered and ugly.
The biggest problem is too much copy. A lot of marketing copy simply isn’t readable – paragraphs are too long, sentences are too complex, there are no bullets or subheadings. And sometimes institutions compromise readable copy with bad content. The biggest offender is focusing on features over benefits.
As Donald Miller says, “Features tell; benefits sell.”
Don’t tell consumers you have a good rate. Tell them how they save money with a good rate. Always ask: “What does this feature do for the consumer?”
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Don’t Slouch on Maintenance
The best gardens require consistent maintenance. You must weed, water, fertilize, plant new flowers and more to keep it growing and glowing. What does this process look like at your community financial institution?
Remember: no one cares if your decrepit garden was great 20 years ago…it’s about what it is now and what it’s going to be. Don’t forget continuous organizational maintenance and the positive effect it has.
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Call in the Experts
You’d call in expert gardeners to solve perplexing yard problems, and you want experts for your bank or credit union troubles too. On The Mark Strategies helps you create something to be proud of with strategic planning, marketing and training services customized to you.
Hear what Dan Price had to say about working with On The Mark Strategies:
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Want More Tips??
Did you love this newsletter but wish it was more than once a month? If the answer is yes, you’re in luck!?
“The Marked For Success Minute” is a free weekly newsletter delivered right to your email inbox every Thursday. It’ll give you bite-sized #strategy, #marketing and #branding tips to grow your #creditunion or #communitybank. Just make sure your IT department knows to let it through your spam filters, and you should be good to go.
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