If you’re like most other banks and credit unions, you invest a great deal of time, energy and resources in your strategic planning session. And this makes sense. After all, you are committing your financial institution to a particular course of action over a specified time frame (typically, 3 to 5 years).

You have the strategic planning meeting, everyone contributes his or her own ideas and thoughts, maybe a little “cussing and discussing” goes on (not necessarily a bad thing) and, bingo — you have a strategic plan. But how can you tell after the actual session when your strategic plan is in trouble?

Consider the three following “trouble indicators” for your strategic plan.

One — after completion, your strategic plan sits on the shelf for several months. Initial action on your strategic plan after the planning session is critical. This is prime time momentum that you risk losing if everyone goes back to his or her daily routine after the session. Work hard to ensure your team recommits itself to the strategic plan on a regular basis and doesn’t lose the enthusiasm of the session itself.

Two – subsequent strategic planning review meetings are highlighted by the words “we’re still working on that,” “we’re still gathering information” or “this item is still TBD.” You obviously cannot complete all your strategic initiatives in the first quarter (or even year) after your planning session. But delaying for the sake of delaying is deadly for your plan. Use your strategic planning review meetings to highlight concrete achievements made towards your state’s strategic goals.

Three — turnover that impacts key drivers of your strategic plan. Turnover is going to happen, and there’s not too much we can generally do about it. But if you notice the turnover affects key drivers of your strategic plan (in other words, the primary people responsible for pushing it forward) it’s time to take a look at revising the plan. You may need to assign new people to certain strategic planning initiatives or consider shifting the timeframe if a change in personnel leaves the plan shorthanded.

Banks and credit unions enter the strategic planning process with the best intentions. However, the well-known old adage tells us where best intentions generally lead. By taking a look at a few simple strategic planning “trouble indicators,” you can begin to approach a strategic plan from a different angle that empowers it to overcome potential future challenges.

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