Year-end? It’s just August! But yes, you read that title correctly: this August post is talking about the year-end. More specifically, strategic adjustments you might need to make.

As we tell our planning clients all the time: strategic planning is a process not a date on a calendar. In essence, you should be doing strategic planning throughout the year.

As the dog days of August hit, here are some issues you should examine to ensure you are making the necessary adjustments for year-end:

  • Celebrate gains—It’s always a good time to reflect on your successes. Many executives and managers tend to focus on what is NOT being done or where we’ve missed the mark. Before doing that type of examination look at your accomplishments first. Did loans grow more than expected, did one branch perform exceptionally well, did you bring in a rock star new hire? Making adjustments starts with celebrating your successes.
  • Examine gaps—While success is wonderful, odds are your year has not been perfect. What gaps are you seeing with your strategy and goals? For example, maybe certain marketing promotions didn’t succeed, perhaps there is a significant brand gap or it’s possible your budget numbers are not looking they way your projected them. During this analysis, don’t just identify what the gaps are, but rather why they exist. Making adjustments means examining where you are falling short.
  • Study graphs—What are the trends with your credit union or bank? Are you opening more accounts than you are closing? Is loan growth up, down or flat? What about net income and branch performance? This is the perfect time of year to study the first two quarters. You have the data, so examine it. What story does the data tell? Making adjustments means analyzing all the information you have and pulling out nuggets of truth.
  • Set a guide—Where do you want to go next? Many financial institutions are going to spend a ton of time in Q3 and Q4 on their strategic plan for next year. This is an ideal time of season to put in place a direction for where you to want to go. This is your roadmap. Your compass. But don’t just think about next year. There are still many days, weeks and months to accomplish this year’s goals. Making adjustments means revising your map.

The year is more than halfway complete. What adjustments are you going to make ensure you end the year strong?