“It’s not how you start, it’s how you finish.” That much-used quote from author Jim George is a great principle to keep in mind when running your credit union or community bank. No matter if your financial institution had a fast or slow start to the year, you still need to finish 2024 strong. As the poet Henry Wadsworth Longfellow said: "Great is the art of beginning, but greater is the art of ending."
So, how do you end 2024 strong? How can you finish on a high note during the next few months? Follow this simple acronym approach that spells the word “STRONG.”
S (Support Your Staff)
It’s very possible your team is tired by this time of year, and it’s hard to finish strong when you’re all exhausted. Look for ways to give staff extra motivation. That could take many forms, including a bonus vacation day, an early afternoon exit time, gift cards, cold hard cash (who doesn’t like money?) or a lunch treat.
T (Take Inventory)
Now is a great time to assess what has and hasn’t worked. The Army consistently performs “After Action Reviews,” where they analyze performances in a particular engagement. Don’t wait until the end of the year for your own After Action Review. Where can you make changes moving forward through year-end? One pro tip: since marketing touches everything, conduct a marketing assessment.
R (Readjust Where Necessary)
Don’t stop your assessment with just the review. Make adjustments based on the knowledge you gained in the “take inventory” stage. In other words, pivot…even with your strategy. Sometimes you get so locked into your plan that you follow it no matter what. But every great plan requires flexibility. Now is the time to be flexible.
O (Only Focus on Highest Impact Items)
Of all the steps, this might be the most important one for the next few months. As you target your goals (loan growth, new members/customers, ROI, etc.), look at the tactics that will give an immediate yield. Some strategies (like branding) are long-term plays. Finishing strong in the next few months means focusing on the short-term items. This could take the form of special marketing promotions to drive deposit or loan growth.
N (Notice Gaps)
Every financial institution has gaps. There could be operational, staff, marketing or even strategic gaps in your organization. These are called “blind spots” for a reason: you often can’t see them. So, take the next few months to uncover holes in your organization. Then, prepare a plan to address them moving forward. This gives you a huge jump start for the upcoming year.
G (Give Back)
The last few months of the year are a perfect time to invest in the consumers you serve. This could take the form of charitable giving (both time and money) or one-on-one acts of kindness. One of our clients (Southwest Financial Federal Credit Union) does a yearly member give back program they call “Mighty Maxx.” Since 2015, they have rewarded over $5 million to their members.
It takes intentionality to finish strong. It takes focus. But when you focus on your people, your process and your plans…you will have the 2024 you envisioned in January. And if you need that marketing assessment before year-end, On The Mark Strategies does them all the time. Book a free consultation today.
