Strategic planning sessions are a staple in the financial services industry. Leaders huddle up, analyze data and map out the future of their bank or credit union. But sometimes these sessions fall flat. Ideas stagnate, conversations turn passive-aggressive and the final plan feels like a lukewarm bowl of oatmeal – bland and uninspiring.
What's missing? The answer is simple, yet powerful: trust.
Patrick Lencioni, best-selling author and expert on teamwork, famously said, "Conflict is not necessarily bad. It's the pursuit of the truth that is good." But for this "pursuit of truth" to work, you must lay a foundation of trust first.
Here's why trust plays a vital role in making bank and credit union strategic planning sessions fruitful:
- Open and Honest Communication: Trust creates a safe space for open and honest communication. Team members feel comfortable voicing their opinions, even if they differ from the majority. This free flow of ideas leads to richer discussion and a more comprehensive understanding of the challenges and opportunities facing the institution.
- Healthy Debate and Constructive Conflict: Let's get real – bank and credit union strategic planning often involves tough decisions and competing priorities. With trust in place, healthy debate and constructive conflict flourishes. Team members can challenge assumptions, dissect trends and engage in a genuine intellectual push-and-pull. The result is a more robust strategic plan.
- Collaborative Problem-Solving: Collaboration thrives on trust. When team members believe they're all working towards a shared goal, they're more likely to roll up their sleeves and work together to overcome obstacles.
- Building Buy-In and Commitment: A strategic plan gathering dust on a shelf is a recipe for failure. Trust fosters buy-in and commitment. Engaged team members will passionately champion the final plan and work diligently towards its execution.
- Building Long-Term Success: Finally, trust is an investment in long-term success. Bank and credit union strategic planning sessions that become exercises in trust-building contribute to a culture of open communication, collaboration and accountability. A positive planning culture fosters a more resilient organization…one better equipped to navigate the ever-evolving financial landscape.
But here's an important distinction: A trust-based session doesn't mean being unprofessional or having emotional outbursts. It simply means being honest. It's about prioritizing the truth (even if it's uncomfortable) in pursuit of what's best for the institution as a whole.
How to Build Trust in Your Bank and Credit Union Strategic Planning Session
So, trust is great…you get it. But how do you create a trusting environment? Here are five ways:
- Set the Stage: Start the session by creating a welcoming and inclusive environment. Clearly communicate the goals of the session and set ground rules for respectful communication.
- Get Personal: Encourage team members to share their personal goals in relation to the institution's success. This exercise builds a stronger shared purpose and adds context to everyone’s views.
- Focus on Facts, Not Personalities: While disagreements are inevitable, steer conversations towards factual analysis. Focus on finding the best solution…not "winning" an argument. You’re at the session so everyone wins.
- Acknowledge and Address Concerns: Don't dismiss dissenting voices. Acknowledge concerns and actively work to address them in a thoughtful manner.
- Celebrate Successes: Throughout the session, celebrate instances of open communication, collaboration and constructive debate. Celebrating trust reinforces its value in the bank and credit union strategic planning process.
Incorporating trust into your bank and credit union strategic planning sessions translates to better strategic plans, stronger buy-in from your team and a brighter future for your institution. Remember, trust fuels success. Invest in it and watch your strategic planning sessions go from lukewarm to red-hot with possibility.
Ready to get started on a productive, trust-filled session? Book a free consultation today to see how On The Mark Strategies can help.
