Maintaining Momentum: A Playbook to Keep Your Strategic Plan in Check

Strategic planning is fundamental to the future success for any bank or credit union. Annually, financial institution leaders convene to draft a blueprint for the upcoming year’s initiatives.

This gathering often feels like a major accomplishment, but it is only the beginning. The real challenge lies not in the planning but in the execution.

Too often, organizations invest heavily in crafting their strategy but spend far less time constructing their detailed execution plans. Without greater thought put into executing a strategic plan, the initial excitement surrounding the bank or credit union’s future state begins to dissipate, and the teams struggle to maintain momentum amidst day-to-day operations.

Viewing strategic planning as a one-time event is a sure path to missed opportunities. Organizations must understand that strategic planning is an ongoing journey requiring continuous effort and dedication from everyone involved.

Without sustained momentum, even the best organizations with well-crafted strategies can falter. This can lead to missed growth opportunities, stagnation in customer and employee satisfaction, and a decline in overall performance. Financial institutions that set clear expectations, emphasize communication and transparency, and foster a culture of collaboration and innovation can transform their strategic vision into tangible results.

Communication is Key

Universal alignment of goals and objectives should be a top priority. Ensuring all team members are aligned and working towards common objectives is critical, from the board of directors to the interns.

Repetition of stated goals and objectives is key to remaining top of mind. Transparency reigns supreme when it comes to sharing critical information and feedback. It allows leadership to overcome obstacles and mitigate risk in a timely manner. Further, maintaining open lines of communication becomes part of the cultural norm, supporting an environment that practices collaboration and fosters teamwork.

Establishing Clear Action Plans

Translating strategic goals into actionable plans starts with identifying specific, practical steps. Every goal should come with an action plan detailing the person responsible, the tasks to be accomplished, and the timeframe for completion.

Each plan must be broken down by department and include clearly defined roles and responsibilities. Setting realistic timelines ensures teams can be successful, propelling the bank or credit union along its strategic roadmap at a manageable pace.

Additionally, any goals that remain unfinished at year-end should be resumed at the start of the new year to ensure nothing gets overlooked.

Maintaining momentum after the initial strategic planning meeting is crucial when transforming the organization’s vision to its future state.

Track Progress

Setting both short and long-term goals to track progress elicits good organizational behavior. Regular check-ins foster accountability. They also become an opportunity to communicate openly, answering questions and identifying challenges and/or concerns. Monthly manager meetings are also ideal for sharing progress across the organization.

Because internal team members are deeply intertwined in the strategic process, bringing in an external consultant adds a unique element that can enhance the strategic process. Quarterly meetings with an external consultant can help ensure goals are met and adjustments are made as needed.

Maintain Accountability

Establishing short and long-term goals is essential for holding teams accountable. Setting KPIs and quarterly goals ensures alignment with the organization’s strategic objectives. Clearly defining success for each task and setting measurable goals help drive project completion. Implementing systems to track deliverables and regularly reviewing progress supports accountability and risk mitigation.

Provide Adequate Resources

Undertaking new initiatives may require additional resources. Successful teams achieve goals when appropriate personnel, tools, and processes are made available. It is impossible to meet strategic goals without a realistic budget in place and one should not anticipate desired results without the necessary investments. Holistic planning, including financial projections and target setting, is essential.

Keep the Team Motivated

Motivated teams are more successful and work harder to achieve their goals. Achieving strategic goals is a large undertaking, it puts a lot of stress on employees and the organization alike. Maintaining a positive environment is essential, and that starts with leadership. Celebrating small successes can keep the team motivated.

Offering training and development is imperative too. Proper training helps the team get excited about new systems and changes coming, boosting morale and commitment.

Conclusion

Maintaining momentum after the initial strategic planning meeting is crucial when transforming the organization’s vision to its future state. The details matter. A comprehensive action plan, clear roles and responsibilities, open communication throughout the year, and establishing regular follow-up are essential for long-term success and growth. By focusing on these elements, financial institutions can achieve their strategic goals and thrive in the future.