By Patsy Van Ouwerkerk, Consultant, Mitchell Stankovic

Growing up I always looked forward to September. My summer job ended, and I anxiously waited for school to start. It wasn’t just the anticipation of the school year and seeing my friends that excited me – it was also being back in class and thinking about what I would learn and how that knowledge would shape my future that kept me awake.

Fast forward to today. September still excites me. As a consultant with Mitchell Stankovic and Associates, September is one of my busiest months. Credit unions are humming with strategic planning sessions in September, just prior to beginning their annual budgeting cycle.

Strategic planning means considering all the possibilities for the future, which is tremendously exciting. For credit unions, the question may arise regarding what type of lending to focus on as auto lending slows or should we merge with this credit union or expand our field of membership into a new area. What more could our credit union be doing for the community in terms of the residents’ well-being, financially or socially? What is our identity, and how does that connect with causes that are important to the community?

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As I write this blog, I’m actually flying back home from facilitating a strategic planning session for a new client. I spent the last few months getting to know the CEO and her executive team, reviewing their prior strategic plan and learning everything I could about them.

I’m an avid reader and rely on numerous publications to keep up with current trends in the financial services industry. I often talk with credit union colleagues about their challenges and continue to volunteer on several credit union boards and committees to stay informed and to give back. To be of value to our clients, it’s imperative that I remain relevant as a facilitator. My role is to question and challenge and ensure the credit union isn’t taking on too much, but also to make sure they’re not being too complacent. Change is happening at a faster pace than ever before, especially when it relates to technology.

I was so impressed with this credit union and the level of engagement of the volunteers. The board and supervisory committee members come from diverse backgrounds, ages and ethnicity; this is another area where we support our clients. I especially enjoy working with a credit union’s board to establish good governance practices.

My new client’s support of their CEO was apparent. It was evident they had reviewed the pre-session reading materials in advance and came to the meeting ready to participate. Their candid remarks on the pre-session survey helped me develop an agenda that was unique to them and addressed their priorities.

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I believe in approaching each client engagement as an opportunity to reinforce why the credit union exists. Credit unions are unique in the financial services industry and should never lose sight of their social responsibility. It’s critical to get to the heart of each client’s business and partner with them to examine how they can make a difference in the lives of their members.

Current consumer, market and industry data must be presented at a high level, and the credit union must examine trends at the state and local level. The volunteers and management must study the opportunities and the threats and hold an authentic, in-depth discussion of those opportunities and threats and what the credit union is going to do about them. Customized strategic planning is designed to meet the unique needs of each client and commitment to executing on the plan goes well beyond the session at hand.  

High-performing boards shape the direction of the credit union through its mission, strategic plan and key policies. They ensure that leadership, resources, and finances are commensurate with its vision, and monitor for performance and compliance. Diversification of the board relative to the membership is a priority for high-performing boards, and they accept the responsibility for providing succession planning and continuity of the boards. It’s a vast responsibility. Does your credit union know where it wants to go in the future?