People often ask me the key to developing an effective strategy for their credit union.
My response is simple. Answer this question: What are we NOT going to do?
It’s easy to come up with lists of things to do, but it is much harder to consider the things that you are not going to do. It’s harder still to actually make the decision not to do them, especially in a world where it seems that every business in the financial services industry does everything for everybody.
But that is exactly where the power of this simple question comes from…because it forces you to decide what will make your credit union different from every other financial services competitor.
And the essence of a sound strategy is a sustainable competitive advantage…being able to do something better and different so that the only way people can gain access is to come to you!