We just passed the halfway point in 2016. Is your financial institution on target to accomplish the goals in your strategic plan? If you haven’t reviewed your plan lately to see if your financial institution is on track for the year, now is a good time to do that. This will give you time to make adjustments where necessary and to analyze exactly what needs to happen to make those goals a reality between now and the end of the year.
Here three questions your leaders should ask while going through the review process.
1. What are your financial institution’s top three priorities to accomplish before the end of the year?Most financial institutions spend a lot of time and money putting their strategic plans together. If you find you are not on track with accomplishing the goals you outlined during your planning session, don’t scrap the whole plan. Pick the three top priorities that are doable in the next five months, and make them happen.
2. What may keep you from accomplishing those priorities?
You have less than half the time to accomplish what you originally gave yourself a year to complete. Your leadership must have an honest conversation about potential obstacles at this point in the year. Maybe one goal depends on meeting another goal first. You may need to dedicate more staff than previously anticipated to an action item. Your financial institution may need to stop doing something else first. Maybe the economic climate in your area has changed. Have those conversations before you jump in to a task or project.
3. How will you overcome these obstacles?
Putting a plan in place now will put you that much further ahead if you do actually encounter your anticipated obstacles. Decide now how you will overcome them, whether it is budgeting for more staff, reorganizing staff temporarily, changing your marketing approach or whatever needs to happen to be successful.
Now may be the perfect time to implement some new approaches or new thinking as you assess what needs to happen to meet your financial institution’s 2016 goals. Ask these three questions at your next leadership meeting and put those plans into action.