Strategic plans are essential to the long-term success of a financial institution. Unfortunately, many institutions invest heavy resources into creating a three-year strategic plan, only to have it go in a binder and up on a shelf to collect dust. PRI, through our strategic planning service that includes ongoing quarterly visits and benchmarking tools, ensures that financial institutions continue to implement their plans and reach the objectives they have set for themselves.
In addition to using the right tools to set a strategic plan, a financial institution must involve the right people to drive toward success. Utilizing the institution’s young future leaders can play a vital part of keeping the organization on track, if they are invited to the table.
The value of including your future leaders in the strategic planning process includes:
- Future leaders are unhindered by “the way we’ve always done it” syndrome and can offer a fresh perspective.
- It offers a deliberate step in succession planning by providing executive-level experience. This is more important than ever as a war for talent is on the horizon.
- It gets them out of their silos and offers a bird’s-eye view of the financial institution.
- Future leaders may be more in touch with what resonates with your younger customers.
- It increases engagement. Millennials in particular want the opportunity to make an impact with their work.
Instead of shelving your strategic plan, utilize your young future leaders to help implement the plan and achieve your benchmarks, which will strengthen the FI and increase profitability. It’s a win-win solution for all.
Profit Resources specializes in identifying profitability improvement areas for financial institutions through revenue growth, cost control, streamlining processes, and effective use of technology. Contact us to learn more about our personalized approach to strategic planning to propel growth and improve profitability.