Let’s get one thing straight. Low price IS a strategy.
And consciously or unconsciously, every time you match rates to win business, you’re saying, “Our strategy is to be the lowest price bank in our market.”
If you’re going to go the low-price route, at least make a conscious decision to pursue that strategy rather than have it be the result of dozens or hundreds of little unconscious decisions to match rate. And do it with the understanding of history.
Consider the history of the low-price strategy in business.
Let’s start with Sears.
The reason most banks don’t succeed in their strategic planning, is that they lack strategies in their strategic plan. I believe most banks are sitting on a goldmine of untapped potential for organic growth and increased profits. Watch this video to find out how.
I hear it time and time again
The overwhelming majority of bankers I talk to when I speak at banking conferences feel that their banks don’t get any real value out of their strategic planning process and the sad reality is—they’re right.
Because of this, strategic planning is often treated as a yearly burden that has to be endured every year. Most bankers play along with absolutely no hope of ever seeing the plan correctly implemented and executed.
This doesn’t just happen in bad banks. It happens to good banks with great employees. This tells us that failed strategic plans are a result of a flawed planning process.
It’s time once again to create a strategic plan for next year.
It’s time to create that ‘master plan’ that will make next year your BEST YEAR EVER.
If you just sighed or rolled your eyes, then you’re one of the many community bankers that have suffered through strategic planning year after year only to see the plan forgotten, ignored, or poorly implemented.
Many banks with well-meaning, talented people fail to successfully create and implement a strategic plan that produces the desired results.
So what is causing these plans to fall through the cracks?
I believe most people tend to be easily distracted.
One of the hardest things to do is get everyone and everything aligned on the few things that matter to the profits at your bank…yet this “intentional congruence” is one of the most important practices you must follow if you want to grow and prosper.
In this episode, I want to share with you a concept that has transformed the strategic planning results for hundreds of banks, increasing profits by 20–50, even 100% in one year.
If you’re the kind of person…
- Who is happy with your strategic planning process,
I believe people are basically good. They want to do what they say they’re going to do, but sometimes they get distracted, or they’re unsure of what their optimal role is. And that can be dangerous when it comes to your bank’s strategic planning.
In this episode, I’m going to show you how to get your entire team aligned so that everyone knows what their responsibilities are EVERY week and how it ALL ties into the bank’s strategic plan. You’ll be able to breathe deeply, knowing you won’t be begging for forgiveness from regulators or your board.
I believe everyone wants to feel special and be treated uniquely according to their specific needs and wants. And when it comes to sales, some prospects are more special than others.
Research shows that for banks up to $2 billion in size, their top 100 most profitable customers account for between 50–120% of the profit!
In this episode, I’m going to show you how to find another 100 just like them so you can double profits without adding more people or expense…and build a plan to get all of the most profitable customers out there,
I believe every business has a breakthrough opportunity—a missed profit opportunity, in fact—in several of their product lines.
In this episode, I’m going to share with you how any one of your product lines could be the source of thousands of dollars of additional profits within a few short weeks. You’ll need to radically change your strategic planning process to make it happen.
If you’re the kind of person…
- Who knows your team can sometimes keep repeating what they’ve been doing instead of taking the time to implement breakthrough ideas for a breakthrough increase in profit…you’re going to love this.
I believe most banks are sitting on a goldmine of untapped potential for organic growth and increased profits.
In this session, you’ll discover how you can get far more—and more predictable—profit and growth impact from your strategic planning process. After reviewing over 500 strategic plans, I find that many banks lack effective strategies, lack intentional congruence, and essentially have a list of goals, but lack an effective way to get there.
If you’re the kind of leader…
- Who hires a brilliant facilitator and comes out with a well-written plan that sounds good… but doesn’t ever really shake the ground from under your feet for a transformative profit surge,
Hopefully, you tuned in last week when I shared three major mistakes most bankers make when strategic planning. If you missed it, click the link at the bottom of this email to watch it.
In this week’s video, I reveal the remaining four ways that banks set themselves up for failure.
Now that you know what NOT to do when it comes to strategic planning, you may be wondering what you SHOULD do.
I’ve put together a short 30-minute audio EXCLUSIVELY for Grow Your Bank Subscribers.
This free, on-demand, audio training reveals the strategic planning secrets of the most successful community banks in America.