It’s strategic planning time…all over again. This year, you have the unique opportunity to change the way you’re doing things to change your results.
The best way to do that?
Make sure you have strategies in your strategic plan.
Now hold on—you’re thinking you have them. I’m going to challenge you by telling you that in twenty-five years of looking at banks’ strategic plans, I have only seen a small handful that even had one strategy in their strategic plan! That’s a problem.
Today we’re going to talk about how to build strategies in your strategic plan, and how to create a phenomenal breakthrough.
We know from research that the #1 way to transform your bank’s performance is a culture transformation. The second, right behind it, is strategy. But having no strategies in your strategic plan? That is an issue.
And it is a reality for almost every bank.
Now, you’re thinking, “That’s those other banks,” and that you’re the exception…I think not.
A strategy is a way of going to market that is completely different than others that transforms results. Most banks have a list of things to do…those are not strategies.
Let me give you an example: McDonalds. You’ve probably walked into one and have seen you can order a meal #1, meal #2, meal #3—the reality is that you can only save about five cents by buying the package, but by packaging, they make an easy decision, and the upsells are natural.
You could bring that strategy into mortgage, you could bring that strategy into wealth management, you could bring that strategy into insurance operations—you could bring that strategy into any area of your bank.
Let me give you an example…what if, in your mortgage area, you created a strategy of taking that packaging strategy into creating an opportunity for clients to come in through a need area. For instance, they could be new in town, so you create a “New In Town Package” that has a plethora of things that you have to offer, plus some things that your customers have to offer, and some coupons, and some special seminars—and voilà! You have a huge opportunity to close all that business.
You could also have an “Executive Package,” or a “Small Business Owner Package”—each of them have different needs, so why not put together a package for them? It makes no difference how you’re setting up your computer system…it’s just a sheet of paper that lists these differentiations and the packages you create.
Notice how we just took ONE strategy into ONE area of the bank and already we’re moving profitability and performance needles.
But we’ve only just begun.
This is one strategy, and in one area…you need about 150, but start with at least twenty this year.
So this year, make sure that your strategic plan has some really cool things in it called “strategies.” I promise you, it will move some needles for you next year that you did not move this last year.
Have some fun creating your strategies!