One of the hardest things to do is align everyone and everything with just a few things that matter to the profits of your bank.
Yet this intentional congruence is one of the most important practices that you must follow if you want to grow and prosper.
In this blog, I want to share with you a concept that has transformed the strategic planning results for hundreds of banks, increasing profits by 20 to 50 to even 100% in one year.
Now, if you’re the kind of person leader who:
I believe that everyone wants to feel special and be treated uniquely according to the 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 asset size, that their top 100 most profitable customers account for between 50 to 120% of their profit.
In this blog, I’m going to show you how to find another 100 just like them so that you can double profits without adding more people or expense, and build a plan to get all 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 blog, 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 change your strategic planning process radically 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…
- Is a bit weary of all the regulations and busy work and know that both you and your people haven’t taken the time to question the way that you offer your products…
- Would like the infusion of energy and cash that comes with a rapid increase in the sale of a product line that when revamped using a new strategy that’s now low hanging fruit,
I believe most banks are sitting on a gold mine of untapped potential for organic growth and increased profits.
In this blog, 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 who 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…
- Is happy with your plan,
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.
Picture yourself in the driver’s seat of your dream car, ready to go—but the windows are all painted black and there are no gauges. You turn the key and the engine roars. You push the pedal to the floor and away you go!
Oh you’ll end up somewhere, all right—but it won’t be pretty.
Too many banks operate exactly this way. People go to work every day and push that pedal to the floor. But do they have any idea WHERE they’re going? Too often, the answer is no—and the reason is a lack of outcome-based thinking.
Create a “Top 100” plan for an extremely high level of giving and care for those prospects and clients who are most valuable. It’s your insurance policy to retain and grow business with top targets and to create referrals from those people.
Last week I revealed the first two bottlenecks that are roadblocks to creating a kick-butt strategic plan. Discover the remaining three bottlenecks described in today’s blog post.
It’s been around for decades. The old strategic planning model. You head to the retreat center. Wear khakis. Revise the mission statement until it reads “To be a leading provider of financial services in a four-county area with outstanding customer service, high-quality products, and above rate of return to our stakeholders.” THEN, after that useless exercise, you do the SWOT analysis and create the list of goals with deadlines.
Who are my ideal clients? What individuals and businesses? Be specific. “Small business” is NOT a target market. “Entrepreneurial-minded medical industry practices” is a target.
What problem does each ideal client have that you can solve both effectively and profitably?
Your entire strategic plan should start and end there. Everything in-between needs to focus there.