Plan for sustainability

first_imgFive steps to help small CUs succeedby: Mike SchenkWe recently posted a fresh economic and credit union forecast on our new Web page. Although this outlook isn’t much different from last quarter’s, one defining characteristic demands attention: the disconnect between large and small credit unions.Smaller credit unions continue to report operational challenges while most of their larger counterparts seem to have fully recovered from the Great Recession. As we enter the strategic planning season, we should ask, how can credit unions both large and small increase the likelihood of success and sustainability?I recently posed that question to members of CUNA’s Small Credit Union Committee and to state credit union leagues. While opinions differ, one thing is abundantly clear: there are no silver bullets. Hard work and an ability and willingness to change are common refrains.Beyond this, I’ve identified five main themes:1. Focus your missionIf you’re surrounded by other financial institutions trying to serve the same market, you’ve become a commodity. Identify and seek out consumers that other institutions aren’t serving—or aren’t serving well.Be a problem-solver, not an order-taker: What are your member’s problems and how can you help? Realize that differentiating on price exclusively can be a losing proposition, particularly for the small shop with relatively high expenses. continue reading » 6SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img