Looking in the mirror and being honest is always a difficult thing. It's hard to admit weaknesses and I find people embellish their strengths especially when board members are involved. Management doesn't want to admit to problems and the board members are so proud of their credit union they often see things better than they really are.
This can be an obstacle to strategic planning. Effective planning requires honesty so you know where your strengths are and how strong they really are so you can set objectives to make them even stronger. In evaluating weaknesses it helps to have an outside perspective who can ask the tough questions. As one of my clients said, "Sometimes you have to ask someone outside of the family whether your baby is ugly or not." Weaknesses are naturally difficult to face, and in some cases even recognize depending on the management team dynamic.
It's easy to put the best spin on the credit union and believe you are the best in member service and product offerings. However, in the final analysis you are what you are, and if you are having a net loss in member accounts, and your loan value is decreasing then something is obviously amiss.
Declare an amnesty day where your team can "confess" openly to their concerns and views on the strengths and weaknesses. It's always better to be solution-focused rather than blame-focused, and honesty in this process will get you to better solutions quicker.
It's better to be honest when preparing for your planning process, than to work hard on spin control when the regulators are knocking on your door.
-- Russell
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