The key word here is focus. Ever work with an organization that seemed scattered and each day felt like you were heading a new direction? This is not uncommon in the knee-jerk reaction times we see today in business and in credit unions. Sometimes we forget, it is possible to very good at one thing if you stay focused on it.
A friend of mine was a phys. Ed. teaching in an elementary school and he put the entire class on one side of a tug of war rope, and he stood on the other side. He thought he’d have fun and play with the kids pulling against him before finally winning with a good pull. Much to his surprise the kids were very focused on winning and with each of them pulling with focus he couldn’t beat them! The same goes for credit unions, when we focus and have a team that is focused we can beat a much bigger opponent.
In credit unions we win by gathering talent, focus and intensity to an issue critical to members, and do it better than anyone else in the market. This is how to become a specialist in certain areas and escape from the commodity mentality. Just matching the competition leaves members to select their financial institution based on rates alone and this takes away net income and dilutes any loyalty we want to build in our members.
Two important questions to be answered when establishing your focus will guide your management team on where the credit union needs to be heading and focusing.
What do you sell? Who are your targeted members or prospective members?
By taking the time to delve deeply into these questions you will find the focus you need to be taking as you plan out your strategies.
-- Russell
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