By: Robert O'Hara, VP Strategic Alliances, GrooveCar & CU Xpress Lease
Recently I have been focused on strategy planning for 2017. Like me, I know that many of you are in the midst of spending time on planning for next year as well. Planning, and taking the time to really focus on the growth for an upcoming year, is vital to your credit union’s future success. In addition, it is equally as critical for your own professional development while being able to point to your distinguished accomplishments. To do this, one of the most important assets you can invest in is time, specifically on the “how.”
Many times the strategic plan is littered with numeric goals such as share, loan and member growth, just to quickly name a few. However, many times the plan is light on the “how.” Specifically, how are you going to accomplish these goals and how well has the plan been vetted? You want to use your time wisely to ensure you build a solid plan that is aggressive but attainable. To do so you must spend most of your time on the how.
Credit unions are looking at another growth year for auto loans in 2017. How was 2016? What are some of the areas that could have been improved to take advantage of market opportunities? Do those same opportunities exist for 2017? I am a big proponent of fixing what’s not working. Given the auto loan climate and popularity of credit unions among the Millennial generation, if a credit union isn’t tapping into this, it truly is a head scratching moment.
Using our company as an example, we introduced our new auto-buying platform for credit unions and their members in March of this year. It took over a year of painstaking planning and meetings. Was everything done when we introduced our new product in March? No, it was just the beginning because when you are planning, you are never just planning for one moment you’re looking down the road, planning for the future.
Our plan for our auto resource was not only to be innovative, but to also provide value, performance and relevance to you and your members. I believe the same set of principals can be applied to your membership. Our objective is to help you reach all those touch points by using your credit union’s energy and resources to fuel loan volume. Credit unions have great relationships, it’s time to strengthen those connections and become a stronger industry competitor.