Strategic Planning
Strategic Planning It All Begins & Ends Here RMA Spring Conference Asheville, North Carolina
PRESENTER: KARL NELSON
National Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
8,534
8,305
8,012
7,658
7,357
7,083
6,812
6,812
6,182
TA
$13 T
$13.8 T
$13.1 T
$13.3 T
$13.9 T
$14.5 T
$14.7 T
$14.7 T
$15.97 T
TL
$7.8 T
$7.7 T
$7.05 T
$7.1 T
$7.3 T
$7.5 T
$7.8 T
$7.76T
$8.72 T
EQUITY
$1.3 T
$1.3 T
$1.4 T
$1.5 T
$1.57 T
$1.63 T
$1.65 T
$1.65 T
$1.80 T
P (L)
$100 B
$4.5 B
($9.9 B)
$85.5 B
$120 B
$141 B
$155 B
$154.7 B
$163.7 B
OREO
$13.2 B
$27.6 B
$41.4 B
$52.7 B
$46.2 B
$38.5 B
$30.2 B
$30.2 B
$14.7 B
NON CURRENT LOANS
$112 B
$233.4 B
$396 B
$359 B
$305 B
$277 B
$207 B
$207 B
$137.8 B
FAILURES
3
25
140
157
92
51
24
18
8
South Carolina Perspective 2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
93
88
89
83
76
71
69
65
60
TA
$53 B
$56 B
$56.7 B
$38 B
$37.5 B
$37.6 B
$36.7 B
$36.9 B
$27.7 B
TL
$39.6 B
$42 B
$39.5 B
$25 B
$23.3 B
$23 B
$22.6 B
$23.2 B
$17.9 B
EQUITY
$5.6 B
$5.6 B
$5.2 B
$3.6 B
$3.9 B
$3.9 B
$4.0 B
$3.9 B
$3.16 B
P (L)
$444 M
($426 M)
($967 M)
($111 M)
$2.4 M
$149 M
$148 M
$170 M
$262 M
OREO
$51 M
$198 M
$588 M
$709 M
$751 M
$634 M
$461 M
$327 M
$192 M
NON CURRENT LOANS
$301 M
$1.1 B
$2.45 B
$1.4 B
$1.2 B
$985 M
$696 M
$411 M
$211 M
FAILURES
0
0
0
4
3
2
0
1
0
North Carolina Perspective 2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
112
110
105
100
96
88
77
68
65
TA
$2.2 T
$2.35 T
$2.23 T
$1.7 T
$1.7 T
$1.7 T
$1.68 T
$1.8 T
$1.9 T
TL
$1.23 T
$1.24 T
$1.22 T
$876 B
$892 B
$892 B
$926 B
$1.01 T
$1.05 T
EQUITY
$205 B
$213 B
$265 B
$210 B
$209 B
$205 B
$208 B
$232.6 B
$235.7 B
P (L)
$18.15 B
$5.6 B
$9.5 B
$9.1 B
$10.3 B
$14.2 B
$18.4 B
$19.6 B
$21.7 B
OREO
$974 M
$3.3 B
$5.4 B
$5.8 B
$5.8 B
$4.4 B
$2.7 B
$2.2 B
$802 M
NON CURRENT LOANS
$10.7 B
$35.4 B
$87.5 B
$64.5 B
$68.4 B
$65.3 B
$42.4 B
$28.9 B
$20.0 B
FAILURES
0
0
2
0
2
1
2
0
0
Georgia Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
352
334
306
268
242
228
223
210
194
TA
$285 B
$300 B
$271 B
$270 B
$269 B
$267 B
$267 B
$284 B
$289 B
TL
$212 B
$212 B
$188 B
$187 B
$185 B
$185 B
$189 B
$200 B
$206 B
EQUITY
$32.3 B
$31.4 B
$29.1 B
$29.4 B
$30.8 B
$32.7 B
$32.1 B
$33.8 B
$34.6 B
P (L)
$3.0 B
$105.5 M
($3.4 B)
($1.9 B)
$537 M
$2.2 B
$2.0 B
$2.6 B
$2.9 B
OREO
$858 M
$2.2 B
$3.1 B
$3.5 B
$2.8 B
$2.2 B
$1.6 B
$1.2 B
$833 M
NON CURRENT LOANS
$3.7 B
$8.7 B
$12.2 B
$10.4 B
$8.9 B
$5.1 B
$4.1 B
$3.0 B
$2.6 B
FAILURES
1
5
25
21
23
10
3
1
2
Tennessee Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
203
198
194
191
188
184
179
174
168
TA
$94.3 B
$98.7 B
$89.0 B
$86.6 B
$84.9 B
$86.7 B
$85.7 B
$90.0 B
$95.2 B
TL
$66.6 B
$69.2 B
$61.4 B
$57.8 B
$54.7 B
$55.2 B
$55.0 B
$58.2 B
$63.9 B
EQUITY
$9.67 B
$12.2 B
$10.14 B
$9.7 B
$9.7 B
$9.9 B
$9.9 B
$10.4 B
$10.8 B
P (L)
$337 M
($257 M)
($442 M)
$71 M
$225 M
$480 M
$622 M
$851 M
$815 M
OREO
$248 M
$493 M
$742 M
$977 M
$880 M
$769 M
$631 M
$506 M
$384 M
NON CURRENT LOANS
$886 M
$2.1 B
$2.3 B
$2.35 B
$1.9 B
$1.4 B
$1.1 B
$842 M
$686 M
FAILURES
0
0
0
0
0
3
2
0
0
Virginia Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
119
118
119
115
112
107
105
97
93
TA
$375 B
$576 B
$444 B
$492 B
$525 B
$635 B
$615 B
$641.4 B
$668.4 B
TL
$253 B
$331 B
$230 B
$262 B
$271 B
$324 B
$318 B
$340.5 B
$362.7 B
EQUITY
$44.0 B
$57.9 B
$56.5 B
$60.1 B
$64.4 B
$77.7 B
$73.8 B
$77.3 B
$83.1 B
P (L)
$785 M
($1.2 B)
$408 M
$4.8 B
$5.35 B
$3.2 B
$5.6 B
$6.2 B
$5.47 B
OREO
$558 M
$1.1 B
$757 M
$1.1 B
$837 M
$837 M
$650 M
$572 M
$447 M
NON CURRENT LOANS
$4.5 B
$10.0 B
$10.1 B
$9.5 B
$7.4 B
$6.9 B
$5.9 B
$4.9 B
$5.4 B
FAILURES
0
0
1
1
2
0
0
1
0
West Virginia Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
68
66
65
65
63
61
61
60
60
TA
$23.0 B
$25.0 B
$25.3 B
$25.4 B
$26.5 B
$27.5 B
$28.5 B
$29.5 B
$32.4 B
TL
$15.9 B
$17.3 B
$17.3 B
$16.9 B
$17.1 B
$18.1 B
$19.2 B
$20.2 B
$22.0 B
EQUITY
$2.26 B
$2.53 B
$2.65 B
$2.76 B
$2.93 B
$3.1 B
$3.2 B
$3.3 B
$3.79 B
P (L)
$242 M
$216 M
$192 M
$210 M
$224 M
$250 M
$278 M
$280 M
$309 M
OREO
$32 M
$46 M
$125 M
$172 M
$178 M
$173 M
$175 M
$152 M
$142 M
NON CURRENT LOANS
$169 M
$244 M
$331 M
$297 M
$393 M
$353 M
$295 M
$281 M
$290 M
FAILURES
0
1
0
0
0
0
0
0
0
Strategic Planning •
Examiners like to use your plan to understand your operating philosophy.
•
They want to understand your Risk Profile through your plan.
•
They want you to execute what is in your plan or, if changes are necessary, they want to see how you make those adjustments.
•
They want to see periodic updates to your process making certain that what you say you will do is, in fact, what you do.
•
They want you to live your plan!
Strategic Planning Hot Topics Today … •
Plans for Rising Rates •
•
Cyber Security •
•
What is your desired asset growth plan?
New Lending •
•
Do you have a plan for Management / Board succession?
Growth •
•
Do you have a plan for this issue?
Succession Planning •
•
Are you aware of your weaknesses?
Vendor Management •
•
Investment portfolio, deposit outflow, credit risk impact.
Are you describing what new lending you desire and how you will support it?
Capital Plan •
Number one issue – how will you maintain your capital vs. your risk?
Strategic Planning •
Strategic planning is necessary because… •
It demonstrates management’s intent to create shareholder value
•
Markets are changing
•
Technological advances are happening quickly
•
The Regulatory Agencies are demanding it: •
Directors are responsible for selecting, monitoring, and evaluating competent management; establishing business strategies and policies; monitoring and assessing the process of business operations; establishing and monitoring adherence to policies and procedures required by statute, regulation, and principles of safety and soundness; and for making business decisions on the basis of fully informed and meaningful deliberation.
Major Issues Facing The Industry •
The changing face of the customer
•
The new competitive environment for customers
•
The future of smaller financial institutions
•
Technological revolution (Cyber Security)
•
Focus on executive compensation
•
Shareholder activism
•
Compliance Issues
Conduct a Reality Check
IS THIS PLAN ACHIEVABLE?
DO WE HAVE THE RESOURCES TO IMPLEMENT THE PLAN?
DOES THE PLAN ADDRESS CUSTOMER NEEDS?
IS THE MARKET RIGHT FOR THE PLAN?
Conduct a Reality Check Don’t spend a lot of time on these:
Mission Statement
Core Competencies
Vision Statements
Spend your time on these: Budget Business Plan Strategic Plan Capital Plan
Questions To Ask Yourself •
Do we have confidence that we are measuring and managing what’s really important to our institution’s success?
•
What are our current strategies? WHAT CAN WE DO TO IMPROVE OUR RISK POSITION AND LONG TERM PERFORMANCE?
ARE THEY WORKING?
HAVE THEY BEEN DOCUMENTED?
What Should a Good Plan Include?
SITUATION ANALYSIS STRATEGIC OBJECTIVES
COMPETITION
SWOT ANALYSIS
FINANCIAL SITUATION
Situation Analysis First focus on the big picture – the current business environment.
What factors outside of the company have the potential to affect the company and its performance?
SWOT Analysis •
This is potentially one of the biggest trip-up areas.
•
Honestly evaluate the company by asking critical questions that will make your strategic plan more effective.
STRENGTHS •Employee Culture •Community Reputation •Employee Efficiency
OPPORTUNITIES •Expansion into other markets •M&A •Technology
S O
W T
WEAKNESSES •Succession Planning •Technology •Concentration Risk
THREATS •Regulatory Burdens •Cyber Security •Growth
Financial Review Total Assets Total Loans
• Example metrics to discuss (compare and contrast the last 3 years results):
Total Deposits Equity Capital Net Income ALLL Non-Accrual NPA Ratio Tier 1 RBC Total RBC
Competition •
Take a hard, long look at 3-5 of your main competitors, by market. •
•
•
• • •
What are the top 3-5 reasons you lose business to your competitors? Who are your competitors today and what are their strengths and weaknesses? What rival product/service is most competitive with your product/service? In what new directions are competitors moving and why? What are the competitive trends? Why? In what areas that customers care about are we stronger than our competitors?
Identify Your Strategic Objectives
•
Take a step back and review all you have done to date, from strategic thinking, through the SWOT analysis. •
Identify 4-6 strategic objectives that will incorporate your strategic thinking and address the SWOT analysis. •
These objectives or initiatives should drive your plan for the year.
•
They should define the really big things you will attend to.
Strategic Objectives Examples •
Buy, Sell, Grow Organically
•
Enhancing Locations
•
New Lending Concepts
•
Enhancing Business Services
•
Enhancing Compensation Concepts
Set Goals for Each Strategic Objective Concentrate on 3 – 5 Goals for each objective. TIMEBOUND
SPECIFIC
REALISTIC
MEASUREABLE
ATTAINABLE
Ask Questions such as: (1) How will we know we’ve achieved this initiative, (2) How will we measure success, (3) What goals will stretch us, but still be reasonable, and (4) What is the timeframe involved – when must we achieve each goal?
Implementing the Strategic Plan
①
Keep it simple – and remember, implementation starts at the top
②
Have confidence you’ve identified your critical ‘impact areas’
③
Know what success looks like – begin with the end in mind
④
Have clear accountability and timelines
⑤
Know when you’re making progress – have clear measurement criteria
⑥
Know how you will report progress and periodically update the plan
⑦
Communicate – where we’re headed, what’s changing and how we’re doing
PRESENTER: KARL NELSON
National Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
8,534
8,305
8,012
7,658
7,357
7,083
6,812
6,812
6,182
TA
$13 T
$13.8 T
$13.1 T
$13.3 T
$13.9 T
$14.5 T
$14.7 T
$14.7 T
$15.97 T
TL
$7.8 T
$7.7 T
$7.05 T
$7.1 T
$7.3 T
$7.5 T
$7.8 T
$7.76T
$8.72 T
EQUITY
$1.3 T
$1.3 T
$1.4 T
$1.5 T
$1.57 T
$1.63 T
$1.65 T
$1.65 T
$1.80 T
P (L)
$100 B
$4.5 B
($9.9 B)
$85.5 B
$120 B
$141 B
$155 B
$154.7 B
$163.7 B
OREO
$13.2 B
$27.6 B
$41.4 B
$52.7 B
$46.2 B
$38.5 B
$30.2 B
$30.2 B
$14.7 B
NON CURRENT LOANS
$112 B
$233.4 B
$396 B
$359 B
$305 B
$277 B
$207 B
$207 B
$137.8 B
FAILURES
3
25
140
157
92
51
24
18
8
South Carolina Perspective 2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
93
88
89
83
76
71
69
65
60
TA
$53 B
$56 B
$56.7 B
$38 B
$37.5 B
$37.6 B
$36.7 B
$36.9 B
$27.7 B
TL
$39.6 B
$42 B
$39.5 B
$25 B
$23.3 B
$23 B
$22.6 B
$23.2 B
$17.9 B
EQUITY
$5.6 B
$5.6 B
$5.2 B
$3.6 B
$3.9 B
$3.9 B
$4.0 B
$3.9 B
$3.16 B
P (L)
$444 M
($426 M)
($967 M)
($111 M)
$2.4 M
$149 M
$148 M
$170 M
$262 M
OREO
$51 M
$198 M
$588 M
$709 M
$751 M
$634 M
$461 M
$327 M
$192 M
NON CURRENT LOANS
$301 M
$1.1 B
$2.45 B
$1.4 B
$1.2 B
$985 M
$696 M
$411 M
$211 M
FAILURES
0
0
0
4
3
2
0
1
0
North Carolina Perspective 2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
112
110
105
100
96
88
77
68
65
TA
$2.2 T
$2.35 T
$2.23 T
$1.7 T
$1.7 T
$1.7 T
$1.68 T
$1.8 T
$1.9 T
TL
$1.23 T
$1.24 T
$1.22 T
$876 B
$892 B
$892 B
$926 B
$1.01 T
$1.05 T
EQUITY
$205 B
$213 B
$265 B
$210 B
$209 B
$205 B
$208 B
$232.6 B
$235.7 B
P (L)
$18.15 B
$5.6 B
$9.5 B
$9.1 B
$10.3 B
$14.2 B
$18.4 B
$19.6 B
$21.7 B
OREO
$974 M
$3.3 B
$5.4 B
$5.8 B
$5.8 B
$4.4 B
$2.7 B
$2.2 B
$802 M
NON CURRENT LOANS
$10.7 B
$35.4 B
$87.5 B
$64.5 B
$68.4 B
$65.3 B
$42.4 B
$28.9 B
$20.0 B
FAILURES
0
0
2
0
2
1
2
0
0
Georgia Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
352
334
306
268
242
228
223
210
194
TA
$285 B
$300 B
$271 B
$270 B
$269 B
$267 B
$267 B
$284 B
$289 B
TL
$212 B
$212 B
$188 B
$187 B
$185 B
$185 B
$189 B
$200 B
$206 B
EQUITY
$32.3 B
$31.4 B
$29.1 B
$29.4 B
$30.8 B
$32.7 B
$32.1 B
$33.8 B
$34.6 B
P (L)
$3.0 B
$105.5 M
($3.4 B)
($1.9 B)
$537 M
$2.2 B
$2.0 B
$2.6 B
$2.9 B
OREO
$858 M
$2.2 B
$3.1 B
$3.5 B
$2.8 B
$2.2 B
$1.6 B
$1.2 B
$833 M
NON CURRENT LOANS
$3.7 B
$8.7 B
$12.2 B
$10.4 B
$8.9 B
$5.1 B
$4.1 B
$3.0 B
$2.6 B
FAILURES
1
5
25
21
23
10
3
1
2
Tennessee Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
203
198
194
191
188
184
179
174
168
TA
$94.3 B
$98.7 B
$89.0 B
$86.6 B
$84.9 B
$86.7 B
$85.7 B
$90.0 B
$95.2 B
TL
$66.6 B
$69.2 B
$61.4 B
$57.8 B
$54.7 B
$55.2 B
$55.0 B
$58.2 B
$63.9 B
EQUITY
$9.67 B
$12.2 B
$10.14 B
$9.7 B
$9.7 B
$9.9 B
$9.9 B
$10.4 B
$10.8 B
P (L)
$337 M
($257 M)
($442 M)
$71 M
$225 M
$480 M
$622 M
$851 M
$815 M
OREO
$248 M
$493 M
$742 M
$977 M
$880 M
$769 M
$631 M
$506 M
$384 M
NON CURRENT LOANS
$886 M
$2.1 B
$2.3 B
$2.35 B
$1.9 B
$1.4 B
$1.1 B
$842 M
$686 M
FAILURES
0
0
0
0
0
3
2
0
0
Virginia Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
119
118
119
115
112
107
105
97
93
TA
$375 B
$576 B
$444 B
$492 B
$525 B
$635 B
$615 B
$641.4 B
$668.4 B
TL
$253 B
$331 B
$230 B
$262 B
$271 B
$324 B
$318 B
$340.5 B
$362.7 B
EQUITY
$44.0 B
$57.9 B
$56.5 B
$60.1 B
$64.4 B
$77.7 B
$73.8 B
$77.3 B
$83.1 B
P (L)
$785 M
($1.2 B)
$408 M
$4.8 B
$5.35 B
$3.2 B
$5.6 B
$6.2 B
$5.47 B
OREO
$558 M
$1.1 B
$757 M
$1.1 B
$837 M
$837 M
$650 M
$572 M
$447 M
NON CURRENT LOANS
$4.5 B
$10.0 B
$10.1 B
$9.5 B
$7.4 B
$6.9 B
$5.9 B
$4.9 B
$5.4 B
FAILURES
0
0
1
1
2
0
0
1
0
West Virginia Perspective
2007
2008
2009
2010
2011
2012
2013
2014
2015
INSTITUTIONS
68
66
65
65
63
61
61
60
60
TA
$23.0 B
$25.0 B
$25.3 B
$25.4 B
$26.5 B
$27.5 B
$28.5 B
$29.5 B
$32.4 B
TL
$15.9 B
$17.3 B
$17.3 B
$16.9 B
$17.1 B
$18.1 B
$19.2 B
$20.2 B
$22.0 B
EQUITY
$2.26 B
$2.53 B
$2.65 B
$2.76 B
$2.93 B
$3.1 B
$3.2 B
$3.3 B
$3.79 B
P (L)
$242 M
$216 M
$192 M
$210 M
$224 M
$250 M
$278 M
$280 M
$309 M
OREO
$32 M
$46 M
$125 M
$172 M
$178 M
$173 M
$175 M
$152 M
$142 M
NON CURRENT LOANS
$169 M
$244 M
$331 M
$297 M
$393 M
$353 M
$295 M
$281 M
$290 M
FAILURES
0
1
0
0
0
0
0
0
0
Strategic Planning •
Examiners like to use your plan to understand your operating philosophy.
•
They want to understand your Risk Profile through your plan.
•
They want you to execute what is in your plan or, if changes are necessary, they want to see how you make those adjustments.
•
They want to see periodic updates to your process making certain that what you say you will do is, in fact, what you do.
•
They want you to live your plan!
Strategic Planning Hot Topics Today … •
Plans for Rising Rates •
•
Cyber Security •
•
What is your desired asset growth plan?
New Lending •
•
Do you have a plan for Management / Board succession?
Growth •
•
Do you have a plan for this issue?
Succession Planning •
•
Are you aware of your weaknesses?
Vendor Management •
•
Investment portfolio, deposit outflow, credit risk impact.
Are you describing what new lending you desire and how you will support it?
Capital Plan •
Number one issue – how will you maintain your capital vs. your risk?
Strategic Planning •
Strategic planning is necessary because… •
It demonstrates management’s intent to create shareholder value
•
Markets are changing
•
Technological advances are happening quickly
•
The Regulatory Agencies are demanding it: •
Directors are responsible for selecting, monitoring, and evaluating competent management; establishing business strategies and policies; monitoring and assessing the process of business operations; establishing and monitoring adherence to policies and procedures required by statute, regulation, and principles of safety and soundness; and for making business decisions on the basis of fully informed and meaningful deliberation.
Major Issues Facing The Industry •
The changing face of the customer
•
The new competitive environment for customers
•
The future of smaller financial institutions
•
Technological revolution (Cyber Security)
•
Focus on executive compensation
•
Shareholder activism
•
Compliance Issues
Conduct a Reality Check
IS THIS PLAN ACHIEVABLE?
DO WE HAVE THE RESOURCES TO IMPLEMENT THE PLAN?
DOES THE PLAN ADDRESS CUSTOMER NEEDS?
IS THE MARKET RIGHT FOR THE PLAN?
Conduct a Reality Check Don’t spend a lot of time on these:
Mission Statement
Core Competencies
Vision Statements
Spend your time on these: Budget Business Plan Strategic Plan Capital Plan
Questions To Ask Yourself •
Do we have confidence that we are measuring and managing what’s really important to our institution’s success?
•
What are our current strategies? WHAT CAN WE DO TO IMPROVE OUR RISK POSITION AND LONG TERM PERFORMANCE?
ARE THEY WORKING?
HAVE THEY BEEN DOCUMENTED?
What Should a Good Plan Include?
SITUATION ANALYSIS STRATEGIC OBJECTIVES
COMPETITION
SWOT ANALYSIS
FINANCIAL SITUATION
Situation Analysis First focus on the big picture – the current business environment.
What factors outside of the company have the potential to affect the company and its performance?
SWOT Analysis •
This is potentially one of the biggest trip-up areas.
•
Honestly evaluate the company by asking critical questions that will make your strategic plan more effective.
STRENGTHS •Employee Culture •Community Reputation •Employee Efficiency
OPPORTUNITIES •Expansion into other markets •M&A •Technology
S O
W T
WEAKNESSES •Succession Planning •Technology •Concentration Risk
THREATS •Regulatory Burdens •Cyber Security •Growth
Financial Review Total Assets Total Loans
• Example metrics to discuss (compare and contrast the last 3 years results):
Total Deposits Equity Capital Net Income ALLL Non-Accrual NPA Ratio Tier 1 RBC Total RBC
Competition •
Take a hard, long look at 3-5 of your main competitors, by market. •
•
•
• • •
What are the top 3-5 reasons you lose business to your competitors? Who are your competitors today and what are their strengths and weaknesses? What rival product/service is most competitive with your product/service? In what new directions are competitors moving and why? What are the competitive trends? Why? In what areas that customers care about are we stronger than our competitors?
Identify Your Strategic Objectives
•
Take a step back and review all you have done to date, from strategic thinking, through the SWOT analysis. •
Identify 4-6 strategic objectives that will incorporate your strategic thinking and address the SWOT analysis. •
These objectives or initiatives should drive your plan for the year.
•
They should define the really big things you will attend to.
Strategic Objectives Examples •
Buy, Sell, Grow Organically
•
Enhancing Locations
•
New Lending Concepts
•
Enhancing Business Services
•
Enhancing Compensation Concepts
Set Goals for Each Strategic Objective Concentrate on 3 – 5 Goals for each objective. TIMEBOUND
SPECIFIC
REALISTIC
MEASUREABLE
ATTAINABLE
Ask Questions such as: (1) How will we know we’ve achieved this initiative, (2) How will we measure success, (3) What goals will stretch us, but still be reasonable, and (4) What is the timeframe involved – when must we achieve each goal?
Implementing the Strategic Plan
①
Keep it simple – and remember, implementation starts at the top
②
Have confidence you’ve identified your critical ‘impact areas’
③
Know what success looks like – begin with the end in mind
④
Have clear accountability and timelines
⑤
Know when you’re making progress – have clear measurement criteria
⑥
Know how you will report progress and periodically update the plan
⑦
Communicate – where we’re headed, what’s changing and how we’re doing
