It is fair to assume that 2010 will hold its fair share of surprises, opportunities and crises that will require tough decisions and quick, deliberate action on the part of credit unions. One question credit unions are asking themselves right now is, Are we as prepared as we can be? Below is a brief list of questions to consider to help assess your preparedness for what promises to be an interesting year:
Have we thoroughly explored the impact of a further economic downturn on our business model and business plan? A material recovery?
What is our short list (no more than five) of strategic initiatives that must be pursued regardless of the economy to better position the credit union for the long term?
Have we created and communicated detailed game plans and do we have a defined project control process to ensure that progress on these strategic initiatives will be accomplished in 2010?
Are our board and senior management aligned on the definition of success for 2010?
Given the level of uncertainty and the likelihood of “surprises,” have we blocked, in advance, regular time for key decision makers to discuss new issues and make decisions?
With answers to these questions, your credit union will be in a better position to make decisions and react to unforeseen events. This is especially important, as you address the problem directly related to the number of options you have for solving it.