It’s always easier to kick the can down the road…or at least it feels easier. It feels like less work. It feels less expensive.
But no matter how it feels, avoiding pressing issues now will harm your community bank or credit union growth later. Not to mention that solving problems later is harder, more work and more expensive than if you addressed them now.
Here are the five key problems you must solve now or pay for later:
1. A Cookie-Cutter Brand – In an industry where you compete on similar products, creating a distinctive brand is key. Focus on a niche, adopt a name and logo appealing to that niche and encourage employee buy-in to the brand. This process is an investment, but it’s much cheaper than the loss of potential loans and members related to a cookie-cutter brand.
2. A Bunch of Bosses – Are your managers (or even other senior leaders) just order givers? If so, it’s time to train them to become leaders. In other words, individuals who use their influence - not position - to rally others. Enlisting experienced trainers today is a small expense compared to the cost of a future leadership crisis or the exodus of disgruntled direct reports.
3. A Confused Team – A lack of clarity kills your goals and community bank or credit union growth. Remind your team of not only the goal, but also the reason behind it. Elevate your purpose beyond “selling loans” to “empowering people to succeed.” Getting everyone rowing in the same direction now means accomplishing your goals now – certainly a lot cheaper than not accomplishing them!
4. Average Service – Yep, not even bad. Just plain boring. With average service, no one will remember you…and you absolutely must be memorable in this crowded market. Amazing consumer experiences have costs of reforming your journey map, extra trainings, giveaways to members and so on. But the business results and impact of excellent service will far outweigh the costs in the long run.
5. Pride – You know it well…it comes before the fall. And your community bank or credit union growth will fall short of its goals if you’re too proud to thoroughly assess your marketing. Review your marketing collateral, social media, website and strategy to understand why business isn’t up to snuff. It doesn’t take long, and you’ll be thankful you took the time to critique yourself.
If you want to save money later, then book a free consultation to discuss the On The Mark Strategies Growth Accelerator Program today. You’ll tackle all five of these issues and reap the rewards for years to come.