Do You Know Your Destination?
How A Community Bank Found The Right Road
As the case with many small banks in the U.S., CommBank had been an integral part of its community for decades. Founded in the early 1900s and family-run for many... Read moreLeaders begin any journey or planning process because decisions must be made: new growth opportunities, added team members, changing competitive pressures, loss of board confidence, or any number of other reasons. And, like any trip, this strategic journey requires a clear, precise map and a skilled team of drivers to get you to your destination.
Successful companies rely on a living, breathing strategy document, a roadmap that helps leaders decide which roads not to take as well as which roads offer the best way to get from Point A to Point B. Today's model for a successful strategic plan is not the tidy document of old, developed in an annual retreat, then housed untouched in its three-ring binder until the following year.
Strategic planning is organic and continuous. Its development must adapt to the unique set of circumstances that reflect your company's journey and the change that it and you will endure.
Strategic planning also is hard work. Sometimes you have to stop and ask yourself such questions as:
- What is happening in our industry and where do we fit in?
- Are we meeting the needs of our customers?
- What part of the industry can we meet in a far superior manner than our competitors?
- Can my team execute my vision? Is our team equipped to implement our changes? Where do we start?
- Do we all really understand our mission, our vision, and our values? Or am I the only one?
- How do we take our company to the next level?
Is planning difficult? Yes. But at the end of the strategic planning phase, you will have an adaptable and dynamic map to the future.
Time and time again, the finest strategic plan is just a piece of paper if not implemented and executed. Implementation and execution roadblocks must be identified before you begin your journey, not after you've hit the road. Take the time to develop your plan, make sure your company truly is properly configured, and ensure you have the right team to execute. A good map can make all the difference in your arrival to your destination.
