Community Bankers of Iowa Monthly Banker Update November 2013 | Page 12
Implementing a Successful Strategic Plan Involves a Multi-Level
Approach
Written By: Keith Hughey, Senior Consultant for John M. Floyd & Associates
Connecting the Dots Between Drafting the Plan and Successful Results
Community banks continue to address the challenges posed
by an ever-changing marketplace, economic and regulatory
uncertainty, and shifting customer service expectations. As a
result, having a clearly defined strategy for setting goals, focusing resources and measuring outcomes is essential. Regardless
of whether a bank is in the acquisition mode; is preparing to sell;
or simply implementing new programs and services to position
itself as the primary financial services provider for its customer,
its long-term success depends on the focus it places on implementing a well-thought-out strategic plan, based on input from
all stakeholders.
Unfortunately, too many bank leaders still adhere to the belief
that strategic decisions are developed based on the 30,000-foot
perspective of the corner office and board room. And while it is
imperative for management and the board to be on the same
page regarding the overall direction the bank will take going
forward, effective strategic planning involves much more than an
upper management point-of-view. This can be challenging in a
culture where feedback and opinion sharing are not encouraged
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