In the competitive and dynamic credit union industry, a disciplined approach to strategy and execution can make the difference between thriving and merely surviving. The 90-day strategic sprint—guided by the cycle of “Finish. Start. Research.”—offers a proven method to balance short-term wins with long-term vision.
The “Finish. Start. Research.” framework structures each 90-day sprint into three clear phases: completing current initiatives, launching new actions, and investigating future opportunities. Here’s how incorporating these principles enhances each phase:
1. Finish: execute with precision and accountability
In the "Finish" phase, credit unions close the loop on high-priority projects that align with their strategic objectives. Leaders can identify which initiatives contribute most to measurable success, such as completing the rollout of a new digital loan product that prioritizes member convenience and profitability.
Key questions for leaders in this phase include:
- What outcomes must we deliver to meet our quarterly objectives?
- Are we tracking KPIs that correlate with meaningful growth?
2. Start: launch high-impact initiatives
The "Start" phase focuses on initiating new initiatives that build on completed work. The emphasis is on actionable plans that ensure these efforts are grounded in strategic thinking. An example might be leveraging insights from peer comparisons to develop targeted member acquisition campaigns that emphasize competitive value.
In this phase, key questions for leaders include:
- What is the most strategic next step for our credit union?
- What new initiatives should we start to maintain momentum?
- How do these actions align with long-term goals?
Best practices during this phase include a focus on strategic alignment to ensure initiatives align with a roadmap for balanced growth in service, profits, and membership. Pilot programs should launch small-scale implementations for new projects, using member feedback to refine the approach.
3. Research: explore future opportunities
The "Research" phase embraces forward-looking exploration, helping credit unions stay ahead of industry trends. Drawing on market research, leaders can pinpoint emerging opportunities that complement their strategic focus, such as investigating the feasibility of launching real-time payment systems, guided by insights on market and member trends.
Leaders should ask:
- What are the emerging trends that could reshape our strategies?
- What long-term opportunities must we research to stay ahead?
The focus should be on innovation, with emphasis on organizational agility and competitive value to drive research efforts. In addition, conducting surveys and focus groups to validate potential projects will ensure alignment with member needs.
For CEOs, executives, and directors, 90-day strategic sprints offer a practical and proven path to executing strategy effectively while preparing for the future. By closing the loop on key initiatives, launching impactful actions, and exploring new opportunities—all informed by data and expertise—credit unions can achieve balanced growth and exceptional member value.
“Often, we look for that ‘multiplier’ that will launch our business to the next level,” shared a Midwest credit union CEO. “Frankly, the sprints we build into our management process multiply our effectiveness as a highly performing strategic team. Finishing priorities; starting new, related endeavors; and, keeping our eyes on the next phase of strategic excellence have been the engine behind our ability to deliver world class results.”
Real-world benefits of the “Finish. Start. Research.” framework including faster execution through completing and launching initiatives in 90-day cycles ensures continuous progress; strategic clarity since balanced KPIs provide a clear lens to evaluate performance and opportunities; and sustainable growth based on research-driven exploration which ensures that today’s successes lay the groundwork for tomorrow’s innovations.
© 2024 by Jeff Rendel. All rights reserved.
