How to ensure your credit union strategic planning finishes the RACE

Did your board and leadership team leave your credit union’s strategic planning session pumped for action last year, but now you’re left standing in front of your ridiculously large sticky notes of your big plans wondering where the time went?

Prior to a strategic planning session for a credit union several years ago, the CEO opened the session with THIS VIDEO. Who’s on first? That’s the question Laurel and Hardy are trying to answer, however the frustration between the two keeps getting worse because of poor communication. 

One thing that has made credit union strategic planning sessions with YMC decidedly more effective for our clients is the accountability standards we drill into them throughout the year. We assign the tasks to an owner with a due date, which is the step that is missed in most credit union strategic planning sessions. As we studied more than two dozen strategic planning sessions and gathered input on the process and results, we decided to start taking that one step further: a process we call RACE. It’s not about how fast you can finish the race; it’s about making sure you DO finish the race.

Responsibility: Name one person task owner, who is responsible for making sure a task is successfully accomplished or implemented. This person can delegate to a person or a group of people, but ultimately this one person is responsible for ensuring the task is completed on time.

Accountability: Who else will need to be brought into this task to make sure it is successful. They are accountable to the task owner for their piece of the project and understand the consequences of not completing their task.

Communication: High quantity and quality communication is required between the task owner and the person(s) who are assigned pieces of the task. Expectations, deadlines, desired results… the list goes on. Skipping this step leads to missed deadlines and unfinished business in a strategic plan.

Execution: You know who is responsible, and the additional team members accountable to that person and you’ve outlined benchmarks and have a communication plan. Now it’s time to execute the plan and accomplish that task.

Not only will the RACE process ensure your strategic plan stays alive, but you’ll reduce the drama and finger pointing when it comes to, ‘Who’s on first?’ at your next credit union strategic planning session.