It’s hard to believe it’s already May, but since we’re here, let’s talk about planning. As we approach the midway point of the year, it’s a great time to revisit goals and your community bank’s strategic plan to ensure that progress is being made and targets are being met. If a strategic goal hasn’t received much attention yet, make time to refocus on it and get some traction to avoid running out of time before the end of the year.
For many, a lack of structure can encourage out-of-the-box, creative thinking. But there’s a lot to be said for having a great plan in place. While inspiration can hit anyone at any time, it’s not something to count on. Success requires planning.
Planning is useful in many ways, including when you are looking to implement a new product, complete a system upgrade or go after a new market or target audience. But creating clear plans is also great for team functionality and morale.
A written and verbal plan provides direction and helps to bring all team members and supervisors onto the same page. A solid plan can help put others at ease, removing ambiguity and establishing clarity. It can also increase efficiency by providing focus. And, perhaps surprisingly, that focus can also encourage creative thinking and innovation by providing clear motivation and stating clear objectives.
Here are some useful tips for effective planning:
Look for the people on your team who are strong in operations and details. They can be helpful when building out a plan and visualizing the path to completion.
Welcome feedback and ideas from others when developing the plan.
Articulate roles and responsibilities.
Incorporate timing into the plan when possible.
Set metrics and milestones if you can.
Often, banks set forth a strategic plan, but what isn't always recognized is that there are “mini plans” made up of the efforts that are needed to accomplish the larger goals. Map out those mini plans carefully as well.
Revisit the plan (and the mini plans) periodically. Be prepared for changes and be willing to adjust and pivot as needed.
After your plan is complete, take time to reflect on how successful it was and the process involved in bringing it to completion. Too often we don’t do this, moving from one project to the next too quickly, and that doesn’t give those involved the opportunity to reflect on how they can improve processes for next time.
Slowing down to reflect on success builds opportunities for further success, and that’s a plan worth getting behind.