Read the whole credit union strategic planning guide here.
For some, strategic planning is just a meeting. For others, it’s a foundation for the credit union’s future. A well-structured plan aligns leadership, optimizes resources, and outlines priorities so you don’t get distracted throughout the year.
This article outlines the strategic planning process. We’ll address why strategic planning is necessary, critical questions to ask, and some of the key stages common to any session
Whether you’re preparing for your first strategic planning session or your fifteenth, the right framework can turn good ideas into a measurable plan for success.
Is a Strategic Plan Necessary?
In short, yes. General wisdom says that writing down your goals makes you 42% more likely to achieve them. The other common phrase is that a failure to plan is a plan for failure.
These maxims don’t come out of nowhere. But if you need more reasons, here’s the long answer:
A strategic plan is a key tool for your employees, leaders and board members to make sure everyone knows where the credit union is going and why. The strategic planning process is a series of steps your credit union takes to determine its:
- Vision: the direction of your organization.
- Mission: what you’re going to do and for whom.
- Goals: how to measure it and guide your strategy to get to where you want to be.
But what is the point of credit union strategic planning? In our experience, there are five main reasons:
- Get your team on the same page. Everyone should be aligned with the credit union’s vision, mission, and goals.
- Maximize resources. Make sure that you’re not spending excess resources in one area at the expense of another.
- Prepare for the future. Understand trends, scenarios, and situations that might impact the credit union in the next few years.
- Assess solutions. Review potential tactics and determine the best ways to accomplish your goals.
- Solidify your strategy. Develop implementation plans and goals for your team.
The Credit Union Strategic Planning Process
The process used to create your credit union’s strategic plan is every bit as important as the plan itself. Then, the method for communicating, updating, and re-evaluating it is essential.
Ultimately, we all have more things we want to do than resources allow. Consequently, it’s important to prioritize and make tough choices.
It all starts with foundational questions you should ask before (or at the beginning of) any strategic planning session. Your answers to them should give you a solid outline by which to develop a plan. These questions are:
- How did our credit union get here today?
- Where do we want to go, and which milestones will we celebrate?
- What might get in our way?
- Which resources (people, budget, etc.) will we need to get there?
If you begin your credit union’s strategic planning process without answering these four questions, you may not get far. Or worse, you might finish your session only to find that your plan is missing a fundamental component!
The Seven (Main) Steps in the Credit Union Strategic Planning Process
Every strategic planning process is a little bit different. A process that works well for one credit union might not work for the next.
Add regional concerns, market trends, and issues like succession planning or mergers into the mix?
Yeah, it can get complicated.
Nevertheless, we’ve found that most strategic planning sessions include the following steps:
1. Gather Inputs
A strong strategic plan starts with a clear understanding of your credit union’s internal performance and external environment. Before planning begins, collect:
- Performance metrics (loan growth, member retention, operational efficiency)
- Member and employee surveys for firsthand insights
- Competitive and industry trends to identify opportunities and threats (tech emergence, SEGs, etc.)
- Regulatory and economic considerations that could impact future strategies (political changes, community impact, etc.)
A SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is a helpful tool to structure this data and provide a reality check before making major strategic decisions.
2. Establish Vision
To achieve success, you must have an idea of what “success” looks like. A well-crafted vision ensures every strategic decision moves the credit union closer to your version of “success.”
What is your primary goal? Or, if you’re ambitious, goals?
What will your credit union look like in five years? Is it your number of members, your loan portfolio, etc.? Why is this important? What will the impact be if you get there?
3. Review Mission
Your mission defines why your credit union exists and whom it serves. It should be specific, member-focused, and reflective of the credit union’s core values.
If your credit union hasn’t revisited its mission statement in years, this is the time to ask: Does this still reflect who we are and what we want to achieve?
It’s not enough to just keep this mission in mind—communicate it! Sharing your mission helps the rest of your team understand your direction… and how they can help your credit union get there.
4. Identify Core Values
Every credit union should have explicit values. Furthermore, everyone at the credit union, from executives down to the tellers, should agree to and understand these values.
What are the values of your credit union? Is it “people helping people”? Is there more to it than that?
Consider as well, which behaviors do your best employees exhibit? What won’t be tolerated? What is it like to be an employee at your credit union?
5. Competition and Roadblocks
Strategic planning isn’t just about where you want to go—it’s also about what might get in your way. Credit unions must account for competitive threats, tech challenges, regulatory and economic uncertainties, and shifting member expectations.
Ask, what could go wrong? What might change in the marketplace? Which competitors should we watch and learn from? Which should we watch and avoid?
6. Priorities, Goals, and Tactics
This is where the fun begins. This is where general strategy turns into action. This is where you:
- Prioritize projects that accomplish long-term goals
- Develop clear goals with measurable metrics
- Assign roles and responsibilities
- Build a timeline for execution
This step is the first that doesn’t just outline what needs to be done… it also creates a plan for how to do it.
7. Communication Plan
The best strategic plans are the ones that are followed. To do that, you need to communicate your plan consistently and clearly.
Who needs to know your plan? What do they need to know? What are the key milestones?
Your communication plan should reach board members, employees, and members. It should let everyone know what’s coming, where you’re going, and how you’ll know when you get there.
Other Questions You May Want to Ask
Some questions that CU 2.0 facilitators Kirk Drake and Chris Otey have found exceptionally enlightening for strategic planning discussions include:
- Who is your ideal member?
- How do you improve board governance?
- How do you get your board to look more like our membership?
- How do you deal with the onslaught of fintechs and technology?
- How do you change our culture to be more like a fintech?
Should You Bring in a Speaker?
Strategic planning sessions are valuable, but they’re even more effective when executive teams and boards share a deep understanding of industry trends, competitive threats, and strategic opportunities.
CU 2.0 offers dedicated board presentations to complement your strategic planning process. These 1–2 hour sessions provide:
- Expert insights on emerging trends and disruptions impacting credit unions
- A clear breakdown of key strategic opportunities and risks
- Facilitated discussions that align leadership and encourage forward-thinking decisions
Bringing in an outside perspective can challenge assumptions, spark new ideas, and create alignment before diving into the planning process.
If you’re interested in bringing Kirk Drake or Chris Otey to speak in your strategic planning session, fill out this form and we’ll follow up with you!
Want to know the other options in the industry? Click here for the Facilitators Guide
