Put in the work to win the race
In one month from today, I'll be running in my first ultra marathon - a 50K trail run in Michigan.
While on a training run last night, I got to thinking about how so many of the bankers I talk to are starting to talk about their upcoming planning sessions. As I was running through the woods, I started making comparisons to running.
When September 25th comes, the gun fire and the race begins ... the winner will not necessarily have that day's efforts to thank. Rather it's the hundreds of miles run the weeks and months leading up to the race that matter more. It's the hill repeats, the speed work and the long runs. It's the preparation!
The same goes for your planning. First, we need to scrap the phrase "Planning Session" and call it what it is, a PLANNING PROCESS. Planning should not begin and end at your retreat. You should be reviewing, working and improving your plan every day. The "session" should simply be a sanity check ... a report on progress and a group agreement to stay the course or tweak.
What are you doing now to make sure your 2011 planning is a success? Here are some thoughts:
- Make sure you have a thorough understanding of the competition: conduct secret shops, review their products, packaging and pricing. How are they doing in market share?
- Understand market trends. What do local consumers want (not necessarily what product, but what end result - lower monthly payments ... pay off debt faster ... just get by to my next paycheck?) What are their perceptions of your institution and the competition? (Primary research is best here, but if you don't have the time or budget, collect data wherever and however you can to make a informed decision)
- Analyze how your current product suite aligns with the competition and market trends.
- Analyze how your current sales process and external communications aligns with the competition and market trends.
- What are the current financial needs of your institution?
- do you have the right people in the right places to achieve what you need to?
Without some of these basic questions answered, I don't see how a strategic planning process can be very, well "strategic."
A little sweat during the preparation will make you more successful (at least that's what I'm counting on when race day rolls around!)
Take care,Eric
