Boost Your Leadership Skills This Fall: 5 Strategies for Success
In Autumn’s cloak of colors, like a pirate in disguise, It sneaks upon us, robbing focus from our eyes. We chart our course for New Year’s goals, so clear, But fall’s distractions hijack, causing us to veer. The fall season is typically reserved by credit unions to set clear objectives and strategies for the New Year. Only, let’s talk about something that always seems to bubble up: leadership fatigue. During these holiday months your focus must contend with heighten member demand, employee leave and time off, financial reporting, annual performance evaluations and employee reviews, party planning, gift buying and, oh yeah… family needs. Before the holiday hustle, let’s take a timeout right now to sharpen our leadership skills. Here are five strategies to help credit union leaders like yourself elevate your leadership game. Mindset A strong mindset allows you to steer your team through the end-of-year distractions with confidence. Analyze the story in your head. Are you being closed-off and self-centered? Perhaps you have self-doubt or a pessimistic inner dialogue about yourself or your team. Or maybe you have unrealistic expectations and are setting yourself up for disappointment. One way to develop a stronger mindset is to examine the routine within your routine. Look beyond the surface of everyday challenges and examining the deeper, often hidden, elements that could be eroding your outlook. Inspect Inspect how your strategies are implemented by the frontline team at your credit union. Are your team members’ behaviors aligned with your vision? It’s this time of year where you’ll find those who become less engaged with the credit union and those who are truly team players. Regular check-ins and feedback loops can ensure everyone is on the same page. Attitude Are you having a bad day or a bad attitude? Identify what’s impacting your attitude and address it. And understand this: How you experience outside factors is 100% within you. Be a driving force that inspires and motivates your credit union. Limits Time is your most precious resource as a leader. Recognize that you can’t do it all. Set limits on tasks that don’t contribute significantly to your goals and block out time so you can think strategically. Be wary of distractions, delegate effectively and concentrate on what truly matters. Take it to the next level and encourage your entire credit union to do the same. By eliminating non-essential distractions and focusing on high-impact activities, you can maximize your productivity. What tasks are your team doing that could be eliminated or automated? Collaboration It’s amazing that at a time when we should come together, we often feel the most apart. Everyone seems on edge as their time is limited. Do you ever find there’s forced cheerfulness? Reflect on how you can create a more inclusive and enjoyable experience for all involved. When you establish purposeful relationships, you’ll drive and sustain more desirable outcomes. As credit union leaders, these practices will not only enhance your leadership skills but also drive success for your organization. With holidays and festivities, our path does sway, Like treasure-seeking pirates, we lose our way. Yet as the leave fall, remember, we can reclaim, Our goals and dreams, to steer our ship again. Embrace the season of change and growth. As Vice President of Brand Experience for Your Marketing Co., Frank Allgood works with credit unions to develop strong leaders, create effective training programs, and build powerful brands. Want to connect? Call 864.326.8740 or email [email protected].
Relationships
Here’s an interesting question. What is one of the longest, if not the longest, relationships a person will experience in their life? Here’s a hint – it’s not a marriage. In fact, it may not even be friendship. It’s a person’s relationship with their bank, and primarily, their checking account. It’s true! Just think of the longest relationships and biggest life needs and you’ll be amazed. The average length of car ownership? Eight years. Homeownership? A little better, but only 13 years. A marriage last longer, right? Nope! Most last eight years on average. Friendships are the closest to the truth at 17 years but still not quite as long as a person’s relationship with their checking account and bank. That comes in at almost 18 years! This provides some explanation for why it can be difficult to convince that member to move their relationship to us. We’ve asked and we’ve asked but they just don’t seem to budge! Well, let’s look at why it can be so hard to convince them to move their primary relationship to us (and why some relationships just don’t last)! Looking back to the statistic on marriage, Robert Taibbi L.C.S.W. states that adult development moves in roughly seven years blocks. Why? Needs change. People change. Seven years is a significant amount of time. Just think about how often your needs change financially. Odds are, you aren’t in the same financial place as you were even six months ago, let alone seven years ago! The fact is, needs change and if those needs aren’t being met – sometimes it’s best to look to a new provider. And people do just that. So why, if needs change financially, more often than romantically, do more people stay with their bank rather than move? Studies show the largest factor is pricing. Two types of costs are to be considered here – time and money. Roughly 48% of checking accounts are considered free or not having a monthly charge. Those that do charge a fee, charge $14 a month or almost $170 a year for their service. Also, the convenience. Moving a checking account isn’t easy or fun. Balancing the need to move with the cost (and aggravation) of moving is a fine balancing act. Often, the monetary savings doesn’t overcome the time expense of the move. Much like a friend is stuck in a bad marriage, our prospective members may be staying with their bank simply due to the fact that it costs so much to get a divorce! Although as the known joke says, the reason divorces cost so much is because they’re worth it. So, if you’re looking to grow your membership but coming up short, what would make the cost of divorcing your current bank worth it? Let’s look at a few steps to consider increasing your member acquisition and target the right members for your organization. Need help to determine your ideal member or researching what matters most to them? Reach out to us! We help narrow the field of vision so that the only people who have eyes for you are those you are best to serve.
