Double-digit loan growth and membership growth—that’s what one credit union achieved thanks to one bold strategic decision.
Do you feel stuck? Are you spinning your wheels trying to grow loans and membership but not seeing any results from your efforts? “No matter what we tried, it just wasn’t working,” said a frustrated CEO recently. His outlook improved dramatically when his credit union decided to stop throwing spaghetti at the wall and get some outside perspective. To get that objective viewpoint, they took a chance and invested in an outside facilitator for their annual strategic planning event. “We’ve never spent that much on a facilitator before, but we had to give it a shot.”
Last summer, this $23 million credit union (now $28 million) called the YMC team to facilitate that strategic planning event, and it’s safe to say their investment has paid off. Not only did their net income grow 64% since their event, but their membership growth and loan growth climbed to 12.4% and 22.33%, respectively.
“We were in our own way,” the CEO shared. “The questions that Bo asked and the ideas he presented allowed us to see our credit union in a way that we had never looked at it before.” The board chair added, “That old saying is true. If you want a different result, you have to do something different.” After the six-month accountability check-in with the YMC team, the chair said, “We were a bit skeptical at first. It was a big investment for our credit union, but it paid off more than we could have imagined.”
So, what exactly did this credit union learn? Despite all of the obstacles in their way and other “experts” telling them small credit unions can’t succeed, they learned that they could. They just had to be willing to try something different. By investing in a strategic planning facilitator that asks new questions and brings a time-tested formula to the table, the credit union’s leadership team gained a fresh perspective and set themselves up for success.
If you’re stuck and looking for something to kickstart your growth, book your 2021 strategic planning event with Bo and the YMC team. We helped dozens of credit unions experience explosive growth last year, and we can show your credit union how to do the same. Contact us today and learn how we can help you make the decisions that lead to financially healthy members and passionate employees committed to making a difference in their community.