What are five benefits of engaging a strategic planning facilitator? You may ask. “We’ve always done our own strategic planning and we’re doing fine.” However, what do you do when examiners say your strategic plan is deficient or ask why it hasn’t been implemented? When I was the CFO and COO of the bank I cofounded, I oversaw strategic planning as well. I faced the challenge of trying to participate, provide input, write notes, and post notes on the walls. All with the purpose of saving money because it wasn’t in our budget. I couldn’t do it all by myself. It was also difficult to navigate the conversation to ensure all participants had the opportunity to share their opinion. As you know, those who speak up get their ideas in. Those who wait to fully understand the issues before sharing their thoughts and opinions didn’t get their ideas heard.

After that, we decided to engage a facilitator so I could truly participate as a leader of the organization. Never went back to trying to do it all on my own. I quickly learned the benefits of engaging a strategic planning facilitator. Didn’t have to take notes, didn’t have to type the meeting minutes. I could finally simply be a participant and think clearly about our strategic objectives and the strategies to achieve them.

If you can relate to my situation, below are five benefits of engaging a strategic planning facilitator that I want to share with you:

All attendees participate in the session.

If you get a good facilitator, he or she will ensure that everyone participates—including the quiet ones. A successful team has a variety of personalities, skills, and experiences that are all needed during the strategic planning sessions. A professional facilitator also ensures the conversation flows and keeps the group on point.

Facilitators bring an outside party objectivity.

It is easy to remain “inside a bubble” and not think objectively when your institution is all you know. Family-owned banks where the executives are also board directors face this challenge especially. With the amount of work to be done, it is difficult to stay on top of all the industry changes. Additionally, the regulatory updates as well as technological advances take considerable time, and important developments may be missed. Facilitators who are well versed in the banking industry bring knowledge they learn from their clients and from industry events.

Facilitators bring a non-banking perspective.

Outside facilitators also bring the added benefit of a non-banking perspective which can help the group look at the bigger picture. Whether they are small business owners themselves or work for a large firm, they are not bank employees. This helps the group think from the customers’ perspective and to align their strategic objectives to serve their customers better.

Facilitate a safe atmosphere to brainstorm.

One of the key responsibilities of the facilitator is to moderate the discussion. They ensure it is a safe environment for participants to speak their mind and brainstorm freely. A successful strategic planning session includes active discussions amongst the participants. The best facilitators allow disagreements to happen and facilitate the conversation to arrive at an agreed objective.

Begin and end on time.

Another key responsibility of facilitators is to begin and end the meetings on time. They prepare the agenda, keep track of time, and ensure the group takes breaks as scheduled. It is important for the facilitator to ensure the team stays on track throughout the sessions. Although it is important to let everyone speak, there are always people who talk more and many often go off on a tangent. The facilitator’s role is to reel the conversation back and focus on the topic at hand.

In summary, the facilitator in your strategic planning session ensures all the participants are heard and moderate a healthy discussion. The goal is to facilitate the conversation to arrive at the strategic objectives and strategies to achieve the company’s vision. I hope learning about these five benefits of engaging a strategic planning facilitator help you in your process. We’re here to help!

The banking sector is dominated by large banks with expansive resources and technological capabilities and small community banks and credit unions often find themselves at a competitive disadvantage. However, smaller institutions like yours can harness the power of strategic partnerships to not only survive but thrive in a challenging market. Let’s explore how strategic collaborations can transform small institutions into formidable competitors.

The Power of Collaboration

Small organizations inherently possess a unique advantage: agility. You can respond swiftly to market changes and customer needs, something larger institutions might struggle with due to their size and bureaucratic processes. By leveraging this agility through strategic partnerships, organizations like yours can amplify your strengths and mitigate your weaknesses.

Technology Adoption and Innovation:

One of the primary challenges for small institutions is keeping up with technological advancements. Fintech companies, for instance, are at the forefront of developing innovative solutions like AI-driven analytics and mobile banking apps. By partnering with fintechs, you can offer cutting-edge services without the enormous investment in R&D. This not only enhances customer experience but also positions you as forward-thinking and competitive.

Enhancing Product and Service Range:

Small institutions often have a limited array of financial services compared to larger counterparts. Collaborating with other financial service providers can expand your range of services. For instance, partnering with insurance companies, investment firms, or real estate service firms can allow you to offer comprehensive financial solutions under one roof. This bundling of services not only attracts more customers but also increases customer loyalty and retention.

Market Expansion:

Geographical expansion can be daunting for small organizations. However, through strategic alliances with institutions and non-banking organizations in other regions, you can tap into new markets without the overhead of setting up physical branches. This can be particularly effective through digital partnerships where your banking services are offered via another organization’s digital platform, thereby sharing customer bases.

Risk Management and Compliance:

The regulatory environment in banking is complex and constantly evolving. Partnerships with legal or compliance consultancies can provide you with the expertise needed to navigate these waters efficiently. Additionally, you can share risk through syndication agreements or partnerships to distribute the financial risk of large loans, projects, and deposits, something particularly beneficial for small organizations with limited capital.

Marketing and Branding:

Visibility is crucial in community banking. Your institution can benefit immensely from partnerships that enhance your marketing capabilities. For example, you can increase brand awareness by co-branding with local popular non-banking entities or sponsoring community events. Collaborations with digital marketing firms can also leverage social media, online communities, and search engine optimization to reach wider audiences with targeted advertising and a well-executed web site.

Strategic partnerships are not just about survival; they’re about thriving in a competitive landscape. By collaborating with the right partners, you can access new technologies, expand service offerings, enter new markets, manage risks better, and enhance your brand presence. In essence, through collaboration, you can punch above your weight, offering services that rival those of much larger institutions. The key is in choosing partners that complement and enhance your capabilities, making the whole greater than the sum of its parts.

As always, we’re here to help.