What key elements should I consider when completing my strategic plan for 2021?

October 23rd, 2020

Strategic planning is one of the most important skills you can develop in order to achieve greater success in your career and for your bank.

The best advice I received many years ago when developing my first strategy was:

  • Always collaborate with others to complete your strategic plan; and
  • Don’t simply focus on your goals …. also plan on HOW you expect to achieve those goals, WHAT prospects you will target and WHY your strategy makes sense for theĀ Bank and yourself.

Many bankers in business development roles are usually asked at this time of year what they expect to achieve the following year. For example, if you closed $5MM in new loansĀ this year, you are expected to generate at least $5MM or more next year. Sound familiar? This is usually where most strategies start and stop.

To ensure you are successful, and in fact achieve greater success, I strongly recommend you meet for a strategic planning session with your colleagues and department leader and workshop the following key elements:

  • WHAT is our value proposition and who does it appeal to (ie. WHAT prospects you will target)?
  • HOW will we engage, persuade and retain those prospects?
  • WHY will our strategy succeed and why are we motivated to execute?

Based upon these discussions you will be able to determine a more “calculated” goal and create a clear plan for achieving success.

To assist with your collaborative discussions please leverage the attached WHAT, HOW & WHY (Business Development) Strategic Planner.

Please also feel free to contact Joe Micallef on 773 329 0066 or email joe@growupsales.com. I would be happy to provide further insights to help you achieve greater success in 2021.