Your Strategic Planning Document is a living breathing document. It underpins your every decision and you report on the key performance indicators and goal achievement on a monthly and quarterly basis…. or is your strategic plan gathering dust on a shelf?
The strategic vision of the Registrar is “Strong Credit Unions in Safe Hands”. The foundation on which this strategy is built is on the belief that strong, well-governed Credit Unions, led by volunteers and retaining their local identity should remain an important part of the financial landscape of Ireland.
In February 2019 The Central Bank issued it’s guidance report on the Business Model Strategy for the sector. Downloadable directly the below link:
Detailed within the report are the ten interrelated components to be considered when you are completing any business model risk assessment. We are now using these headers to assess all Strategic Plans. Does your strategic plan adequately assess challenge all of the below items?
- Common Bond: the differentiated groups of members to whom the business model is to deliver value.
- Member Relationships: the ongoing relationship (physical and virtual interaction) established with members.
- Delivery Channels: the routes for reaching new and existing members, for sales and ongoing relationships.
- Value Propositions, Products and Services: the value delivered in terms of products/services and other attributes.
- Revenue Streams: the new and recurring value being paid for products/services and other attributes.
- Key Activities and Key Resources: Key Activities are the activities needed to deliver on value propositions, while key resources are the resources (physical, financial, staff, know-how, software etc.) needed to deliver on value propositions.
- Key Partners, Outsourcing and Shared Services are the business partners, suppliers, collaborating entities in formal partnerships that are involved in the supply of products and/or services.
- Cost Analysis: the costs of delivering value propositions.
- Financial planning: the effect of business model change on financial performance.
- Balance sheet considerations: the effect of business model change on the balance sheet.
If your credit union has not completed a detailed review of it’s business model and strategic plan then you may benefit from a third party assessment. We can also assist management teams and Boards to effectively collect their strategies and goals into a fit for purpose reporting format.
Should you require additional information or a consultation please contact us directly.