Hopefully, you tuned in last week when I shared three major mistakes most bankers make when strategic planning. If you missed it, click the link at the bottom of this email to watch it.
In this week’s video, I reveal the remaining four ways that banks set themselves up for failure.
Now that you know what NOT to do when it comes to strategic planning, you may be wondering what you SHOULD do.
I’ve put together a short 30-minute audio EXCLUSIVELY for Grow Your Bank Subscribers.
This free, on-demand, audio training reveals the strategic planning secrets of the most successful community banks in America.
I hear it time and time again
The overwhelming majority of bankers I talk to when I speak at banking conferences feel that their banks don’t get any real value out of their strategic planning process and the sad reality is—they’re right.
Because of this, strategic planning is often treated as a yearly burden that has to be endured every year. Most bankers play along with absolutely no hope of ever seeing the plan correctly implemented and executed.
This doesn’t just happen in bad banks. It happens to good banks with great employees. This tells us that failed strategic plans are a result of a flawed planning process.
It’s time once again to create a strategic plan for next year.
It’s time to create that ‘master plan’ that will make next year your BEST YEAR EVER.
If you just sighed or rolled your eyes, then you’re one of the many community bankers that have suffered through strategic planning year after year only to see the plan forgotten, ignored, or poorly implemented.
Many banks with well-meaning, talented people fail to successfully create and implement a strategic plan that produces the desired results.
So what is causing these plans to fall through the cracks?
Interest rates are on the rise…
There is a growing need to get and keep quality deposits in order to weather the next storm.
Your traditional sales tactics won’t work. There isn’t a fancy sales shtick that’s going to consistently pull in the million-dollar accounts that you need. As you’ve probably figured out by now…
Sales is a system—not an art.
I’ve put together a short video with 5 must-do-now strategies. These strategies will help you begin reeling in and keeping those A+ quality credits.
Today’s video is a great tool to get started.
You’ve seen it before…
Someone becomes a millionaire and then loses it all…
BUT they manage miraculously to gain back their millions in almost no time.
How in the world are they able to do this? Are they just luckier than others?
No—they simply realize that they are in control of their results. For great leaders, external factors are an afterthought. They know that they are able to accomplish greatness regardless of their circumstances.
Community Banks are no different. The banks that are achieving lofty cross-sales numbers and getting A+ quality credits at premium pricing believe they are worth more and they are demonstrating that value to your customers.
For the last 18 months I’ve been “eavesdropping” on conversations at community banking conferences and what I’ve heard is shocking…
Bankers are being lied to…
And some are believing these “false truths”…
The history books are filled with common—accepted—beliefs…truths…
That aren’t true…
‘The world is flat…”
“The Earth is the center of the universe…”
“Bigfoot is real…”
“Premium rates only come on high-risk deals…”
In today’s video, I’ll reveal the three ‘lies of banking’ debunk each one, and show you how to escape them all…
To get the complete blueprint used by over 300 community banks to escape the “lie” that premium prices only come with high-risk deals…and instead,
It creeps up on you…usually in a moment of desperation.
A prospect comes in and says “So and so bank down the street offered rate X. If you can get me a loan at a rate that is half a percent lower, then you have my business.”
Now you feel trapped. You want to close this deal, but you know if you lower your rate, the deal won’t be profitable…but you know if you don’t lower your rate, the prospect walk out the door and down the street to do business with your competitor—and then it happens…
You lower your rate to “buy the business.”
The temptation to rate match has become an epidemic in community banks across the country.
Finding it more difficult to get the attention of prospects “shopping” for a mortgage rate??
They’re busier than ever, and they already have a bank…so why on Earth would they want to sit down and listen to you?
If your answer is “we have competitive rates” you lose…and so does your prospect.
I don’t mean to offend you, but think about it…you lose two ways…
You either win the business by giving away the profit…
OR, you’ll lose business because you (rightly) gave a rate you like, but offered no added value to the prospect to make them happily pay you more…so they walked down the street for a lower rate.
A prospect just walked into your bank, you have 60 seconds to woo him, GO….
Your heart probably just skipped a beat and your head began racing through a plethora of old sales approaches you’ve used in the past.
The reality is…this small window of opportunity is all you get in today’s fast-paced environment.
If you think today’s small business owners are going stop and listen to the same questions like “What kind of things are keeping you up at night?”, then you’ll soon be the one tossing and turning at night as you continue losing customers.
What does your job description say for your lenders…?
Let me guess, an HR wordsmithed version of “get loans” …
The problem is, you don’t want loans, you want profit.
Your superstars get this and that’s why they excel. But your good, but not yet great, sales people may not connect all the dots.
And a big part of the disconnect is in your job descriptions. The truth is job descriptions are a joke. They enable your employees to think (and sometimes say) “it’s not in my job description”…hogwash!