Is your strategic plan the right plan—and one that can and will get completed?
If you’re like most bankers, you probably pulled your strategic plan together eight or nine months ago. But is everyone in the bank on a weekly process to make sure they all hit the outcomes?
You are hearing everywhere that those who run their banks like they ran them five years ago won’t make it in the not-so-distant future. Heck, based on the news reports over the past year, they may no longer be in business.
The same goes for the strategic planning process.
Culture is the leading predictor of future growth and profitability. Great news if you have a great culture—otherwise, not such good news.
After working with hundreds of banks over 24 years, I can say unequivocally that banks that turn around their cultures turn around their profits quickly. It is the leading indicator…and a beautiful and fast needle mover.
And with the abundant acquisition opportunities about to hit in 2013, you know the importance of getting your own house in order before you compound the situation.
So, what’s the problem?
According to Gallup organization research,
We’ve all been in those meetings…
Everyone saunters into the room, they sit down, pull out pen and paper…
…and the agony begins.
Conversations run in circles, the clock seems to almost stand still, and an hour later everyone leaves the room having accomplished nothing.
Benjamin Franklin said it best:
“By failing to prepare, you are preparing to fail.”
Taking extra time to create a focused, actionable agenda is the only way to run efficient meetings that create results.
In today’s video you’ll discover how to run a super successful—and efficient—sales meeting…
New case study reveals how a small Ohio bank is beating the big banks,
Think you’re ready for an acquisition? Think you’ve got a bullet-proof plan?
Imagine if you take a “bring-it-on-and-make-it-happen-no-matter-what” bank culture where people are passionate about what they do and combine it with a group with a “sit-behind-our-desks-until-we-need-Preparation-H, whine-and-complain-about-the-economy-and-being-too-busy” group. How’s that going to work? Without a “come to Jesus, we see the light” intervention, the likelihood of being able to save many of those people is slim.
And what a costly loss that is.
Nothing trumps culture. Culture means you don’t have middle management breakdown, because they know how to lead.
The coming bank consolidation isn’t a surprise. It’s been predicted for years. In fact, the next 18 months are destined to be a major “shake out” period when weak banks will be acquired or closed—and banks that are in a position to capture the best customers in town will become stronger and more profitable.
If an opportunity like this landed unexpectedly in your lap…would you be ready? Most banks wouldn’t be. Unfortunately, they’ll suffer years of pain, lost productivity and even reputation damage from what was previously viewed as the opportunity of a lifetime.
Here’s what I know from decades of guiding banks through acquisitions: You have no business doing one if you’re not ready.
Let’s face facts. You know it is true. Banks stink at sales culture.
Most say they’re working on it…but most have been “working on it” for three decades now and they still stink at it. Why? Because you are repeating the mistakes of the past. Here are 5 biggest mistakes that are common to every failed bank sales culture. (That would be around 99 percent of them.) (more…)
Try this as a 30-Day Turnaround:
Why is it that a $450 million bank with nine years of flat organic growth suddenly had an annualized growth rate of 35 percent within 30 days of one culture intervention?
Why is it that a $920 million bank consistently ranked in the fourth quartile—a fact which they blamed on their low-income, shrinking market—eventually moved into the first quartile after experiencing over 20 percent growth, seeing significant quality improvement, and tripling ROE… all within three years with no improvement to their market?
Previously, both of these banks had done sales training for years with virtually NO impact on growth or profits.
“It’s Hollywood!” my grandfather said as he watched the first man land on the moon. “That’s not really happening.”
From the viewpoint of my grandfather—who still owned the horses on his farm till the day he died because he did not trust that tractors were really the wave of the future—a person on the moon was beyond his scope of understanding.
That situation is not very dissimilar from the current state of banking. Most banks are experiencing acceptable spreads, so they are holding onto their horses while financial services companies are moving on to four-wheel drive,