“How many of you guys have learned something really amazing, and then did nothing about it?” – Brandi Stankovic, Senior Partner, Mitchell Stankovic & Associates
If 2014 brought us nothing else, it certainly provided a wealth of new ideas. Unless you were conveniently disconnected from the planet Earth for the entire year, chances are good you looked at new revenue models, new business models, new technology, new media, EMV and Apple Pay, and disruptive payment innovations. Change was in the air.
But did you execute on it?
In this Evolution Session from THINK 14, strategic consultants Sue Mitchell and Brandi Stankovic, both principals at Mitchell, Stankovic & Associates, walk through the strategic process of turning new ideas into action. Here are a few key takeaways:
“When you’re kicked in the stomach, you inhale and come alive,” says Mitchell. As regulation threatens to limit growth and old revenue models start to show their age, Mitchell believes credit unions must anticipate big changes – and fast.
“We have to drive this transition.” Mitchell urges credit unions to revitalize their strategic planning processes. “Everybody needs to get a step ahead,” she says. “We need to update our strategic planning. We need to conduct real planning around the business model. We have to be investigating our alternatives.”
“Unleash your talent,” Stankovic suggests. “So many times there’s dormant capability that isn’t being utilized. How many of us have things we’re pretty good at that we don’t use at work?” Your workforce may be more flexible than you realize.
“Who’s standing on your cape?” Stankovic asks. Ferret out the time wasters and underminers that are disabling your superpowers.
Think in terms of transition, not succession. In times of rapid change, your organization is in forward motion. Don’t look to preserve existing roles and functions. Instead, imagine your organization in transition and invent the roles you’ll need. Critical: Create a strategic framework for individual development so that new and existing team members can grow into evolving leadership positions.
The likelihood that 2015 will bring even more innovation and change is nearly 100 percent. And though it remains a challenge just keeping up with those ideas as they develop – relentlessly – the greater challenge is to execute on them. And not just to execute, but to do so strategically, so that everything you do is with intelligence, deliberation and energy.