How Healthy Is Your Credit Union’s Future?

 

Take a look at the two trees in this picture. Chances are good they both originally had the same start; the same amount of water, sunlight and opportunity to flourish. However, it’s obvious that something went wrong along the way for the tree on the left. It’s not healthy and pretty sure without some immediate help, it may never grow again.
The same could be said for many credit unions that once dotted the landscape of our industry. So many are gone and many are barely hanging on. Just like this tree, they all had similar opportunities to grow, but for some reason, they did not pay attention to their health and take the action needed to remain strong. Maybe they thought it was just a short season of challenges and things would get better soon.
The change and deterioration in this tree most assuredly did not happen overnight. It was a gradual process. The same is true for many credit unions. The lack of leaders with a clear vision of where they are going or ones whom were unwilling to ask for help, may have led to their demise. Being willing to identify obstacles and face the challenges that stand in the way are the perfect place to start and assure you thrive in the future.
Colorworks has enjoyed many meetings with credit union CEOs, key management team members and boards. Many are really great people that have worked hard to get their credit union where it is today. During our discussions, we’ve found that many seem to think all is going well. They feel they are healthy, have some capital to back up that perception, but are not open to looking at new ideas and what’s truly happening around them.
If a credit union does not see growth in members, loans, assets, use of services and earning, this should concern them. It’s time for action and for them to take a serious look at ways to improve and grow. Some of the challenges may require short term fixes while others will need longer term solutions.  The first step is to identify them, then build a road map and implementation strategy for success.
Colorworks has worked in this industry for 30 years, with more than 500 credit unions. As a result, we’ve prepared a short presentation titled “Foundations of Growth” that we’d be excited to share with you.  It outlines some of the key things that every credit union must focus on to grow and thrive. Reach out to, Holly Mackewicz at 800-243-0171 X253 or CLICK HERE to email her to set up a time to talk.

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