7 elements of a strategic growth plan

first_img 87SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Glenn Christensen Glenn Christensen is Founder and President of CEO Advisory Group the first Merger and Acquisitions consultancy focusing on the credit union industry.As a visionary and entrepreneurial leader with 25 … Web: www.ceoadvisory.com Details Strategic organizational growth doesn’t happen by accident, or without plenty of care and nurturing. This is especially true with credit unions, where members benefit from growth, not third-party stockholders. Creating an intentional and forward-thinking strategic growth plan is essential to long-term organizational success.Credit unions can grow in a number of ways, including:expansion within existing geographic marketsexpansion into new geographic marketschanging criteria for membership to include more segments or groups servedmerging with or acquiring similar organizationsBefore growth opportunities are explored to identify the most advantageous options, there are seven elements that should be considered for your strategic growth plan. These elements can help you determine the right trajectory for your organization.1. DemographicsWhat community does your organization serve? Is it one with broad demographics, and thus broad growth potential? Or is it more niche in nature, meaning that growth may come through specialized offerings, rather than broader appeal? Here are the four most important demographics for building a strategic growth plan:AgeIncomeWealthHome ownership2. Market Size & GrowthBeyond the question of market saturation, there is the consideration of the market size where you do business. Saturation and size must be paired variables when it comes to properly analyzing past performance and understanding future growth. In addition, the total number of households must also be considered, accounting for positive or negative growth, while also allowing for future market fluctuations. Finally, when considering market size and growth, look at deposits at market branches, and then compare in relation to historical and projected growth.3. CompetitionTo restate the obvious, it’s not enough to consider your own credit union’s strengths, weaknesses, opportunities and threats. You’ll also need to closely study your competition. Where does your competition position its branches? Are there new entrants into the market? Evaluate, using public information, how your competition has increased their position within a region. Have existing banks and credit unions in your market been adding to their branch network? Are you anticipating competition to add additional branches to the market over the next five to ten years, or do you anticipate branch consolidation? Finally, assess how increased branching might impact average deposits, loans, or members per branch; and, ultimately, the branch profitability.4. Member PenetrationUnderstanding the membership penetration within your target market is key to defining your market strategy. Membership penetration and product usage has historically been highly correlated with home or workplace proximity to branch location. Membership surveys have shown that, as the distance from the branch increases, the primary financial institution relationship declines. The greater the distance from the branch, the more likely the member will have a secondary or tertiary relationship with the credit union and be very selective in product usage.Your credit union has an opportunity to expand relationships with secondary members through more effective delivery systems and marketing channels. Member and market surveys can help your credit union understand issues of market awareness, while also unlocking opportunities to set itself apart from competitors.5. Product DemandWhen evaluating markets, your credit union will want to understand the demand for various product types. For example, if your credit union is targeting high net-worth consumers, emphasis should be on markets with higher propensity to use investment products and wealth planning.Additionally, you’ll want to look within your membership pool to determine the level of product demand that you’ve achieved. You likely have members that satisfy some banking needs through your organization, while also patronizing other organizations. Your strategic growth plan may benefit from opportunities to stimulate internal growth by gaining all member banking business, rather than providing only a service or two.On the flip side, some of your offerings may not meet member needs or expectations. Your members may need a new generation of products – for instance, online banking and digital transactions – that you don’t currently offer. Evaluation of product demand requires consideration from three distinct angles: matching members with offerings, ensuring offerings meet member needs, and creating new offers to meet new expectations. Proper evaluation of product demand will ensure you’re ready to meet the demands of your members. Comparative product studies can also be a helpful tool for understanding growth opportunities in your markets.6. Branch Delivery System NetworkWhen considering how to best serve members through branches, your branch system should be subject to four areas of review:Evaluation of under-served regions – Are new branches needed?Relocation of existing branches – Will changes increase convenience?Consideration of under-performing branches – Are closures necessary?Update outdated branches – Will remodeling increase branch success?7. Merger or AcquisitionThe hardest part of a strategic growth plan – and the one most likely to achieve high results – is a merger or acquisition. Instead of growing internally, purchased growth – new locations due to M&A – may achieve better results, faster. This kind of increase in the field of membership (FOM) could help your organization achieve the type of regional penetration and growth that might otherwise be impossible. M&A plans can result in better member penetration and provide access to enhanced capital, while also yielding benefits for members of both organizations.Most importantly, when creating a strategic growth plan, consider each aspect from the viewpoint of members. It is for them that the organization exists, and it’s through them that your organization achieves success.last_img read more

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Travel Diary: Cruisin’ To Niagara In A Dodge Journey

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Sponsored Content Brought To You By NY Auto GiantBehold, the spectacle of the great, rushing, gushing thaw. Snowdrifts high atop Pennsylvania and New York’s gorgeous mountain ranges have been giving way to the healing, cleansing power of rising temperatures and spring rain, baptizing the Empire State in freshness and feeding the always-thirsty Lake Erie in preparation for a long, steamy summer. Embrace the sanctifying waters that embody our changing seasons with a road trip to Niagara. Besides the breathtaking falls, this area boasts some of the most scenic treasures of the state. You owe it to yourself to hop in your favorite vehicle, fill up the tank, and ride off to the place where falling water is transformed into dazzling and sensational beauty, rejuvenating both the senses and the spirit.What could possibly be more apropos than making this Niagara Falls trek in a new Dodge Journey? This vehicle, the most affordable midsize crossover on the market, is the perfect chariot to take you safely across roads caked with sloppy mud on your way to Western New York and its reborn glory. With efficient power, serious safety and security features, state-of-the-art technology, seven models to choose from, and excellent warranty coverage, you will be in good—and good-looking—hands. No better way to travel to Niagara than in a brand new Dodge Journey from NY Auto Giant!You would be remiss if you didn’t check out the Niagara Wine Trail. Featuring a different theme each month, replete with a distinctive signature wine glass, over a dozen of the area’s wineries participate in this event where you can taste local offerings.There’s an abundance of places to stay in Niagara, but you can’t beat the views from the Marriott Niagara Falls Fallsview Hotel and Spa on the Canadian side, which seems to sit right at the edge of the immense and stunning falls themselves. Boasting a full-service spa, Starbucks, and the acclaimed Terrapin Grille Fallsview Restaurant, which features floor-to-ceiling windows framing astonishing views of the rushing waterfalls, you’d be hard-pressed to find better lodging.For down-home meals and a festive atmosphere, check out the popular Gordie Harper’s Bazaar in nearby Newfane for breakfast, lunch, or dinner. Right at the entrance, you will be greeted by bazaar treats available for purchase, such as local candies, jellies and syrups. A few steps further will bring you to the dessert case, with freshly baked turnovers, sticky buns, rugalach and cupcakes, oh my! For breakfast, order the hearty omelets with a side of potatoes. For dinner or lunch, you can’t miss the rib-sticking pot roast or the complete turkey feast. Yum yum-yum yum-yum! Just looking for a steaming cup of Joe and something light? Go no further than the Orange Cat Coffee Company, located in Lewiston. Set yourself up at an outside table (weather permitting) and take in the charm of Center Street. Try a strong cup of organic, fresh-brewed roastmaster blend, and treat yourself to a vegan cookie or muffin. They also offer an ever-changing menu of soups, wraps and salads. Click Here To Learn More About NY Auto GiantWith a full belly and caffeine running through your bloodstream, strap on your hiking boots and trek the falls themselves, with a guided hike through the gorgeous winding trails entertaining you with historical folklore as well as its majestic beauty. Could there possibly be a better way to welcome in the spring? No, no there couldn’t. Not at all.To get in your Dodge Journey and to begin your own, call Brendan Miller at Atlantic Chrysler Dodge Jeep Ram.last_img read more

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Social Council for Tourism: Employers and unions in tourism jointly call for urgent measures to help tourism

first_imgIt is estimated that there are a total of about 10.000 such workers, both locals and mostly seasonal workers from the continent and Slavonia. “Although the workers do not currently have an established employment relationship, they have counted on employment in tourism and are equally affected by this situation, without social security and it is uncertain how long they will be able to start working.”Emphasize from the Social Council for Tourism. Photo: Lika destination _ Education of employees in tourism 1. Exemption from the obligation to pay taxes and contributions on salaries for workers who are currently out of work and / or working at a significantly reduced intensity, with the aim of preserving jobs and liquidity; 4. Reduction of VAT and deferral of tax payment; reduction of other fiscal and parafiscal obligations, concession fees and public levies to local governments  3. Favorable liquidity lending and / or elaboration of models for payment of existing and future liabilities (interest payments, principal deferral) and / or complete moratorium on credit liabilities for a certain period of time depending on the degree of threat  “Due to extraordinary circumstances, it is necessary to adopt extraordinary measures, which must enable that after the crisis, which will, we hope, end soon, we can continue to work as if it never existed. This means that all of us together must do everything to save jobs, ensure regular payment of workers’ salaries, but also compensation of salaries to those workers who, unfortunately, could not start working due to this situation. Measures must be taken immediately, so that the consequences of the lack of adequate measures do not ultimately deepen the chronic shortage of workers after the crisis caused by the coronavirus”, Said Marina Cvitić, president of the Trade Union of Istria, Kvarner and Dalmatia. The measures will depend on the duration and extent of the damage caused by the impact of the coronavirus on the economy, and in the situation of practically stopped or significantly reduced operation of catering facilities, urgent decisions are needed to ensure workers’ incomes. Therefore, for workers scheduled to work in the season with whom the employer has agreed employment, and will realize it with a greater delay, we propose the following measures: Priority measures are given to ensure liquidity in the next two months in the function of preserving jobs and to ensure business conditions for the continuation of the tourist year and the normalization of business, point out the Social Council for Tourism at HUP. “Urgent solutions are needed and it is important that all employers and trade unions and the Government of the Republic of Croatia, ie the public and state sector, give their contribution, because as employers lose part of their revenues, the public sector will have to make urgent decisions to reduce overall operating costs” said Natali Komen Bujas, director of HUP – Association of Hospitality and Tourism. Employers and unions in tourism are jointly appealing to urgently adopt measures to help tourism. “Preservation of employment and existing jobs in the situation of already present labor shortage in tourism is of key interest for the entire economy of the Republic of Croatia, since tourism in the Republic of Croatia is a fundamental driver of the entire economy and development of other closely related activities, transport, trade, agriculture, construction , culture, sports, etc.” said Eduard Andrić, President of the Trade Union of Tourism and Services of Croatia and President of the Social Council for Tourism We are also aware that if this situation persists, not only the employment of permanent workers is endangered and we also take special care of seasonal workers with whom employment has already been agreed, but due to this situation they failed to start work as planned, according to the Social Tourism Council. 1. Introduction of a job waiting fee in the amount of 70% of the average salary in the Republic of Croatia Through our role as a responsible social partner, we are talking as signatories of the Collective Agreement on Hospitality, considering the possibility of temporarily invalidating the agreement reached on increasing the minimum basic salaries in hospitality for 2020, the Social Council for Tourism points out. 5. Active approach of the Republic of Croatia and use of planned measures to help the tourism sector from EU funds Photo: Pixabay.com Preserving employment and existing jobs is key The social partners in tourism expect urgent support from the Government of the Republic of Croatia for companies and workers and propose the following “Measures to help tourism and preserve jobs in the hospitality industry” due to the impact of the corona virus: 2. Expansion and adjustment of the measure Permanent seasonal – reduction of the obligation to engage this year; that seasonal workers who were supposed to start work, but have not been so far, may also be included in the measure; relaxation of conditions for the implementation of measures related to the minimum maintenance of the number of employed persons; 2. Extension of the permanent seasonal measure to all those who were supposed to be employed for the period of waiting for employment from 1 April onwardslast_img read more

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Police stage record crackdown on Brazil’s biggest gang

first_imgPolice launched what they called Brazil’s biggest-ever anti-narcotics operation Monday against the country’s largest gang, the First Capital Command (PCC), seeking to arrest hundreds of people.More than 1,000 officers aimed to arrest 422 suspects and execute search and seizure warrants at 201 properties across 19 states, federal police said in a statement.The operation targeted the Sao Paulo-based gang’s financial infrastructure, blocking $46.6 million in bank deposits and seizing $1.1 million in cash, they said. Topics : Investigators said they had identified the network responsible for laundering the gang’s drug trafficking proceeds by following the money trail of payments made to 210 gang members in maximum-security prisons.The payments were for holding “high-ranking posts in the criminal organization” and carrying out orders such as “executing public officials,” they said.Formed in 1993, the PCC is estimated to have more than 30,000 members.It operates across most of Brazil and is involved in the international drug trade to Europe, Africa and Asia.center_img It is led by Marcos Willians Herbas Camacho, alias “Marcola,” currently serving a more than 200-year sentence in a maximum-security prison in Brasilia.The gang’s turf wars and flare-ups have unleashed brutal violence at times, including a record crime wave in 2006, when members attacked hundreds of police stations and patrol cars.The attacks, which left 90 people dead, were believed to have been triggered by plans to transfer Camacho and hundreds of other jailed gang leaders to maximum-security prisons.last_img read more

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Bizman gunned down in front of own office

first_imgAccording to police investigators, Tan – resident of Talisay City – was about to board his sport utility vehicle when three assailants clad in facemasks fired at the victim around 5 p.m. on May 21. BACOLOD City – A businessman was shot dead in front of his office in Barangay Villamonte here. Roland Tan, owner of Crown Agri Infinity Lending Corp., died of gunshot wounds on the right ear and body, Major Reynante Jomocan, Police Station 4 chief said.                    .center_img Tan was rushed to the Dr. Pablo O. Torre Memorial Hospital in this city where the attending physician declared him “dead on arrival.”Officers of the Police Station 4 have yet to identify the suspects but are looking into business and personal grudges as motives in the killing./PNlast_img

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England ‘not our fiercest rivals’: All Blacks coach Hansen

first_imgFILE PHOTO: All BlacksTokyo, Japan | AFP | All Blacks coach Steve Hansen is predicting a “mighty clash” in this weekend’s heavyweight World Cup semi-final with England, but insisted they were not New Zealand’s biggest rugby rivals.The treble-chasing All Blacks have won their last six meetings against England dating back to 2013 and 15 of their last 16.Eddie Jones’s side are riding high after smashing Australia 40-16 in the last eight, but Hansen attempted to play down New Zealand’s rivalry with the English.“It will be a mighty clash, but I think South Africa will always be our biggest rival — because of the history that comes with it,” Hansen said Tuesday following the 46-14 rout of Ireland at the weekend.“And the fact we play each other so regularly. We’ve played England once in the last (five) years so it’s hard to build a rivalry when you don’t play each other.”Hansen added: “If we could get the Six Nations to come on board with a global season then we might able to do that. Once they do that, they’re starting to think about the game, rather than themselves — there’s a headline for you.”Despite New Zealand’s traditional dominance, Hansen feels that history will count for nothing against England in Yokohama.“History is history — it’s about creating new history,” he said.“You’re playing in the semi-final of the Rugby World Cup, so there will be pressure on both sides,” he added.“The key thing will be how to manage it — you crack that nut then you give yourself a great opportunity.”Hansen admitted that England had “come a long way” since their horror 2015 World Cup when they became the first tournament hosts to crash out in the pool stage under Stuart Lancaster.On England’s quarter-final thrashing of the Wallabies, Hansen said: “They took all their opportunities. Some were given to them but you’ve still got to take them. They’re a good side.”– Sowing seeds of doubt – Jones has described New Zealand as “the greatest team there’s ever been in sport” in the build-up and the cricket-mad Aussie likened the task of toppling the All Blacks to bowling out Australia’s star batsman Steve Smith.Hansen, though, is too wise to get sucked into any mind games by his wily, old foe.“That’s a really nice statement,” he grinned, ever mindful Jones has a reputation as something of a wind-up merchant.“I’m sure Eddie believes that but he’s also being quite kind.“It’s a real thing,” Hansen replied when asked about the kidology that goes on before big games.“But sometimes you’re better not to go there. Eddie is a smart man — he knows me well, I know him.”New Zealand beat England 16-15 when the teams squared off at Twickenham last November and Hansen expects another nail-biter this weekend.“It’s our job to put doubt into their heads,” he said.“That’s part of what rugby is about — how quickly you can learn and adapt on the park in the heat of the moment.”Both New Zealand and England had their final pool games washed out by a violent typhoon two weeks ago, but Hansen believes his team are coming to the boil nicely.“You don’t get performances like the ones we and England had (in the quarter-finals) without emptying the tank,” he said.“Now it’s about being smart, getting clarity around the game and dealing with the stuff on Saturday really humming.”Share on: WhatsApplast_img read more

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2 bodies discovered on Fort Lauderdale beach

first_imgAuthorities in Fort Lauderdale are currently investigating after two bodies were discovered on the shore of Fort Lauderdale Beach.The discovery was made around 6:13 am Tuesday, along the 3000 block of North Ocean Boulevard.While details surrounding the case have not yet been released, authorities did say that they found the “circumstances” surrounding the deaths “suspicious.”“The most important thing that we can ask for here is the public’s help,”  Fort Lauderdale Police Detective Ali Adamson told reporters.If you have any information about this incident, you are asked to call Broward County Crime Stoppers at 954-493-TIPS.last_img

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Mallard’s Team of the Week — Nelson Italian Society Bocce Team

first_imgMallard’s Source for sports would like to salute the participants with Team of the Week honours.The competitors included, Marcello Piro, Dominic Cerone, Vito Tumillo Luca, Len Maida, Carmine Richichi, Michelle March, Giuseppe Bertuzzi, Joe Sacino, Vincenzo Rendina, Alphonso Bertoia, Fred Tironese, Nick Murano, segio Peloso, Joe Guuercio, Jayden Maida, Gino Maida, Mario Arcovio, Vince DeVito, Len Arabia, Fortunato Giovolluci, Vince Toteda and Giudo Babiun. The Nelson Italian Society recently staged its annual Bocce tournament at Lakeside Rotary Park.Competitors from throughout the Kootenays, and Italy, flocked to Nelson to play in the prestigious event, with the Nelson/Italy team of Vito Tumillo and Vincenzo Rendini taking home the top prize.Cranbrook’s Vince Toteda and Joe Sacino won the B event.last_img read more

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Mallard’s Team of the Week — Club Inter-Retallack

first_imgHowever, Club Inter-Retallack started to roll during the semi final, scoring a 4-0 shutout of Bia Bora, before dominating the final.Mallard’s Source for sports was quick to spotlight Club Inter-Retallack with team of the week.The team includes, Johnny Colbeck, Tony Maida, Dino Falcone, Jake Kelly, Xavier Schutter, Terry Moore, Marcus Nott, Al Gluckman, Roshan D’souza, Phil Pinfold, Darren Peloso, Shayne Brandel, Lenny Arabia and Adam Chochinov. The final wasn’t even close as Club Inter-Retallack crushed regular season champion Ted Allen’s 7-1 to clinch the Jackson’s Hole Masters Men’s Soccer Championship.Club Inter-Retallack finished the season in second spot behind Ted Allen’s.last_img

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