Business Development: A Team Sport

 

Guest Post by Julie Ferguson, JRF Consulting Services

 

Business Development is not a department. In a financial cooperative it has to be everyone’s job; from the Board of Directors to the front line employees. Credit unions who have limited or no dedicated business development staff often struggle with how to achieve growth goals. Each year the executive team determines that magical percentage for membership growth and it is shared with staff. What can sometimes be neglected are conversations about how the credit union will achieve that goal.

 

The first step is an evaluation of existing strategies in the areas of community outreach, SEG relationships, membership growth, and retention efforts. Part of the evaluation process should encompass reviewing the results and determining if they are indicative of the actual strategy or if the strategy was not properly executed. Once you complete your comprehensive evaluation you can move forward and create a business development business plan that includes new and enhanced strategies with implementation guidelines to position your credit union to meet its goals.

 

When business development becomes a priority for all staff, even those whose primary responsibilities are back office or operational, the growth goal becomes more attainable.  For obvious reasons, responsibilities for growth need to be scaled and realistic for each staff member. Opening up a dialog between business development and other departments will enable the exploration of increased involvement and ownership in the growth of the organization.  Setting specific, achievable goals for each employee and holding them accountable is an important component to the success of this structure. In addition, employees need to be trained on the skills necessary for effective participation in business development activities.

 

Creating a business development business plan and making growth a priority for all staff does not necessarily translate to an increase in budget. In fact, you will be amazed at what you can achieve when you focus on creativity and building valued partnerships in your community.  There are infinite possibilities!

 

Business follows relationships. Make business development everyone’s job.

 

Julie R Ferguson is the owner of JRF Consulting Services, LLC and helps credit unions create and execute results oriented business development strategies. She’s been in the credit union movement for over 17 years and spent 16 years working at First Tech Credit Union, currently a $2 billion organization, based in the state of Oregon. Julie speaks and consults nationwide. www.jrfconsultingservices.com.

 

Catch up with Julie live and in person during Southwest CUNA Management School’s Grad School sessions, July 21 at TCU (Fort Worth, Texas). You do not have to be an alumnus to attend.