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How to Create a High Velocity Credit Union

BY SCOTT MCCLYMONDS

In a culmination of his previous articles on leadership and management systems, “Credit Union Business’s” CEO expert now rolls them all into a single integrated one: the High Velocity System. See how implementing such a system at your credit union can accelerate growth, return on investment and member satisfaction.

For several months I have been discussing the critical role leadership and management systems play in creating a thriving, profitable and relevant credit union. I hope you have been able to consider the systems I described and have compared and contrasted them to what you use. If there is any certainty in business, it is that we can all grow and improve in many ways, and challenging yourself with different perspectives on leadership, like those we’ve discussed, is a guaranteed way to grow.

In this article I’m going to continue my discussion of leadership systems by showing how leadership, people and systems integrate into what I call the High Velocity System. This system takes everything we’ve covered in the last few months and rolls it into one system designed to move your credit union forward at an accelerated pace. We’ll show how embracing this system can have a profound effect upon your credit union’s ROA, member satisfaction and employee engagement.

We’ll also discuss velocity reducers, meaning aspects of you credit union that are not as effective as they should be and, as a result, are slowing your progress. At the end of the article you’ll have some homework to help eliminate these diminishers.

What Is Velocity?

Velocity is the rate at which your credit union is traveling toward your desired goals, and its two elements are direction and speed. CEOs need to constantly be aware of their credit union’s velocity because it determines whether or not they hit their objectives and how long it takes to achieve those objectives.

Direction

The direction of your credit union depends on the clarity of your long- and short-term objectives, like we discussed in the 8 Pillars of Strategic Alignment. Long-term objectives can include purpose, identity, strategy, brand promise, targeted member groups and growth.

This content is for CU BUSINESS eMagazine + WEB ACESS and THE TEAM BUILDER (GROUP SUBSCRIPTION) members only.
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