Credit Union's Bottom Line Tips
In any business endeavor, the bottom line is always important. This is particularly true of credit unions. Without a healthy bottom line, you cannot serve your members responsibly. Yet, ensuring you have one is not difficult. All you need to do is pay attention to a few basic items. Read on for tips about your credit union and the bottom line.
Current credit union members make a difference, so it's important to make sure that you know your members well. Continually seeking opportunities to connect with them on a personal level is crucial. Steps like calling them by their first names whenever possible, making small talk about their family, work, or other areas of life that you have discovered by serving them should never be missed. This is important. Consequently, this positions you better to market other products and services you provide that your members may be unfamiliar with. Perhaps they have never thought of purchasing a CD or maybe they would be perfect candidates for share-secured lending. Knowing your members is key to marketing more of your products and services. The end result is a healthier bottom line for you.
This topic dovetails perfectly with the one we previously mentioned. Credit union growth can happen in a variety of ways, but most often it is through word of mouth. Credit unions after all are a very specific market. As such, it should be one of your goals to saturate that market as quickly and effectively as possible. Offering things like referral bonuses or member giveaways for referrals are great ways to increase member growth. Of course, you can always reach out with a marketing campaign.
This is a third, and very effective, way to help you increase and maintain a healthy bottom line. With recent regulations relaxed concerning home equity lending, now is the perfect time to approach your members about refinancing their current home, if you haven't done so already. This is a way to maximize credit union lending potential using your existing customer base. It's also a great marketing tool that can be used to attract new members.
Paying attention to these three items will help you maintain a healthy bottom line. That's important to help ensure smooth workflow and future growth. It promotes efficiency and confidence in your staff. Some would say there is no better management tool than a healthy bottom line. We would tend to agree with that statement.