This is a collection of older posts that have been updated and consolidated to help answer the question of what should a credit union CEO know? It isn’t all the things, there is no way such a post could ever be written, but it is helpful for many.

Tips on How to Be a Successful CEO

As a CEO, making the best impression on your staff is crucial. It can set the tone of the day, and it will allow your employees to approach you with any questions or concerns they may have. Here are some simple tips on how to be a successful CEO, or even just a successful employee before you get to that rung of the corporate ladder. These are not just for credit union CEOs, but for any company.

Greeting your staff with a daily smile will not only give off the impression that you want to be here, but it will also show the positive, go-getter attitude your company praises.

Try stepping into management’s shoes. What do you think are some important qualities a CEO should represent?

Take a potential employee. Eager to find a new “work home,” that person will take in everything they see at the job interview. They will judge and take notes on how the employees interact with each other, what the workspace is like, and how they were greeted at the door. It is important for the CEO to always inspire and motivate their staff on how to respect one another and build each other up. Your boss may not be the “big bad wolf” after all. CU Times also had an article some time ago that we thought had some great advice as well.

Remember, be open to new ideas. Always think about your employees and how to better take care of them, and how your actions can affect them. Those who better foster such relationships find a more loyal staff and less turnover. Be a strong communicator and realize how your words could be construed or taken out of context as well as be able to communicate your point fully.

Oak Tree will always be there for our clients and the credit union industry. For over 40 years, we have grown, developed, and supported each of our clients to help them stand out against the crowd. Our compliant forms are integrated seamlessly with your technology for streamlined performance and efficiency. Contact us today for more information!

CEO Guide to Effective Leadership

Getting to the top of the corporate ladder can take years and is an impressive accomplishment if you can get there. As a CEO in the credit union industry, you find yourself in the ultimate leadership role with greater responsibilities, and an obligation to live up to the credit union standard. This means that your ability to effectively lead a team of individuals and also keep your members happy is extremely important. Usually, success or failure reflects the people at the top and while we don’t doubt your skills as a leader, there are a few points to always keep in mind when it comes to effective leadership. Here is Oak Tree’s Credit Union CEO Guide to Effective Leadership:

1. Strategic thinking

As a leader, you should always be two steps ahead and have a clear focus on what you are effectively trying to accomplish. Keep your focus on a few main areas, track progress, and measure growth. Also, being aware of and recognizing efficient strategies is beneficial. In order to think strategically, you have to learn how to do so. Stay up to date with new leadership methods, attend conferences, and take in information.

2. Authenticity

The ability to be authentic helps develop trust and makes it easier to motivate. People are much more likely to follow someone’s example when they have complete trust in him. This trust is gained when leaders speak from their hearts, rather than what they think others expect them to say. In addition, a leader’s true colors can be seen in the actions of his private life. These actions should be mirrored in your public life to demonstrate transparency.

Make it a point to be focused on results and be mission-driven. This shows that you are more interested in a collective goal, rather than personal gain. Listen to your instincts, and always come from a place of genuineness.

3. Stay in touch

Keep a close eye on members and what they say about your credit union… whether it is good or bad. A bad review just means you know what to do better next time. A good review means you know what to keep doing. Take everything into account and always listen. This goes for employees, as well. Cultivate an environment that shows you are willing to work together and hear anyone out. Great customer service begins with happy and engaged employees. Make it a point to keep this engagement high and you will see it carry over to member satisfaction.

4. Stay prepared

Staying prepared is a major cornerstone of success. Take it from Roman philosopher Seneca who said “luck is what happens when preparation meets opportunity.” As a CEO you are often expected to make decisions under pressure, so it is essential to be ready for anything. Being “lucky” won’t help you make decisions; you have to create your own luck. You do this by creating a success or action plan. Action plans provide accountability to strategic thinking. A properly mapped-out success plan allows for ideas to be set in motion.

Strategic planning should include these 7 steps. See the example for each step:

• Step 1: Write a Vision Statement
• Step 2: Write a Mission Statement
• Step 3: Perform a Gap Analysis
• Step 4: Write SMART Goals
• Step 5: Prioritize Assignments
• Step 6: Monitor Progress
• Step 7: Evaluate Performance

Small and large projects tend to be more effective with a good plan and teamwork. A perfect example would be the recent strategic plan released in Las Vegas, Nevada. It is their most recent development project for their community. Their vision is to expand opportunities for residents and tourists with the mission of having a well-balanced community. Extensive analysis has been done, but more research needs to be done, such as analysis of land use, quality growth, housing options, transportation reports, and more. Each goal is meticulously outlined. According to the Las Vegas city council, the last strategic planning meeting was in March 2014. Such meetings typically occur every four to five years, which is crucial to prioritize and project ahead. Monitoring a large-scale project will be key to a good performance outcome.

To relay this strategic planning module into the credit union world, we can look at the example of credit union executive management with the vision to expand by opening a new branch. The mission would be to provide better member services by increasing branch locations and ultimately growing the credit union. In the GAP Analysis, management will have to analyze the current state of the credit union and identify the future state. Two popular modules used to perform this analysis are the SWOT Analysis and the McKinsey 7S Framework. Once the need for an additional branch can be justified by either of these methods, management can begin to prioritize assignments such as choosing a location, hiring and training staff, purchasing equipment, and furniture, etc. It is the project manager’s responsibility to track the progress of the project to see that all assignments are on time and that the project will be ready for its set launch date. In this example of opening a new branch, management will circle back to examine metrics such as loan volume, branch traffic, member satisfaction rates, etc. to determine if the vision and mission have been met.

When it comes to developing strategies, be prepared for all outcomes and have a plan in place for any successes or failures. As we mentioned earlier, it helps to stay two steps ahead.

There are plenty of other things that contribute to the success of a leader but you should never stray from the basics.

Want to Be the New CEO of a Credit Union?

Have you ever wondered what it takes to be a qualified chief executive officer (CEO)? The simple answer is that it takes a lot. At the top of the list are schooling, confidence, determination, and work experience to accomplish the ultimate goal. Do you want to be the new CEO of a credit union?

Let’s first lay out what a CEO does.

A CEO’s role is regarded as one of the highest-ranking positions in a corporation. This entails making top managerial decisions. They manage the company’s success and avoid failures. They are able to take on the complex challenges a credit union faces while being on high alert about what is going on in the industry. Also having an open eye for any opportunities that will tend to change helps.

How does that sound to you?

The transition from a regular job to a higher position can be a shock factor due to the many responsibilities the role entails. It is always smart to learn and absorb as much information as possible before taking the next big step. Looking at it from another perspective, being in a high position also comes with the cost of making sure that you are taking the right steps to ensure that the credit union you are leading will be successful. The role comes with a lot of responsibilities that include travel, representation of the company (looking presentable), and being confident in speaking to many people within the company and at events.

How can I feel more confident in an upper managerial position?

Advice that we can give to anyone in the stage of wanting to change their position, is to learn as much as they can from the CEO. Ask to attend events, meetings, and interviews to see what kind of language is used and how to interact with different people.

You got this! Don’t let anyone stop you from achieving this goal! Work hard and know that hard work pays off.

A note from Richard Gallagher, CEO of Oak Tree Business Systems.

“From the beginning of my career, I have worked my way up to the CEO position by working hard and learning as much as I could about the credit union industry. I have made my way up and have always had set goals of where I wanted to end up and wanted to accomplish. Coming in as the new CEO of Oak Tree Business Systems, I had a fresh mind and a new set of ideas to get the ball rolling. With my extensive background, I am thankful for all of the past work experiences I had to help me achieve a successful career. From where I am today, I look back at myself and would give myself a hand on the back for never giving up and always striving for greatness. There was a time in my position where I had an itch to travel all over the U.S. to talk to our clients and potential prospects for a way to introduce myself but to also get my name out there. I strive to always think of solutions and talk to fellow credit union families about what forms and disclosures they are lacking in their establishment.

Advice that I can give to future CEOs is to always want to learn. Be the first one at the meeting and the last one to leave. Get your name out there. Learn about every nook and cranny of the credit union industry. LEARN EVERYONE’S NAME! Be friendly and be present.”

Time to ask yourself if you want to be the new CEO of a credit union and if you are ready to do what needs to be done in this pursuit.

On another note, Oak Tree continually refines its loan forms system to provide the best combination of compliance, practicality, and contemporary design. Oak Tree is committed to each individual credit union to work on your behalf in designing, producing, and supporting an effective lending system. We are fast, efficient, knowledgeable, mindful of costs, and dedicated to the credit union industry. Of specific interest is the continuing training and support we provide. You will have unlimited, free telephonic support in addition to our on-site activities. When you call Oak Tree, you always get real, live, knowledgeable people who will help solve your problems. Just like a CEO advocating for their institution, we got you covered!

Charting the Course

Why Strategic Planning is Essential for Credit Union CEOs

In the ever-evolving world of finance, credit unions face a unique set of challenges. From fintech disruption to changing member needs, staying ahead of the curve is paramount. That’s where a robust strategic plan comes in. It’s not just a box-checking exercise; it’s a powerful tool that empowers credit union CEOs to navigate uncertainty and propel their institutions toward success. Let’s look at how strategic planning is essential for credit union CEOs in charting the course for their CU’s future.

Why Strategic Planning Matters

A well-defined strategic plan serves as a roadmap, guiding your credit union with a clear vision for the future. It translates your mission statement from lofty ideals into actionable goals, ensuring everyone – from the boardroom to the teller line – is working towards a common objective. Here’s what a strategic plan brings to the table:

• Clarity and Focus: Imagine steering a ship without a destination or compass. A strategic plan provides that direction, outlining your long-term vision and translating it into achievable milestones. This clarity eliminates ambiguity and helps your team prioritize initiatives that drive growth.
• Data-Driven Decision-Making: Effective strategic planning involves a thorough internal and external analysis. You’ll assess your credit union’s strengths, weaknesses, opportunities, and threats (SWOT analysis) while keeping a pulse on industry trends, competitor activity, and the evolving regulatory landscape. This data-driven approach ensures informed decisions about resource allocation, product development, and market positioning.
• Alignment and Engagement: Strategic planning isn’t a solo act. It’s a collaborative process involving key stakeholders, including board members, management, and employees. You create a sense of shared ownership by fostering open dialogue and buy-in throughout the process. When everyone understands the “why” behind the strategic goals, they become more invested in achieving them, leading to increased engagement and productivity.
• Adaptability and Resilience: The financial services industry is anything but static. A strategic plan isn’t a rigid document; it’s a flexible framework that allows for course correction as needed. By continually monitoring progress and conducting regular reviews, you can adapt your strategies to changing market conditions and unforeseen challenges, ensuring your credit union remains resilient in the face of disruption.

Turning Strategy into Action

So, you’re convinced of the importance of strategic planning. Now, how do you translate that conviction into action? Here are some key steps to get you started:

1. Assemble Your Strategic Planning Team: This team should be a diverse group representing different areas of the credit union, ensuring a well-rounded perspective.
2. Define Your Vision and Mission: Before you chart the course, know your destination. Revisit your credit union’s core values, mission statement, and desired future state.
3. Conduct a SWOT Analysis: Take a deep dive into your credit union’s internal strengths and weaknesses. Then, analyze the external opportunities and threats presented by the market landscape.
4. Set SMART Goals: Specificity is key. Develop Specific, Measurable, Achievable, Relevant, and Time-Bound goals aligned with your vision and mission.
5. Develop Implementation Strategies: Break down your goals into actionable steps, outlining the tactics and resources needed for each phase.
6. Monitor Progress and Adapt: Strategic planning is an ongoing process. Regularly monitor progress, assess performance metrics, and be prepared to adapt your strategies as circumstances evolve.

In today’s dynamic financial environment, a strategic plan is not a luxury – it’s a necessity. By investing time and resources into crafting a clear roadmap, credit union CEOs gain a competitive edge, ensuring their institutions remain member-focused, innovative, and adaptable in the face of change. Remember, a strategic plan is a living document, a guiding force that empowers you to navigate the uncharted waters of the financial future with confidence.