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For too long, this time of the year has brought on a predictable practice – Your community bank’s executive team gets together to form a strategic plan, and then it sits in the corner collecting dust all year long. As noted above, communication is the glue that holds together the entire planning process and links planning to execution.
This table provides the maximum dive time for your planned depth and your letter group following the dive. You must ask yourself, “Why will we succeed and others will not?” After all, not everyone can win in this business because there isn’t enough business to go around these days.
By that, we mean as the economical and regulatory environment changes, your plan also needs to be altered and changed accordingly.

The best strategic plans in the world are not likely to be successful if they are not effectively communicated to those who must implement them: the employees. One person cannot dominate the conversation, or your planning process will be a waste of time.
When asking questions like, “Is our bank leveraging technology to reduce expenses and provide more operational efficiencies?” Take a real look at how your technologies are influencing your budget and if you are really getting the return-on-investment you need.
To make sure your employees understand where you are at and where you want to go, they need to know what their part is in getting there. Vitex recommends communicating openly and honestly, while using well, thought-out messages.

Make sure your executive team understands the importance of creating clarity around what the strategy means at a business level as well as at the individual level.
Given the challenges you face today, it’s time for a big change in the way you plan for your bank’s future. Part of each manager’s job is to communicate the strategy to the team and redefine it in a way it is understood in his or her area of focus.

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