With your destination and starting point identified, it is time to prepare to carry out your plans. In the example CRE growth scenario, an excellent first step would be to consolidate CRE ownership organizationally. Responsibilities that are spread out across branches or siloes should be centralized to make communication and implementation easier. This can also improve onboarding and training if your plan involves new staff or technology.
Before you begin making changes to your process, King recommends identifying and engaging “centers of influence” or staff members who will lead the charge when implementing your goals. Introduce your plans to them first. Then, relay timelines and milestone dates to all staff members with a role in CRE. Every staff member should hear and understand the plan before your financial institution begins implementation. Clear and early communication is a change management strategy that can help prevent confusion and negative attitudes surrounding the change.
Remember that sharing your plans with all staff members involved should include staff responsible for providing the data you will need to measure your success. If your goal is CRE growth, you’ll need to see past, present, and future metrics with an organized pipeline system that can show what loans you expect to close in 30, 60, or 90 days. A banking intelligence system can provide dashboards that are based on roles within the financial institution, paving the way for better decision-making.
Finally, King warns against siloing your goals. For example, if one of your goals is to grow the number of deposit accounts opened to a certain amount in the next two years, you should also consider your retention. Retention is cheaper than procurement, so include retention and cross-sale goals in the growth plan.
If you successfully identify the destination, starting point, and route to getting from one to the other, your financial institution will be on the right track. Now, you can treat your board meetings as updates on the journey from point A to point B.