Building a Strategic Plan
Definition Strategic Plan
The Central Bank states that the board of directors of a credit union shall cause to be prepared and shall adopt a plan (in the Act referred to as a ‘strategic plan’) which documents the strategy and objectives of the credit union and indicates how the strategic objectives are to be achieved.
This course covers the fundamentals of strategic planning according to the Central Bank definition. The course is comprised of the following components.
a) Building a Strategic Plan: The Theory
- Defining Strategy & Business Model
- The strategy making process
- Assessing the External Environment
- Assessing the Internal Environment
b) Strategy: Legislative Requirements
- Function of the Board & Manager in relation to strategy
- Regulatory expectations in respect of Strategic Planning
- Regulatory expectations in respect of the Business
- Models viability
c) Exploring Strategic & Business Options
- Members review & Common Bond
- Strategic options
- Differentiation from Competitors
- Core Competencies
- Potential Strategies
- What the Strategic Plan must contain.