NEW CASTLE, Del.–There is considerable uncertainty in markets and among CU management teams, but there are ways to embrace that uncertainty and grow, especially if an organization understands it’s “seeds, weeds and needs.”
Sales strategist, leadership expert and author Meridith Elliott Powell shared with credit unions gathered here for the Cooperative Credit Union Association’s CU Accelerate Conference there are a number of steps they can take to turn uncertainty into a competitive advantage.
“Imagine for a moment that you believed uncertainty was a good thing, that all the disruption in the marketplace was exactly the break you needed to get out ahead of competitors, and to transform the credit union. What if you could build a team that not only accepted change but wanted to build it?” asked Elliott Powell, before telling credit unions, “You can control the changes coming in the marketplace rather than allowing those changes to control you.”
As important as all of that is for credit union leaders, Elliott Powell said it’s even more important for all their direct reports and credit union employees.
Becoming Obsessed
Elliott Powell said earlier in her career she became obsessed with the word “uncertainty,” and has spent time researching organizations and companies that have survived periods of uncertainty, often repeatedly. But she recognizes it’s a word that doesn’t appeal to everyone.
“We don’t like that word,” Elliott Powell shared. “I have no idea what the future holds. That anxiety around uncertainty is what prevents us from pushing through the uncertainty and achieving the results we want. Research says you will spend more time at this conference talking about all the things you can’t control, rather than what you can.”
According to Elliott Powell, she has been able to create a nine-step plan based on research that looked at those companies that survived great uncertainty over the last 250 years.
The One Thing Leadership Doesn’t Want
“If you do not address uncertainty in your credit union, if you let people know you don’t have a plan for it, it will produce one emotion you don’t want your team to feel: fear,” said Elliott Powell. “Fear shuts down innovation and creativity—which is what you need during periods of uncertainty.”
While time did not permit Elliott Powell to share all nine steps, she did share the following traits of those that have embraced uncertainty and prospered:
Your Relentless Vision. “It’s not a vision, it’s a vision you are so focused on that no matter what’s in front of you, you see a way past the obstacle,” she said. “What I’ve learned is success isn’t logical at all. It belongs to the organization that has a leader who can articulate a vision and help other people see it. Your mind is going to find what you focus on.”
Condition Yourself for Change. According to Elliott Powell, change can be an organization’s greatest opportunity if it sees change coming. “If you ignore change, change is going to bury you,” she said. “Change is like a muscle, the more you work it and talk about it, the more resilient you and your team will be to change.”
According to Elliott Powell, the best tool to respond to uncertainty is what she called “SCEPTIC’: Society, Competition, Economics, Politics, Technology, Industry, Customers.
“Get your head out of your credit union and ask yourself what changes do you see happening” in each of those areas. Then also ask, ‘What changes do we need to be paying attention to now?’ People hate change because it happens to them. When you involve them, they become engaged. This tool makes you an agile organization.”
Securing Your Base. “This is about how to grow in the face of uncertainty,” said Elliott Powell. “An uncertain marketplace is a better place to grow than when it is calm for two reasons. One, your members need you. Your members are afraid of what is out there. Two, your competitors are going to pull back, and when you are there for them people remember that. But in an uncertain marketplace you have to grow from the inside out. You can’t attract new members until you understand the problems your members are facing. You have to get out there and talk to your members.
“A long time ago I heard someone say people don’t change financial institutions because they believe the experience will be just as bad at other financial institutions. I saw an opportunity. If we just don’t suck, we can grow. If I could talk to your members, I bet I would hear gold about what it going on in financial services. It isn’t product and services that you are selling, it’s that you understand the pain point of the member or potential member and how you solve that problem.
Build Your Network. Building out one’s network will also change a person’s life, according to Elliott Powell.
“In the face of uncertainty, it is the connections you have and the relationships you built that are going to carry you forward,” said Elliott Powell. “I think credit unions have this nailed. But do the people below you understand that when you get involved in the community it’s not about donating money to a cause, you are there to build the relationships and you need to ultimately build your credit unions. You need to instill in your team members that at any moment in time they are one connection away from a relationship that can help them achieve what they want to achieve.”
Shed Fast & Keep Moving. Elliott Powell told her audience that some of the things they are doing right now are not going to work two months from now.
“It’s not your fault, the market is shifting. But you have to get your team productive and not busy,” according to Elliott Powell.
This step involves what Elliott Powell dubbed “seeds, weeds and needs.”
“This is about looking to the past and asking three questions. What are our seeds--what have we done in the last three months that really grew our credit union. What are the weeds on which we wasted our time. And what are our needs--what do we need to do that we’re not doing. It positions the team to be productive and efficient rather than busy.”
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