ST. LOUIS—One design/build firm insists that before ground is ever broken, a facility planning study can have a big impact on branch performance.
Tom Mooney, business unit leader, financial facilities, at L. Keeley Construction, acknowledged that finding room for such an analysis within limited budgets can be challenging.
“Credit unions must think diligently about how to maximize their budgets in a way that benefits their members, while thinking strategically about scalability to achieve the greatest ROI,” said Mooney. “This means learning how, when, and why to invest in specific aspects of the organization when budget overflow allows.”
Mooney emphasized that a credit union’s facilities play an integral role membership acquisition and retention.
“Facility decisions should reflect a credit union’s desired financial results, but also emulate the key elements of their culture. Streamlined, sound facility planning can accomplish all of these objectives,” he said.
Comprehensive Study
A comprehensive facility planning study can be conducted by hiring an independent firm for a modest investment to complete a detailed study that identifies challenges and opportunities in the credit union’s service areas, Mooney said.
“This data can then be used to facilitate intermediate and long-term planning to differentiate their culture, while best using existing resources,” he explained.
Completing a study comprises several key steps, said Mooney.
Tom Mooney
“The study should include ways to differentiate, be consultative, have the bottom line in mind, focus on the key priorities—such as lending—and use available resources to expedite the process,” he said.
Before the study formally begins, detailed information about the credit union must be collected to provide an accurate baseline performance measurement, noted Mooney.
“Personnel interviews are then conducted to better understand the nuances of the service areas and market,” said Mooney. “To conclude this process, detailed peer information and market data is captured to provide metrics for the credit union’s performance potential.”
The information collected during a facility planning study generates specific recommendations that a credit union should utilize when strategizing their delivery models, said Mooney.
“Through this process, credit unions can learn how to differentiate their own culture among their prospective member base, which can help them better price themselves in the competitive marketplace,” he said.
Maximize Resources
The process can also help credit unions better maximize their existing resources and identify where there are opportunities for growth in other areas of their business, Mooney said.
“From there, credit unions can begin to focus on their members and help craft strategies focused around growing membership and earning better ROI,” said Mooney. “While the budget may be set, and facility improvements may not be in the works this year, a facility planning study can create a roadmap for the next year and beyond.”