By Wayne Benson
Climbing the business ladder is no easy feat.
Once you achieve a C-level position, it’s critical to retain the savvy, drive and inventiveness that helped propel you to the top. For credit union executives, this means more than simply surviving by doing what has worked well in the past. You now must answer to shareholders, and the decisions you make directly affect the livelihood of those you employ.
To truly thrive, you must be able to see the forest AND the trees. Keep the big picture in mind, but remember that details have the power to make or break a business. This skill set must be nurtured and evolve with the market. However, always remember to:
Marry big-picture innovation with effective delivery.
Constant innovation can actually be detrimental to success—especially in the credit union industry. An aptitude for fresh ideas and an ability to recognize potential industry disruptors is important, but effective execution is the true key to success. Credit unions must meet industry demands and offer members convenient, innovative technologies, but convenience in the absence of efficiency will cost you in the long run. Marry big-picture innovation with delivery by connecting the dots your competitors may miss, and valuing excellence over speed to market.
Constantly improve reporting processes.
Credit union executives: direct reports are your friend. Learn to love them. Spend time thinking creatively about how to improve your credit union’s reporting processes, so you have an accurate picture of things in motion and know where and when to recalibrate. Emphasize the importance of thorough, candid communication to all who report to you so that they feel comfortable bringing issues to your attention—especially if there is a problem.
Keep your internal fire aflame.
Sheer will and a determination to succeed is a big part of why you’ve found success in business. Forgetting that, or letting your inner flame dwindle as you get settled in at the top, is a sure fire way to fail. Your energy and contagious enthusiasm will motivate those around you, and create a feedback loop of positivity throughout the organization—especially in tough times.
Nurture your relationships – both internally and externally.
Employees that are happy in their jobs typically feel valued—especially by leadership. Make a point to interact regularly with your team, even if they don’t report directly to you, and take time to listen to their concerns. A company culture of open communication will be evidenced through improved interactions with members, industry partners and stakeholders.
Set measurable goals and be clear about your expectations.
Your goal is to achieve XX percent growth by XXXX. Great! How are you going to get there? What are your benchmarks? How will you adjust your strategy if deliverables are not being met consistently or effectively? Goals must be measurable and expectations clearly communicated. If the whole team is not on the same page, individual actions may become arbitrary and ultimately lead to collective failure.
Wayne Benson is CEO of EPL, Inc. For info: www.eplinc.com.