Don’t hold on too tightly to your 2020 plan. Budgets are either set or being approved, and most of the focus has been around identifying specific projects and capital technology purchases that are needed in the new year. Though this work was good and valuable, don’t hold on to it too tightly.
2020 will be here quicker than expected. Things got done this month that you didn’t expect to be completed in December and a few things that should have been done will not get finished. Ignoring these changing variables will not serve your credit union’s overarching goals. An agile framework and mindset is key. Keep communication as a key priority, not your planned blueprint. By discussing current priorities, your team allows your entire credit union to dynamically shift to maximize opportunities as they arise in the New Year. The worst thing you can do it blindly stay the course, missing warning signs and opportunities to grow.
In January the economy will change and outlined business goals may advance or fall by the wayside due to factors CEOs and executives can’t predict today. Good leaders will adjust to the changes in 2020 and our technology plans, spend, and priorities will need to adjust also. Don’t hold on too tightly to the plan.
In 2020, do stay in constant communication between your Executive team and Technology teams. Talk about current priorities, the backlog of potential work, and potential new work. Both business and technology leaders should be transparent about the needs and plans for the credit union so they are ready to adjust, tweak, or take a left turn if necessary. Exchange lower yielding projects for those with higher gains. Move budget dollars around to maximize project value and technology utilization. Find ways to minimize your backlog by removing tasks that are no longer relevant. The goal is simple: increasing business value for your credit union, for your members, and for your employees. It’s not about the technology, that’s just a powerful means to help transform and advance the credit union. Don’t hold on too tightly to the 2020 plan, revisit, adjust and have a great next year!