The Financial Institutions that succeed today are the ones with a clear vision and a plan of how to achieve it.
Markets are becoming increasingly competitive as institutions fight for profitable business and as technology and de-regulation allow other organisations to enter the markets. The constraints on profits and the need to find new ways to improve performance and to compete successfully in the highly competitive financial services industry create a need to:
- be able to review existing performance in relation to the external environment
- identify ways to improve revenues
- refocus costs to create greater profitability in both the short and longer term.
The strategic planning process should involve a number of steps, each of which needs to follow in a logical sequence. It is very important that the need for strategic planning is accepted by the senior executives of the organisation and that they are all happy to participate in the process.
The steps include:
- Review the existing position of the organisation
- Understand the markets in which you operate
- Review the strengths, weaknesses, opportunities and threats
- Agree the vision, mission, objectives and values of the organisation
- Complete the goals and the strategy for the next few years
- Develop the programs and priorities
We have recently worked with a large bank to gain agreement to, and document, the strategy and to help to formulate the strategic direction. We could help you to do the same.
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