Branson Bank
Strategy Map 2.0
Challenge
Branson Bank is a respected, locally-owned and managed community bank in Branson, MO. Its mission is to help customers, colleagues, shareholders, and community prosper. Branson Bank successfully implemented the 2017 - 20 Strategy Map developed with Westover Strategy. In recognition of the ongoing disruption in financial services, Board Chair Peter Peitz engaged Westover to update the Strategy Map.
Approach
Westover facilitated a day and a half strategy offsite with the bank board and senior staff to produce an updated Strategy Map. Westover also provided advice to CEO Bill Jones and the board on communication and execution of the Map.
Results
The Board approved the 2020 - 23 Strategy Map, which reflected key refinements of the 2017 - 20 Strategy Map. CEO Bill Jones presented the Map to all bank associates, so that they will appreciate how their performance contributes to the bank's success. The senior staff is leading the execution of the Map and using its contents to refine the bank's approach in a variety of areas, such as enterprise risk, emerging competition, customer experience, technology, and culture.
The bank shares progress towards Strategy Map targets with the Board each quarter. The Map keeps the team on track in pursuit of agreed upon objective. The Board and associates value the Strategy Map highly. It is used in numerous ways, including communication with customers, bank associates, the community, regulators, and shareholders.
I find that our 2020 - 25 Strategy Map is terrific. What a solid job description, firstly for our CEO and secondly, for his team. Equally important, the Strategy Map is the perfect guide for the board to understand and oversee management's objective.
The strategic planning process was effective and inspiring and I want to let you know how much I appreciate your guidance in the process. The Strategy Map you helped us create is leading the entire team in the right direction and we all appreciate the value you have brought to the organization.
The introduction and use of a Strategy Map inside our organization was a foreign concept to us a few years ago. We recently completed our second Strategy Map exercise whereby Susan Byrd led our team through the process of updating and expanding our Strategy Map. We now are very comfortable with the use of this valuable tool and it allows the Board and Sr. Management to effectively communicate strategic objectives throughout the organization. We make this document a priority in our organization. Our goal is to have every associate become familiar with the Strategy Map and importantly, each associate should understand how they are to drive Map objectives in their respective areas of responsibility. Simply stated, from a Management perspective the Strategy Map simplifies the process of aligning company resources toward achieving our strategic objectives.