Grow Financial Federal Credit Union
Grow Financial Federal Credit Union (Grow) with assets of $2.8 billion, was founded in 1955 and is one of the top credit unions in the Tampa Bay, Florida area. Grow’s senior team developed a one-page, three-year Strategy Map with Susan Byrd to align around strategic priorities for the next 3 years. A Strategy Map is a one-page document that gives clear, concise information on an organization’s purpose, direction, guiding principles, strategy, objectives, and measures for the next 3 years.
While discussing next steps, Susan recommended that, since the Strategy Map is a high-level document, each objective should be broken down into 2 - 3 strategic initiatives. This pragmatic approach is designed to help accomplish the objectives. Based on the rapport and trust developed with Susan while creating the Strategy Map, CEO Thomas Feindt engaged her to collaborate with the senior team on the initiatives.
Susan advised appointing a senior team executive owner for each of the map objectives. Their responsibilities would be to design and oversee the work to achieve the objectives, including selecting and managing initiative teams. As part of the process, goals, measures, timeframes, milestones, targets, dependencies, and risks would be documented for each initiative.
Susan and Chief of Staff Laurie Holloway would meet with each executive owner to review and modify their draft initiatives and discuss resource requirements. Once completed, the senior team would meet to review the initiatives, understand the range of work, address gaps or overlaps, and identify cross-functional collaboration opportunities. This would position the team to launch the initiatives, according to the sequence already established for the underlying objectives.
All initiatives are well defined and confirmed by the senior team. Goals and sequencing are clear for the initiatives, so that each Executive Owner understands the timetable and expectations. The senior team is confident about the strategic direction and process and appreciates the clarity on individual and team responsibility and accountability.
Laurie and Susan advise Executive Owners, as needed, as the initiatives proceed. Progress on the initiatives is an important component of Laurie’s quarterly updates on the Strategy Map objectives. Transparent ongoing communication with all Grow team members continues, in order to promote engagement and alignment. Excitement across Grow is palpable, as well as a sense of momentum.Explore the rest of our cases