Grow Financial Federal Credit Union
Strategy Map 2.0
CHALLENGE
Grow Financial is a well-respected, community-oriented financial institution based in Tampa, FL. As of year-end 2023, Grow had assets of approximately $3.5 billion. As he took over as CEO in 2019, Thomas Feindt engaged Susan Byrd to work with him and his colleagues to set a new direction for the credit union. The senior team worked with Susan to develop, launch, and execute a Strategy Map for the years 2020 - 2023. Based on the success of the map in aligning and focusing the organization, Grow engaged Susan in 2023 to work with the team to develop a new Strategy Map to guide the credit union from 2024 - 2026.
APPROACH
Susan submitted a proposal that included the following:
Lessons Learned - Feedback on the first map was gathered, summarized, and incorporated into the new map.
SWOT -Individual interviews were held with all members of the senior staff and their direct reports, then integrated into a SWOT. Each participant then provided feedback on their top 3 priorities.
Best Practices - Susan provided a summary of best practices for transitioning from one map to the next.
Strategy Map Offsite - Susan facilitated a 1.5 day offsite in Tampa during which the SWOT, top 3 priorities, and industry trends were discussed and a new map drafted, with the help of breakout groups. Participants included all members of the senior staff and their direct reports, all of whom were very engaged.
Post-Offsite Refinement - Following the offsite, the map was refined and revised based on a variety of internal and external factors. Executive Owners for each objective were selected. Meetings were held with Executive Owners to help them develop and refine their their goals and measures. The board and supervisory committee reviewed and approved the map.
Communication Plan - A detailed communication plan was developed and distributed to leaders, to explain the new map and to provide information to help the organization understand and embrace it.
Introduce and Publish - The new map was introduced at an All Hands Townhall and published in early 2024.
Execution and Tracking - Strategy Map Champion Kent Paro is responsible for encouraging focus to deliver the map objectives and for facilitating quarterly progress updates. The Executive Owners are responsible for managing the execution of their respective objectives.
RESULTS
Grow is very pleased with both the process to develop the map and the map itself, that provides a strategic path for the organization for 2024 - 2026. Grow will know the map is successful if all team members:
Can "find themselves in the map".
Understand how their works supports Grow's purpose and direction.
Align around accomplishing the same strategic priorities over the next 3 years.
Keep the Strategy Map front and center and focus on its execution.
As the Strategy Map Champion for Grow Financial, I have found Susan's professionalism and expertise to be invaluable as we developed and published our second Strategy Map. Building off the tremendous success of our first effort, Susan helped us gather lessons learned, conduct thorough analysis, use best practices to transition from one map to the next, and develop an elegant and focused Strategy Map with the right mix of detail and big picture. Her knowledge and understanding of Grow and our senior staff were instrumental in ensuring that we properly discussed and adjusted to produce an even stronger second map for the organization. I am proud to be the Champion for the map that Susan helped us create. Because of her hard work and ours, I am confident that our future is marked with a bright path, and I look forward to the journey. Thank you, Susan!
Stepping into the CEO role, my priority was clear: set a solid direction for our company. That's when we turned to Susan for her expertise in creating a Strategy Map. The first time we worked with her, it was a game-changer. It brought our team together, focusing us on our major goals. But, honestly, it was round two with Susan that truly made the difference. This time, Susan helped us sharpen our focus, making it easier for everyone to see what really matters. It wasn't just about having goals; it was about having the right goals, ones that everyone could rally around and drive forward with enthusiasm. Susan has this incredible talent for simplifying complex ideas into something tangible and motivating for the whole team. Her approach—always patient, insightful, and sprinkled with humor—has not only made the process enjoyable but also deeply effective. Now, we're not just a team with a vision; we're a team actively engaged and excited about the path we're on, thanks to Susan. We’re really looking forward to more collaboration with her. She’s been more than a consultant; she’s been a true partner in our journey.