Westover Strategy, Inc.

Grow Financial Federal Credit Union

Board of Directors/Supervisory Committee Strategic Planning Session

Challenge

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 area. The Grow senior team developed a one-page 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.

Each year, Grow hosts a strategic planning session for the Board of Directors and Supervisory Committee. Thomas Feindt wanted his first such session as CEO to be more interactive than in previous years. In addition, he planned to introduce the newly created Strategy Map. In view of the rapport and trust developed with Susan while building the map, Thomas contracted with her to help design and facilitate an engaging session for the Board, Supervisory Committee and senior team.

Approach

To provide context for the participants, Susan suggested that she present financial services industry trends, as well as background on the Grow strategy work. Following the presentation, she recommended that the senior team, Board and Supervisory Committee split into breakout groups to discuss the Strategy Map, then report back to the full group. The breakout groups would be an effective way for the Board and Supervisory Committee to understand the Strategy Map by engaging directly with, and asking questions of, the executive owners responsible for accomplishing the map objectives.

Results

As indicated on a post-session survey, the Strategic Planning session was enthusiastically received by the Board and Supervisory Committee. They fully support the map and relish the more interactive approach to the annual session. Participants found Susan’s presentation on the industry and on why and how the Grow Strategy Map was developed, enlightening. It was particularly helpful to meet with the executive owners in small groups and dive more deeply into the individual perspectives.

The transparency, thoughtfulness, and strategic intent of the Strategy Map were appreciated. The Board and Supervisory Committee look forward to staying engaged via quarterly progress updates. They marveled at what the senior team had accomplished in a few months, in parallel with dealing with both the pandemic and day-to-day operational demands. The Board and Supervisory Committee are well positioned to provide feedback, hold the team accountable, and stay engaged for the benefit of the members, team members, and community.

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