Here’s a thought for those of us leading a business. At the rosiest point, when you’re the most robust, it is time to reinvent. Can you get any more counter-intuitive in your thought process? No, not really. When times are the absolute best, that’s the time to check out what needs to be done to move the business forward.
Sometime long before gas was $3.39 per gallon, somebody said that electric cars might be the answer. Way before a Hummer gas tank took $110 to fill up, a Prius was beginning to gain interest and take market share. While you were in line at your neighborhood Blockbuster contributing to their great success, the folks at Netflix were beginning to change the way we watch movies at home. The Chevy Volt, the Toyota Prius and Netflix all have something in common: they became new competition with new products born of changes in consumer behavior.
At St. Louis Community Credit Union, we are doing what we can to pour great value into your and your family’s well-being. Times are rosy, we are robust and we are reinventing what we do as we speak. The SLCCU that you have come to love is always looking to make the member experience even better.
I can’t say too much in the way of detail. Come to find out, there are some competitors out there who read this blog every week. I am flattered by those leaders who gain something from my words, but I’m not going to tip my hand too much.
There are three things we’re focused on as we move forward. First, we must ensure that we are still relevant in the marketplace. About the time one thinks they understand who their competition is, new entries show up and shake the proverbial comfort out of you. We know something about a “new” competitor and we’re positioning a new product line accordingly. Here’s a hint: we live out on the periphery looking for untapped consumer needs and/or unsolved problems. Through product development, we set out to move the edge to the center and own market share. (There…that ought to keep the competition busy guessing).
Second, we must maintain our strategic differentiation. SLCCU has distinctive capabilities that those competitors who read this blog know exists. We “secret shop” our competition all day, every day (oops…I guess it’s not a secret anymore).
Lastly, he who has the best people in the best culture wins. We will never compromise our culture for cost cuts. We know that our employees need to be more engaged, smarter and have resources readily available to make our members’ lives better.
Yes, things are rosy and robust. We have enjoyed great success in a trying economic time. But now is the time to reinvent SLCCU, and we are doing just that. You’re going to love it!