Best Practices for Strategic Planning

“The backbone of success is hard work, determination, good planning and perseverance.” The emphasis on “good planning” is my own, but this quote from soccer legend Mia Hamm succinctly describes the important role that strategic planning plays in the success of an organization. It’s the board’s responsibility to set the strategic direction for the bank, in consultation and with assistance from the executive team. This process isn’t just good business — strategic planning is a basic regulatory expectation. As the Federal Deposit Insurance Corp. states in its “Pocket Guide for Directors,” the board should “establish, with management, the institution’s long-...