Timing is key to every aspect of strategic planning for financial institutions. Following seasonal cycles, organizations need to set aside time every year for strategic reassessment and refresh. But as each season carries its own unique demands and responsibilities, when is the ideal time to begin the strategic planning process?

There’s no time like the present.

No matter when you are reading this, you are in some phase of strategic planning. That could mean you are gathering information through market research and data analysis. Or, you might be developing a new strategy based on that data and defined corporate values. And no matter how long it has been since you engaged in direct strategic planning, your current operations are largely the result of some planning that has already taken place.

Executing annual strategic reassessments allows banks and financial institutions to notice and act on emerging consumer trends within their market and assess how current strategies have performed against expectations. Summer is the ideal time to regroup, look at the data, and prepare forecasts and budgets for the coming year.

Why Summer?

Some seasonal trends in the financial industry make summer a great time for strategic planning. Mortgages tend to fall off in mid to late summer after the typical spring boom in the real estate market. Demand for tax services likewise slows down after the spring season. And most importantly, budget meetings typically take place in the fall, so a thorough groundwork of strategic planning in the summer can enrich fall budgeting and planning.

“The timing of most budgeting and strategic dialogue for the subsequent year is in the Fall. Thus, any market insight derived prior to Q4 is very beneficial.”
-Scott Florini, NewGround’s VP of Strategy

The financial industry and the needs of consumers are always evolving. Financial institutions must set aside time for continual strategic planning to identify potential opportunities for growth and improvement. Be prepared to build your budgets with insight and purpose! 

Don’t wait to take strategic planning seriously.

NewGround can help your organization formulate and execute productive strategies that apply market research and data analysis to your organization’s unique value proposition and consumer offerings. Our industry experts empower financial institutions to develop strategies that complement their strengths and address their weaknesses.

If you want to gain an edge in strategic planning and produce budgets that lay the foundation for sustainable growth, contact NewGround today at inquiries@newground.com.