Using an Economic Forecast in the Corporate Planning and Strategy Retreat: A Great New Idea

Dave Spaulding had an idea so good that I wish I had thought of it myself. I was briefing the directors and senior executives of Red Canoe Credit Union at the beginning of their strategic planning retreat. It was a small enough group that I encouraged questions and comments throughout the presentation.  Dave, who is the CEO, popped in periodically relating my economics to the key strategic issues that would be discussed later in the meeting.

For instance, as I was talking about how monetary policy and the economy were affecting credit union deposits and loans, Dave mentioned that the credit union had some big decisions to make about how much to spend to attract new members. As I was discussing changes in population growth, Dave told his directors they would be talking about strategies for new branches, which ties into local population growth.

From here on out, I will share my outline with the CEOs whose organizations I brief, and encourage them to relate the economics to upcoming strategic decisions. Economics is a building block for decision-making, so smart CEOs will help their directors make the connection between economics and strategy.