Understanding the current and future conditions facing an institution is the first step to success. Changes in market conditions can cause divergences from the original strategic plan financials, which may result in mid-course adjustments. As such strategic plans need to be continuously updated to accurately reflect the institution’s financial performance.

Variances May Cause Mid Course Adjustments

The FinPro plan update process typically involves a what-if modeling phase and a board retreat. During this process FinPro and management meet to create multiple financial projections for the institution. The corresponding retreat is held to review the various scenarios, discuss the recommended scenario and the various strategies outlined to achieve the scenario.

Ensure the Monitoring and Maintenance

The FinPro strategic plan update process is designed to revise the financial projections for an institution on a yearly basis. The process allows the institution to monitor the implementation success of the prior years of the plan and allows mid-course adjustments based on changes in the environment.

The Components for Continued Success

A typical Strategic Plan Update includes:

Variance to Prior Plan

Modeling Output and Assumptions

Cost Center and Strategic Alternative Summary

Goals and Implementation Overview