Happy New Year!
This year 2020, marks the end of a decade and a beginning of a new one. As a SACCO Champion, I was reflecting about what holds for the financial sector in the next decade and specifically for SACCOs. If the changes of the last 10 years are anything to go by, then the next 10 may be very turbulent with all sorts of business disruptors including societal and technology changes not forgetting tightening regulations. As a SACCO executive how are you preparing your organization to cope with the marketplace?
Enough for the decade. Year 2020 is here and days are flying fast. As it is always, I trust we are busy finalizing this year’s objectives at corporate, departmental and individual levels. Cascading strategy ensures alignment of all stakeholders towards the desired objectives at corporate level. I trust as CEOs, we are managing to get strategy to action – this is the most effective way of assuring that executives create an environment of stakeholder engagement which eventually yields commitment and responsibility towards set objectives and goals.
Just like any other institution the SACCO Board and the CEO must ensure that the following four things are achieved to assure long-term longevity or sustainability of the organization. These are growth, profitability, Risk Management with amplified focus on opportunity rather than loss and Trustworthiness in the marketplace. In latter bulletins, I’ll discuss these in detail.
I know we have a lot at our plate, finalizing Audits, Politics and Elections eventually the AGM or ADM as the case may be, but we should remember to keep our focus on results.
At times we lose almost a quarter of a year on such activities and eventually catching up with goals and objectives of the year becomes an arduous task. If strategy has been cascaded well, then initiatives are implemented as planned.
Lastly, I hope that we are constantly evaluating our SACCO’s ability to deliver on mandates and yearly goals and objectives. Capacity to deliver is largely defined by competencies, technologies, organizational culture and climate for action not forgetting people whose responsibility is to deliver results.
The financial-economic environment is agile and constantly being disrupted. SACCOs must be proactive to adapt, be a driving force and deliver member social-economic empowerment. In this regard, we must constantly evaluate and improve our capacity to deliver on set objectives.
I wish you a prosperous year 2020!
I have a vast consulting experience in business advisory services in private sector, public sector and development world. I have worked with World Council of Credit Unions and the founder of Strathmore Research and Consultancy Centre at Strathmore University
*“View expressed in the blogs are personal to the writers or contributors of respective pieces. They are in no way to be construed as those of PKL. For any questions and or clarifications, kindly contact the writer and or contributors directly.”