Madison, Wis.-based consulting firm 6th Story said it is looking for a few credit unions ready to go beyond the talk of collaboration among cooperatives, and take part in a joint strategic planning session this September in Austin, Texas.
“The sixth cooperative principle insists that credit unions most effectively serve their members and the cooperative movement by working together with other cooperatives,” said Matt Davis, 6th Story president. “Right now we have 6,800 credit unions approaching strategic planning as individual entities. Cooperation among cooperatives can improve the quality of outcomes, while driving down the cost.”
He added that while it's easier for larger credit unions to absorb the costs of facilitators or subject matter experts, the majority of credit unions usually go without.
According to Davis, the new centralized approach to planning would be a way to share costs across the total number of credit unions participating.
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“For now, the idea is simply to connect credit unions, facilitators, and subject matter experts. As time goes on, I can definitely see other community organizations being part of this,” he said. “We're putting our money where our mouth is and booked space in Austin, Texas for a joint strategic planning session. We're hoping as credit unions learn about this concept we can schedule sessions all over the country.”
He added that those participating will also be able to learn from each other while privately planning for their credit union.
A webinar will be held on April 2, 2014 to further discuss the initiative while exploring how other regions can also get involved.
6th Story is dedicated to helping cooperatives, especially credit unions, realize their potential through collaboration among cooperatives.
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