Counter the economic situation with strategy and education

However, we see this as a bad strategy.

When challenges face our country or organisations, it is most critical that we seek to find ways to overcome those challenges. To do so will require research, education and training to firstly understand what is happening at every level and secondly what strategies it will require to keep abreast of the challenges.

Continuous education and training should therefore, not seem like an unnecessary burden placed on professions or professionals, but rather the process of on-going learning should be considered a wonderful opportunity, an asset to one’s growth and development.

As with any improvement strategy in business, continued education should be thoughtfully considered. A simple analysis of one’s competency status can identify key areas which may warrant improvement or specific attention.

A business weakness may be low competency in particular areas, lack of business knowledge, undercapitalisation or any host of other limitations. But as with any weakness the right application of effort can often negate negative outcomes if those weaknesses are identified and addressed proactively to avoid manifestation into collective failure.

The SWOT analysis is a good tool and the O is often times the most exciting aspect as it represents business OPPORTUNITIES.

Opportunities are those aspects and areas where the business can improve. Diverse aspects of opportunity are routinely found in market expansion via marketing strategies, new income streams, or a reduction in costs. Opportunities should present a positive outcome and lead to financial stability and growth. But opportunity must be carefully managed, as good opportunity can create a risk if not properly directed.

The T in SWOT represents THREATS. Threats are any number of factors that present risk or some type of loss and can be attributed to competition, liability risk, inability to deliver products or services, and/or loss of market share due to any combination of controllable and uncontrollable factors.

Continued education is one aspect of a credential based business that should fall under the category of opportunity and lead to business strength, but may also be categorically defined as a threat if improperly managed or disregarded.

Credentialing based professions often necessitate the maintenance of valid credential to provide services defined by the scope of the profession and corresponding competency exemplified by the professional credential. Any professional that mismanages the credential may allow that credential to expire or be removed due to lack of compliance to continued education requirements.

Today’s ever-changing business environment requires professionals to be kept abreast of education and training in their respective fields.

Competition is real and in order to survive, prudence will dictate that training opportunities are embraced.

Competency deficiencies are weaknesses which are also important to identify so they do not manifest into business treats. In some cases deficiency management is prioritised, particularly when these deficiencies blatantly limit one’s ability to perform or succeed at a key job task. Rectifying deficiencies and limitations using continued education translates potential problems into advantages and possible strengths.

Once threats, weakness, and opportunities have been identified and prioritised, any areas of interest can round out additional continued education pursuits.

The League has an open Calendar of Events, which addresses several critical conferences such as our Annual Regional Leadership Conference which takes place in Panama from May 25-28 this year.

But importantly as well, is our Shared Services Platform which was introduced to assist our credit unions and other small businesses to cut the high cost of important services such as Anti Money Laundering and Counter Financing of Terrorism requirements, Internal Auditing, Accounting and other services. Organizations have been benefitting from this Platform and are empowered by the cost-cutting strategies and corresponding benefits which have allowed them to keep focus on the continuation of quality services to their members, thus contributing to the Movement’s growth to 600,000 members and 13 Billion dollars in assets in 2016.

The League’s Chief Operating Officer, Dianne Joseph indicated while individuals have an obligation to develop from an academic standpoint, organisations have a responsibility to mentor, train and develop its leaders and employees.

Joseph stressed that economic challenges/recession should not be viewed as a reason to downgrade the importance of educational development, but rather the right time to heighten efforts if the business must survive, compete and more importantly succeed.

In this connection therefore, she encouraged all individuals and businesses to be part of the League’s 2017 Developmental Initiatives by contacting 671-4704 or email creditunionleague@gmail.

com.

‘Celebrating 70… Positioning Ourselves for Beyond