Back to (banking) basics.

• Author: Miller, Tom
• Position: Review of Hawkeye Tri-County Electric Cooperative's banking practices

Business is changing daily, not only our business but also the businesses that service us. When was the last time your cooperative looked at your banking practices? This author suggests that you can be your own banking consultant by reviewing your cooperative's banking practices and putting your cooperative's banking services out for bids.

MY CONSULTANT'S POINT OF VIEW:

My wife, Linda, was an internal management consultant for a leading edge insurance company prior to retiring home with our two boys. She was very fortunate in her job. Different business units within the parent company would hire her to come into their business unit. Her job was to find ways to make their particular business unit more efficient (more profitable), improve customer service, cut expenses, increase revenues, analyze processes and work flows, and realign resources. In a nutshell, make their business unit "a lean mean insurance machine." Sound familiar?

There would be times when Linda would come home and announce that she saved her company millions of dollars by changing a process. I, being the attentive husband, would quickly question the how, why, what, and where. Linda, being a very logical person, would say how easy it was because she could see the big picture. She would be in touch with the area's vision and mission through working with management as well as the workers through their daily grind. She could draw a new picture and work flow that would meet or exceed the goal, often from management and worker's own suggestions. Being a competitive person, I quickly made the humbling comment that anyone could have done that given the same opportunities and the same circumstances. Linda would dream that a million dollars taken forward over the years would become multi-millions. I would think, "Yeah, assuming that nothing else will change." I would qualify her dream because things do change. Not all things remain equal. (My strength is getting in the last word.)

Linda as an outsider (consultant) could probe into things and ask basic questions that we as managers often take for granted. At times this is the beauty of hiring a consultant. Better yet, there are times we can be our own "consultant." I suggest that reviewing cooperative banking practices are one of these times.

Business is changing daily, not only our business but also the businesses that service us. When was the last time your cooperative looked at your banking practices? Has banking changed? Do you...