Many people have talked about the failure of imagination. Today I want to talk about the success of imagination. Arguably this can be reduced to desire plus imagination equals success. If you subscribe to the notion that life is as simple as knowing what you want, then imagination is the element that lets you visualize how to get it. After that, effort is almost trivial.
Don’t think so? One of my sisters talked about how her son Wilson “could not imagine anything else” one day while talking about his failure to occupy his time. While that’s not unusual for an 11 year old, it struck a chord with me because adults, so often like children, can have the same problem. If an adult, faced with an issue, does not think about the issue or visualize solutions or engage his or her imagination success will not follow.
Credit unions have no shortage of challenges that test imagination. While I see many issues concerning compliance or assessments, I also see lack of income. This leads me to put on my advocacy hat and climb up on my stump and beg for your consideration of the following.
Using imagination, credit unions need to increase income that’s not tied to lending. This is not to say that credit unions should start feeing their members to death. I’m very much into the abundance way of thinking. What I’m talking about here is offering products and services that generate income that your members want and will pay for. Some examples might include broker relationships, financial planner relationships, insurance agent relationships and CUSOs created for a variety of purposes.
Even if these new types of income result in unrelated business income tax, credit unions should embrace the revenue, pay the taxes and survive.