1st franklin strategic plan 2012 2014
TRANSCRIPT
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2012-2014Strategic St ateg c Plan
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Core ValuesCore Values
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Mission StatementMission Statement
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Vision StatementVision Statement
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Vision StatementVision Statement
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1st Franklin Financial Corporation 1st Franklin Financial Corporation
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Grow existing and potential new productsGrow existing and potential new productsand services, to maintain a business modelthat optimizes earning power.
We will continue to effectively manage theCompany’s investment portfolio tomaximize yield.
Overall growth as a result ofthese initiatives will be a 25% increase inrevenues by December 31 2014revenues by December 31, 2014.
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Branch Expansion StrategyBranch Expansion StrategyObjective Open 15‐20 New Branches in Open 15 20 New Branches in southeastern market areas
Investment Income StrategyObjectiveObjective Maximize Investment Income
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Acquisitions StrategyAcquisitions StrategyObjectives
Refine Bulk Purchase Process Develop Bulk Purchase Teams with Develop Bulk Purchase Teams with differentiated expertise
Develop a Software solution for Bulk Develop a Software solution for Bulk Purchase initiatives
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Earning Power StrategyEarning Power StrategyObjectives
Optimization of Product Mix and Earning PowerEarning Power
Ensure Individual Branch Earning Plans in PlacePlans in Place
Monitor earning power processes Provide Training on Earning Power
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Investment Center StrategyInvestment Center StrategyObjective Continue to be one of the primary Continue to be one of the primary sources of funding for the Company
Motor Club StrategyObjectiveObjective Actively seek additional opportunities for expansion of the programf p f p g
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Real Estate Product StrategyReal Estate Product StrategyObjective
If Final Regulation is acceptable consider Redesigning Real Estate consider Redesigning Real Estate products in states, as required
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Sales and Finance StrategySales and Finance StrategyObjectives
Develop Targeted Merchant base Develop and enhance tools to differentiate a targeted merchant base
Develop tools to increase market Develop tools to increase market share of Sales Finance Accounts
Enhance training programs and sales fi k i i lfinance marketing materials
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I l $ 3 illi bIncrease our total corporate assets to $535 million by December 31, 2014. As a part of this goal we will open 15 - 20 new branches in existing and new markets in the southeastern states. In addition, we will continue to grow our customer base through expansion goals in existing operations.
Have a minimum 14.5% pre-tax income to revenue pannually and 17% average pre-tax income to revenue during the three-year period ending on December 31, 2014. This will be achieved by continuing to maximize earning power and exercising appropriatemaximize earning power and exercising appropriate expense control.
Maintain adequate liquidity through funds provided by operations and financing sourcesoperations and financing sources.
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Recovery Center Strategyy gyObjectives
Open additional Recovery Centers p y Develop specialized staff for
Recovery Centers Implement Best Practices and p e e t est act ces a d
Lessons Learned in new Recovery Centers
Define policies for advanced Define policies for advanced collections and train accordingly
Research alternative collection models for skip tracingf p g
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Collections Attorney StrategyCollections Attorney StrategyObjective
Develop and maintain collection attorney relationships atto ey elat o s ps
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Continue to develop a highly effective leadership system which enables leaders to forecast future human resource needs and manage talent, leaders to forecast future human resource needs and manage talent, both for skill development and succession planning. The system allows people to develop the skills necessary for current assignments, as well as for possible future roles.
Management will continue to leverage technology, specifically in the Management will continue to leverage technology, specifically in the area of project management and processes, to support the accomplishment of strategic goals.
Senior managers will continue to monitor the economic and regulatory environment to ensure that the Company remains well positioned to e o e t to e su e t at t e Co pa y e a s e pos t o ed toeffectively execute our business strategy.
Senior Management will also continue to communicate corporate goals and direction through the organizational structure and ensure that appropriate follow‐up measures are enacted as necessary. pp p p y
Lastly, and in keeping with our core values, Senior Management will continue to set the tone to instill accuracy and accountability throughout the organization. While some specific separate elements of “Succession Planning” will be implemented earlier, the complete g p , pstructure and process will be fully implemented by December 31, 2014.
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ObjectivesObjectives
Benchmark compensation and Benchmark compensation and insurance packages
Resume College Recruitingg g
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Succession Planning StrategySuccession Planning StrategyObjective Development of Comprehensive Succession Development of Comprehensive Succession
Planning Process Implement Best Practices for Design of
Succession PlanningSuccession Planning Role Specific Support Assignments Devise a Succession Plan Statement of
Values Develop Bench Strength Explore additional features of
SuccessFactors SoftwareAdd F ll Ci l M lti t t Add Full Circle – Multi‐rater assessment processes to Development
Redesign the Development Plan Process
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Communication StrategyCommunication StrategyObjectives
Communicate Corporate Goals and VisionP id F k f Eff ti Provide Framework for Effective Communication System
Implement Best Practices for Implement Best Practices for soliciting input from appropriate resourcespp p
Update Internal Web‐site
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Project Management StrategyProject Management StrategyObjectives
Refine Project Management Process Achieve Project Management
Maturity by December 31, 2013Maturity by December 31, 2013 Achieve Certification and Formal
Training for Project management professionals in PM Departmentprofessionals in PM Department
Implementation of Microsoft Project 2007 Web EnterpriseI l f l Implement processes for a central repository
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Quality Improvement Quality Improvement Strategy Objective Instill accuracy and accountability for y y fquality throughout the Organization
Economic and Regulatory Economic and Regulatory Environment StrategyObjecti esObjectives Industry Association Leadership Educate Congress about Installment Educate Congress about Installment lending
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Expand our existing markets, promote visibility of new offices to accelerate
h f k i h d growth of new markets with our products and services, and address changing demographics of our customer base g pthrough new delivery systems or services.
We will identify opportunities created by We will identify opportunities created by the economic environment and capitalize on a changing/growing customer base.
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ObjectivesObjectives
Obtain data mining tools to Obtain data mining tools to Segment Marketing Niche
Segment a Target Market Segment a Target Market
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Demographic Profile Demographic Profile Strategy Objectives
Appeal to Generational Market S tSegments
Measure impact of Hispanic Market Provide Branch employees with Provide Branch employees with Customer Response Data
Provide Marketing Support Trainingg pp g
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Technology will continue to be a primary business driver primary business driver.
We will continue to leverage technology for all aspects of our gy pbusiness operations.
We will continue to utilize best practices t t t d t d fid ti l to protect data and confidential information from unauthorized access.
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Systems andSystems andPlatforms Strategy ObjectiveObjective Identify and Maintain Systems and Platformsf
Security Strategy ObjectiveObjective
Build and Maintain a Model of fSecurity
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Benchmarking Strategy Benchmarking Strategy Objective Implement Bench Marking as a Implement Bench‐Marking as a Best Practice
Information Strategy Objective
Utilize technology to support informational technology