Writing a business plan: credit unions

If you wish to set up a credit union, find out how to write a business plan to support your organisation.

All credit unions must have a business plan.

The business plan is an important tool that the board will use to:

  • direct the credit union’s activities
  • monitor its performance
  • identify risk
  • set out objectives of the credit union

You’ll need a draft business plan before you can apply for authorisation to become a credit union.

Who writes the business plan

The board is responsible for writing and updating the plan. But it may ask the chief executive or the general manager to write it.

What to include in a business plan

The plan should be a rolling plan, covering the current year and the next two financial years.

It should include:

  • the aims of the credit union
  • the objectives of the credit union
  • details of how the union will organise its resources to meet those aims and objectives

When you’re writing the plan, think about:

  • what you want to achieve
  • how you’re going to do it
  • what resources you need, eg money, staff, systems and equipment
  • possible risks, ie, what might adversely affect what you’re trying to achieve
  • what you can do to lessen the risks and their effects

If you think it’s useful, you can add historical or biographical information, but keep this in a separate document.

We don’t provide templates for business plans because plans are specific to each credit union.

Remember to:

  • write clearly and concisely
  • structure the plan well
  • proofread
  • present and print the plan professionally

Review your business plan

It is important that you review your business plan annually or as and when necessary. This review should reflect on:

  • what has changed
  • how the initial plan has worked
  • what risks can be identified and how they can be mitigated
  • what your objectives are and how they be achieved

More information

Read more about writing a business plan.