S3 | E22: Mind the Gap: How a Playbook Minimizes Execution Risk
Part 3 With Plansmith
In this episode of Banking on Data, Ed Vincent welcomes back Craig Hartman, founder and CEO of Plansmith, along with Christine Lake, Plansmith’s Chief Strategy Officer. This was part 3 of a larger series around "Execution Risk" with the Plansmith team and a natural progression from prior episodes, where we addressed the definition and mitigation strategies of execution risk. This episode zooms in on the concrete framework Plansmith uses to help financial institutions translate strategy into action by creating "The Playbook". Listen to the full episode or read the summary below to learn more.
If you missed Part 1 and 2, use the link below to catch up.
- Mind the Gap: What Does Execution Risk Really Mean for Banks?
- Mind the Gap: Mitigating Execution Risk
Redefining Execution Risk
Execution risk is more than just a failure to hit goals - it’s the widening chasm between well-intentioned plans and day-to-day execution. Inconsistent communication, misaligned responsibilities, and a lack of process rigor are common culprits. As Ed explains, mitigating these issues isn’t just about more planning, it’s about equipping teams with the “how” by creating a plan of action to deliver on your goals and meet deadlines.
What Is the Playbook?
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At its core, the Playbook is a structured tool designed to bridge the gap between intention and action. It outlines who is responsible for what, when, and how, moving past the high-level nature of a strategic plan or budget to detail execution paths.
While many institutions equate a financial plan with a full strategy, Craig emphasizes that these only represent the destination, not the journey. The Playbook serves as the map, complete with detours, milestones, and clear role ownership. It covers objectives, timelines, ownership, and anticipated outcomes, transforming abstract goals into practical workflows.
Reducing Execution Risk in Practice
Chris details several key benefits that make the Playbook an execution risk reducer:
- Clarity & Accountability: Each task within an objective is assigned to an owner, with timelines and desired results defined up front. This clarity eliminates confusion, empowers leaders, and ensures everyone is moving in sync.
- Cross-functional Visibility: By providing a transparent look into all ongoing initiatives, teams like sales and marketing can understand and support each other’s efforts. This breaks down silos and fosters collaborative momentum.
- Enhanced Meetings: The Playbook shifts meetings from rote status updates to focused problem-solving sessions. Because progress is already documented, conversations can zero in on roadblocks, opportunities, and strategy pivots.
- Virtual Culture Support: In a remote-first world, the Playbook revives the informal “water cooler” moments, offering a space to share wins, address obstacles, and keep lines of communication open.
- Continuous Learning: With a historical record of what worked and what didn’t, the Playbook becomes a feedback engine. Teams can standardize successful approaches and iterate on weaker ones.
Putting It to Work
At Plansmith, the Playbook is not just a client-facing product, it’s a core part of internal operations. The process begins by lifting key priorities from the strategic plan and entering them into the Playbook. Objectives are broken down into manageable tasks with ownership assigned. These tasks are continuously tracked, creating a dynamic system that’s alive with input, visibility, and evolution.
Importantly, ownership does not mean isolation. Leaders serve as champions, they rally their teams around shared goals, contribute to strategic discussions, and adapt resources as needed. Meetings no longer revolve around “where are we,” but rather “how do we move forward.”
Craig goes on to explain how The Playbook encourages planning as an ongoing behavior, not a once-a-year event. Institutions are encouraged to begin at any point, no need to wait for a new fiscal year. Just jump in and iterate.
The Shift That Matters
The episode closes with a resounding message: minimizing execution risk isn’t about creating more plans. It’s about fostering a mindset shift and pairing transparent tools with collaborative culture. The Playbook exemplifies this, by moving from the “what” to the “how,” institutions build resilience, clarity, and agility into their daily operations.
About Plansmith
For over 50 years, Plansmith has empowered banks and credit unions with the software and advisory services they need to plan confidently, perform strategically, and grow sustainably. In a constantly evolving industry, Plansmith helps financial institutions stay competitive by combining proven tools, expert guidance, and personalized support. Whether through intuitive planning software or experienced consulting, our mission is to help clients exceed performance goals and stay relevant in the marketplace. Learn more here
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