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CEO’s Message – July 2024

Shaping Success: Stearns Electric’s Strategic Plan

Stearns Electric’s Board of Directors, alongside the Cooperative’s executive and management teams, create a strategic plan for the Cooperative approximately every three years. Our mission to safely provide competitively priced and reliable electric service, beneficial energy solutions and a positive member experience is always Stearns Electric’s top priority. Our strategic plan ultimately helps us achieve our mission by aligning our budget and resources for larger, long-term goals. This ensures we continue to meet our members’ needs both today and into the future. 

We met on June 12 and 13 to develop the strategic priorities for the next few years. This month, I’ll share more about our strategic planning process. 

MEMBER SATISFACTION SURVEY
One key component to strategic planning is hearing from member-consumers. In April, Stearns Electric Association completed a Residential Member Satisfaction Survey in partnership with the National Rural Electric Cooperative Association (NRECA). Stearns Electric members from across our service territory were surveyed online. 

We use the survey to track member satisfaction, gain insights, gather feedback on current and future programs, and forecast future member preferences. Thank you to all who participated in the survey this year. 

INTERNAL SWOT ANALYSIS
Another essential part of our strategic plan is hearing from our employees. This year, ahead of our strategic planning session, every department completed a SWOT analysis identifying the strengths, weaknesses, opportunities and threats in their respective areas. The results were presented to the management team, where key trends and potential priorities were identified for strategic planning. 

Board members were also surveyed ahead of the strategic planning session. 

FACILITATED STRATEGIC PLANNING SESSION
Earlier this year, Stearns Electric’s Board researched several strategic planning facilitators and selected Cooperative Finance Corporation (CFC), of which we are a member. During the strategic planning session, CFC guided the Board and key staff through the various themes and potential focus areas identified using the resources above. This helped our team determine five key priorities for the next strategic plan: 

  • Succession Planning 
  • Cybersecurity and Technology Roadmap 
  • Energy Management Solutions 
  • Rate Structure Opportunities 
  • Facility Optimization 

WHAT COMES NEXT?
Over the next few months, Board members and Cooperative employees will define supporting objectives and tactics for each of the five strategic focus areas. Once a complete plan is put together, Board members will review and approve the final 2025-2027 strategic plan. This will happen before budgeting begins for 2025 to ensure we align and incorporate these top priorities for the Cooperative. 

Thank you for your continued partnership and support of your Stearns Electric Board of Directors and employees. We enjoy working on your behalf every day. 

Sincerely,

Matt O’Shea
Chief Executive Officer

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