Evaluating the Success Factors for Establishing a Thriving - Scottish ...

that’”). A serial entrepreneur who set up three businesses before devoting
himself to the Credit Union, and who developed his skills as a part-time
worker supporting other credit unions, he brought the knowledge, expertise,
and experience to excel in his role.
1.25 The organisational back-up that enabled the Credit Union to deliver on the
vision of its entrepreneurial leader has also been acknowledged as
instrumental to continuing growth. Various important actions have been
reported to:
• build a well-rounded, governing board with the professional skills and
experience capable of managing a growing business;
• continue to strengthen the back office management, information, and
administrative functions required to control the business; and
• foster a strong team culture, where staff feel valued, and their talents are
nurtured – most staff have as one director suggests “grown with the
organisation” from being volunteers to holding prominent staff positions.
1.26 The achievements of Pollok Credit Union have also reportedly owed much to
the increasingly favourable policy environment in which it developed:
• key changes in legislation and regulation by the Financial Services
Authority since 2002 have removed many unhelpful restrictions on the
operation of credit unions, and enabled Pollok Credit Union to provide a
balanced portfolio of services across a large area and mixed income
communities;
• a supportive national policy agenda for credit unions meant that Pollok
Credit Union and others have benefited from a series of national funds and
support available from the Scottish Government for credit unions; and
• highly supportive measures were put in place by Glasgow City Council to
promote financial inclusion, including a more integrated network of
community financial services, a Glasgow credit union strategy, financial
support to credit unions (grants and rates relief), and dedicated business
support was made available from CEiS and others.
1.27 What seems to have made Pollok Credit Union stand out from other
community-based credit unions in Scotland is that it contained the
entrepreneurial leadership and determination to capitalise fully on these
favourable conditions.
Growing pains
1.28 The rapid growth of Pollok Credit Union in itself created difficulties, however,
with 2009 being variously described as a “stormy period” and “a tough year”
for the organisation.
1.29 During 2009 a number of mounting challenges came to light as the sustained
diversification in services meant that costs had escalated and it had built up a
structure that was increasingly inefficient:
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