Factors Influencing Implementation Of Strategic Plans In Equity Bank (Kenya) Limited

Abstract

The general objective of this study which was examine the factors influencing strategic plan implementation in Equity Bank (Kenya) Limited. The study was guided by stakeholder theory, resource-based view and institution theory. In this study the research design that was adopted was the case study which implied that the data collected was from one organization. Data for this project was collected from primary sources through personal interview. The data was analyzed using content analysis technique given its nature was qualitative. The study sought to establish and examine the factors influencing strategic plan implementation in Equity Bank (Kenya) Limited. The study concluded that there are various factors which affect strategic plan implementation in Equity Bank. These factors include organization structure, organization culture, leadership styles, use of technology, communication styles and resources availability. The study also concluded that the effect of these factors was positive. The study also concluded that all these factors are intertwined and the effect of each is somehow pegged to the effect of the other. For instance, organization structure is related to the type of leadership style adopted. Similarly, the mode of communication is related to the leadership style that is in place. Hence, the study concluded that there is need to consider all these factors for the realization of successful strategic plan implementation. Further, the study concluded that Equity Bank had adequate resources requisite for implementation of strategic plans. The study also concluded that Equity Bank has an effective human resource department which ensures that the employees are equipped to implement the bank’s strategic plan. Further, the study concluded that there exists conflicting organizational goals and responsibilities which affect the implementation of the bank’s strategic plan. These include conflicting organization goals between departments or between units within a department which slowed down the process of strategic plan implementation. Based on the study findings the study recommends that companies in the banking industry should take into consideration factors that affect implementation of strategic plans. This is because successful implementation of strategic plans impacts organization performance positively. This would thus result into improved performance through realization of the bank’s strategic goals and objectives. Since this study was qualitative, the study recommends that a similar study be conducted but adopt a quantitative approach. This would help to clearly define the magnitude of effect of specific factors on implementation of strategic plans. This would thus help other commercial banks and private companies to understand what factors to consider for successful implementation of strategic plans.