Challenges facing implementation of strategic plan at Blueshield insurance company limited

Abstract

In the world of management, increasing numbers of senior managers are recognizing that one of the key routes to improved business performance is implementation of effective strategic plan. This applies even to the insurance industry whose environment dynamism in the current times is posing many challenges to all insurance companies and therefore calling for effective strategic plans to be formulated and implemented. The objective of this study was to establish the challenges affecting the implementation of strategic plan at Blue Shield Insurance Ltd. The research design employed in this study was a case study. Data was collected through the use of primary data including both the interview guide and the questionnaire. Data collected was both quantitative and qualitative in nature. Qualitative data was collected through an interview guide and analyzed using content analysis while SPSS was used to analyze the quantitative data, which was collected using the questionnaire and represented using tables. Overall, strategic management assists an organization to improve on its performance and productivity. The main challenges affecting implementation of strategic plan include inadequacy of resources which are mainly financial in nature. In addition, lack of expertise is another challenge affecting organizations. Training sessions on strategic managements are therefore imperative as they update the trainee with skills and knowledge relevant that are relevant in decision making. The researcher therefore recommends that the company carries out an evaluation on the application of the strategic plans. In addition, the government as one of the major stakeholders on the stability of country’s economic trends should take the responsibility of moderating the trends so as to prevent very adverse effects due to these instabilities.