Strategy Implementation at Equity Bank Limited in Kenya
Abstract
Although numerous studies acknowledge that strategies frequently fail not because of
inadequate strategy formulation, but because of insufficient implementation, strategy
implementation has received less research attention than strategy formulation. This
research project examined strategy implementation at Equity Bank Kenya Limited in
Kenya. The objective of the study was to establish strategy implementation at Equity
Bank Limited in Kenya. In order to meet the objective, primary data was obtained
through personal interviews of respondents who were responsible for implementing
strategies in Equity Bank Limited, Kenya. Secondary data was obtained from various
sources. The data collected was analyzed to provide useful information and
recommendations for future research on the subject, enhancing the practice and policy
formulation. The study found that a change and execution team drawn from key
departments and branch personnel had been set up, alongside the strategic committee at
the banks directors' level. The study established that the bank documents not only a
strategic plan whose formulation follows a scientific approach but also documents the
operationalization tools necessary for successful strategy implementation such as annual
operational plans, functional or parts strategies and policies. The study found that the top
management have unwavering belief and commitment to the vision of the bank. The key
challenges to strategy implementation identified were related to changes in the operating
environment and the challenge of getting everybody (staff) on board, to internalize the
vision and the mission of the organization. The study recommended the refinement of the
feedback loop especially between the staff at lower levels and top levels regarding the
execution of various programmes to enhance comprehensiveness and coherence between
the vision carriers and the actors. Since Equity's focus has grown from micro finance
outfit to an all inclusive commercial bank, there is also need to create strong fits between
strategy and how the organization does things.
Citation
Master of Business AdministrationPublisher
University of Nairobi