Challenges of strategy implementation at equity Bank limited

Abstract

Strategy formulation is the development of long term plans for the effective management of opportunities and threats in light of the organization’s strengths and weaknesses. On the other hand strategy implementation is the process that turns implementation strategies and plans into actions to accomplish objectives. For effective strategy implementation, the strategy must be supported by decisions regarding the appropriate organization structure, reward system, organizational culture, resources and leadership. The process must have the blessings of all interested parties and the top management should play a leading role in the exercise.The general objectives of this study were to investigate the strategy implementation challenges at Equity bank Ltd and to establish how the bank has been able to overcome the challenges of strategy implementation. This was a case study design where primary data was collected using interview guide. The data obtained from the interview guide was analyzed using qualitative analysis. The findings from the study suggest that the organization had developed strategies which were geared towards accomplishment of the organizations objectives. Involvement of employees in strategy formulation was the main reason for the slow implementation of strategies. The other major challenges faced by the organization in implementing its strategies were cited as; non commitment of senior staff and employees in general to support a new strategic plan given the start to its completion including review and supporting its recommendation, change of strategy mid-stream to suit their focus, inadequate analysis of progress being made as planned, financial constraints, lack of duplication of activities and reporting over the same activities which calls for effective design of the programmes.