Challenges of implementing growth strategies by commercial banks in Kenya
Commercial banks in Kenya operate in a dynamic environment characterized by technological changes, competition, regulatory requirements, economic changes and opportunistic strategic decisions. This study used descriptive research design. The population of this study comprised all Banks that were in operation in Kenya by December 2013 whereby a census was conducted. The study used both primary and secondary data. Primary data was collected using a questionnaire; the questionnaires were administered to heads of operations of the banks. Quantitative data collected was analyzed by the use of descriptive statistics using SPSS and presented through percentages, frequencies, mean and standard deviations. The findings of the study showed that Government regulations, highly competitive environment and lack of cooperation and team work among the employees are among the greatest challenges in strategy implementation. Poor organizational structures, systems and processes, inadequate financial resources, inadequate human resources skills and experiences, lack of understanding of strategy and inability to connect formulation and implementation, inadequate equipment and facilities, lack of co-ordination in the organization are among the least challenges. This study concludes that banks may use a combination of strategies that best suits their operating environment to achieve growth. Management must decide on how to deal with challenges that affect the strategy implementation process. Every organization that wants to achieve its growth objectives must ensure that the employees are well prepared since the success of any strategy depends on how well the organizational resources will be blend together with the human resource component to make business growth a reality.