Strategic planning at Equity Bank Kenya Limited
The importance of effective strategic planning is recognized by most organizations. Majority of organizations understand the need to clearly identify their mission and objectives, their priorities and targets for improvement, and the action to be taken to achieve them. Good progress has been made over the years to improve the rigor of strategic planning. There is no one clear way advocated by scholars on how institutions should go about strategic planning. The purpose of the study was to establish and document strategic planning processes at Equity Bank Limited and to determine the various challenges faced in strategic planning. This research was conducted through a case study. Primary data was collected by use of interviews. Secondary data was obtained by reading relevant literature which elaborates on the issue being studied to add to data collected using interviews. It was found that the strategic planning process is consultative done by the board, top management, middle level management, use of consultants and input from the banks strategic partners. The study also concludes that the bank undertakes environmental analysis. It was clear that political, economic, social, technological, environmental and legal factors influence the bank's corporate strategic planning. The study further concludes that the bank faces various challenges during the implementation process. Being that this was a case study on one bank the data gathered might differ from strategic planning processes adopted by other banks in the banking industry. The study recommends that further research should be done on other banks in the banking industry so as to get comprehensive information on how the other players in the industry go about the business of strategic planning.