The challenges of the implementation of growth strategies at Equity Bank Kenya Ltd
Strategy can only impact on the bottom line if it is successfully implemented. Strategic plan and its implementation are the heart and soul of any business organization and operation. It has been noted that strategy implementation is the most challenging step in strategic management. This study sought to investigate the challenges facing the implementation of growth strategies at equity bank Kenya ltd. The objective of the study was to determine the challenges of implementing growth strategies at equity bank ltd. For the purpose of this study, the researches applied a case study. The research used both primary and secondary data. Primary data was collected using self-administered interview guide while secondary data was collected using the organization past annual reports and periodicals. The target population was staffs at equity bank that included the director of strategy and branch managers. Content analysis was used to analyze the respondents' views about the challenges of implementing growth strategies at equity bank Kenya ltd. Before processing the responses, the completed interview guides were edited for completeness and consistency. The content analysis was used to analyze to respondents views. From the findings, the study concluded that Equity Bank Kenya Ltd faces many challenges in the implementation of its growth strategies. The challenges include resistance on the part of the staff to accept the new strategy, political and cultural challenges that resulted from the locals getting political support to accept or not accept the new strategies. Also lack of proper coordination and aggregation of activities was also a challenge, competition from among others players in the market also posed a challenge to the Banks strategy implementation. Other challenges included sabotage of the process by some of the parties, limited resources and technological challenges. The study recommends that for effective strategy implementation at Equity Bank Kenya Ltd all the parties that are involved in the strategy implementation should be involved in the formulation process to curb the challenge of resistance on the part of staffs. The study also recommends that there should be proper coordination and aggregation of all the activities, information and communication among the parties concerned should also be clear, organization structure should be occasionally realigned to match the new strategies and proper resource allocation is also paramount.