Full Project – Strategic planning and organizational performance in the banking sector
1.1 Background to the Study
Implementing your strategic plan is as important, or even more important, than your strategy. The critical actions move a strategic plan from a document that sits on the shelf to actions that drive business growth.. Sadly, the majority of companies who have strategic plans fail to implement them. According to a Fortune cover story (1999), nine out often organizations fail to implement their strategic plan for many reasons. According Bhasin (2009), implementation is the process through which a chosen strategy is put into action. It involves the design and management of systems to achieve the best integration of people, structure, processes and resources in achieving organizational objectives. A strategic plan provides a business with the roadmap it needs to pursue a specific strategic direction and set of performance goals, deliver customer value, and be successful.
Strategic planning implementation is globally an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue a strategy (Thompson & Strickland, 2004). In order to determine the direction of the organization, it is necessary to understand its current position and the possible avenues through which it can pursue a particular course of action, According to McNamara (2005), strategic planning determines where an organization is going over the next year or more, how it’s going to get there and how it’ll know if it got there or not. Strategic planning as a management tool has gained sustained prominence in the management of Private services in the past two decades. It helps an organization focus its energy its objectives. It also ensures that members of the organization are working toward the same goals in order to assess and adjust the organization’s direction in response to a changing environment (Thompson & Strickland, 2004).
It is viewed as a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future strategic planning. It has been touted as one of the effective management tools in strengthening organization performance through effective decision making and systematic strategic planning formulation and implementation. According to Smith, (2004) Strategic planning is management tool in transforming a bureaucratic Private sector to a more responsive and innovative administration.
According to Pride and Ferrell, (2003) implementation is an important component of the strategic planning process. It has been defined as “the process that turns strategies and plans into actions to accomplish organizational objectives”. It addresses the who, where, when, and how to carry out organizational activities successfully to achieve better results (Kotler, et al. 2001). Implementing strategic change is a double-edged sword because it simultaneously generates expected performance gain and unexpected performance loss (Brown, 2005; Kennedy, Goolsby, & Arnold, 2003).
When unexpected performance loss dominates or drains away expected performance gain, change becomes ineffective. Moreover, the coexistence of performance gain and loss is likely to yield confounded evidence for strategic change outcomes. Organizations may fail to maximize the performance benefits of strategic change because they either do not detect the presence of performance loss or fail to diagnose and mitigate the loss. It is not surprising that extant research provides evidence of the equivocal effects of change that are either positive (Singua, Brown & Widing, 1994) or negative (e.g Harris & Ogbonna, 2000). A recent meta-analysis indicates that the positive relationship between a market orientation and performance outcomes is weaker in service organizations than in manufacturing firms (Kirca, Jayachandran, & Bearden, 2005).
1.2 Statement of the Study
Managements lead role requiring strategic thinking, planning, decision-making and ultimate implementation could also have much to contribute to the fortunes or otherwise of the various organizations in their respective industries. Much as the differences in the performance levels of various organizations are to be expected, it is still strongly believed that the strategies pursued by each organization are largely accountable for the outcome of their performances.
Strategic planning increases the efficiency and effectiveness or organizations by improving both current and future operations. Strategic planning provides a framework for management’s vision of the future. The process determines how the organization will change to take advantage ol new opportunities that help meet the needs of customers and clients. Strategic planning is a difficult process which requires that people think and act creatively. Management to establish objectives, set goals, and schedule activities for, uses the strategic planning process achieving those goals and includes a method for measuring progress. These goals can be accomplished through the steps of the strategic plan, beginning with an external and internal analysis, a clearly defined mission statement, goals and objectives, formulation of specific strategies, concluding with the implementation of the strategy and managed control process.
This research explores the extent to which strategic plan, its implementation, organizational structure, policy direction and business models affect the performance and operations in the financial sector.
The financial sector in Rivers State appears to have creaked new relationships and roles which demand employees to stay focused, know exactly what part they play in the plan and ultimately what is expected or them as a result, these demands have created some interest and apprehension among employees and these seem to have significant implications in the strategic plan of these financial sector. It is against this background that the researcher is exploring into the strategic plan implementation and organizational performance of the financial sector in River State.
1.3 Conceptual Framework
Source: Researcher’s Desk 2021
1.4 Objectives of the Study
The main objective is to establish the relationship between strategic planning and organizational performance in the Banking sector in Rivers State. The specific objectives are as follows;
- To determine the relationship between the mission and organizational performance.
- To ascertain the relationship between the environmental scanning and organizational performance.
- To examine the relationship between employee participation and organizational performance.
1.5 Research Questions
- What is the relationship between mission and organizational performance?
- What is the relationship between environmental scanning and organizational performance?
- What is the relationship between employee participation and organizational performance?
1.6 Research Hypotheses
H01: There is no significant relationship between mission and organizational performance
H02: There is no significant relationship between environmental scanning and organizational performance.
H03: There is no significant relationship between employee participation and organizational performance.
1.7 Significance of the Study
The study is expected to have an effect on strategic planning in all financial sectors in Rivers State. This study will be vital to all organizational management board and aid them the opportunity of understanding more about strategic plan.
The study will be very useful to other researchers interested in the area, that is, the outcome of this study will serve as a base for academicians who might want to conduct further studies in strategic planning practices. The outcome of this study is to supplement the existing store of knowledge on the subject and serve, as a channel for further research on innovative ways of gaining competitive advantage for the overall academic well-being, of the nation. In addition, the research and its Findings arc expected to help inform decision making in the area of strategic management using strategic planning
1.8 Scope of the Study
Scope of the study simply means the areas the study intends to cover this could be in terms of geographical and literature area. This study cover the area of 4ers state financial sector but it will be too cumbersome to study the whole Rivers State. The study therefore will study just a bank in Rivers State, which is the First Bank Plc.
1.9 Limitation of the Study
This study like every other research study did not go without some limitations. Some limitations encountered by the researcher during the course of this, study include:
Time factor: the short time frame allotted to this study served as a limitation to this research. The short time frame was due to the fad that the researcher had to combine other academic works (seminars, term papers, assignments, lectures etc.) with the project writing. However, the researcher had to make judicious use of her time in order to complete the research.
Secondly, most of the respondents had not had time to think about the issues being studied, making them think of arid deliberate on ii on the spot. This factor limited the nature of their response, so it was difficult getting [rue response from them.
Financial factor: finance was one of the major limitations this study, due to corrections made on the work printing and reprinting of corrected chapters printing and photocopying of questionnaire were done all of these activities were cash driven and the researcher had to battle with them. However, the researcher overcame this challenge by sourcing for funds from friends and relatives.
Lack of hardcopy materials: the absence of enough hardcopy materials was also a problem as the researcher lacked hardcopy textbooks, newspapers and journals to conduct this research. In order to solve this limitation the researcher made use of online materials such as journals, articles and textbooks to conduct the research for this work.
1.10 Operational Definition of Terms
Strategy: An action taken .by managers to attain one or more of the organizations goals.
Planning: A detailed procedure or proposal for achieving something or a goal.
Mission: this is refers to the core purpose of an organization or a company.
Environmental Scanning: this refers to the ongoing tracking of trends and occurrence in an organization’s internal and external environment that bears on its success, currently and in the future.
Employee Participation: this refers to a process in which employee take control of their work and its conditions by incorporating their involvement in decisions regarding their work.
Organizational Performance: this refers to the ability to implement effective strategies to achieve institutional objectives and obtain real results.
1.11 Organizational Profile
First Bank of Nigeria Limited (First Bank), was established in 1894, is the premier Bank in West Africa, Nigeria’s number one bank brand and the leading financial services solutions provider in Nigeria. The Bank was founded by Sir Alfred Jones, a shipping magnate from Liverpool, England. With its head office originally in Liverpool, the Bank commenced business on a modest scale in Lagos, Nigeria under the name, Bank of British West Africa (BR WA).
In 1912, the Bank acquired its first competitor, the Bank of Nigeria (previously called Anglo-African Bank) which was established in 1899 by the Royal Niger Company. In 1957, the Bank changed its name from Bank of British West Africa (BBWA) to Bank of West Africa (BWA). In 1966, following its merger with Standard Bank, UK, the Bank adopted the name Standard Bank of West Africa
Limited and in 1969 it was incorporated locally as the Standard Bank of Nigeria Limited in line with the Companies Decree of 1968.
Changes in the name of the Bank also occurred in 1979 and 1991 to First Bank of Nigeria Limited and First Bank of Nigeria Plc, respectively. In 2012, the Bank changed its name again to First Bank of Nigeria Limited as part of a restructuring resulting in FBN Holdings Plc (“FBN holdings”), having detached its commercial business from other businesses in the FirstBank Group, in compliance with new regulation by the Central Bank of Nigeria (CBN). FirstBank had 1.3 million shareholders globally, was quoted on The Nigerian Stock Exchange (NSF), where it was one of the most capitalized companies and also had an unlisted Global Depository Receipt (GDR) programme, all of which were transferred to its Holding Company, FBN Holdings, in December 2012.
Building on of its solid foundation, the Bank has consistently broken new ground in the domestic financial sector foi over a century and two decades. FirstBank is present in the United Kingdom and France through its subsidiary, FBN Bank (UK) Limited with branches in London and Paris; and in Beijing with its Representative Offices there. In October 2011, the Bank acquired a new subsidiary, Banque International de Credit (BIC), one of the leading banks in the Democratic Republic of Congo. In November 2013, firstBank acquired ICB in The Gambia, Sierra- Leone, Ghana and Guinea, and in 2014, the Bank acquired ICB in Senegal. These were major landmarks in its plan for growing its sub-Saharan African footprint and all the African subsidiaries now bear the FBN Bank brand
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Full Project – Strategic planning and organizational performance in the banking sector