Implementation of strategic decisions at family bank limited

Abstract

The objectives of this study were to establish the practices and challenges of strategy implementation at Family Bank Limited Data collection was conducted by way of face to face interviews with respondents comprising head of strategy i.e. the Chief Executive Officer and heads of functional units. Focus was on getting in depth information on issues of strategy implementation practices and challenges at the bank. The Chief Executive Officer and 9 out of 11 functional level managers were interviewed giving the respective response rate of 100% and 81%. Respondents indicated that there exists a formal and co-coordinated strategic planning and implementation process at Family Bank Limited. Under the corporate strategy there are functional strategies that include marketing strategy, new product development strategy, human resource and legal strategy, finance strategy, and information technology management strategy. The emphasis is on short and medium term plans and is limited to the domain of each department's functional responsibility. Each functional department attempts to do its part in meeting overall corporate objectives, and hence their strategies are derived from the overall corporate strategy. The study recommended that strategy formulation and implementation at Family Bank Limited should be considered as an on-going, never ending, integrated process requiring continuous reassessment and reformation. It should centre more on specifying the bank's objectives, developing policies and plans to achieve these objectives, and allocating resources for effective strategy implementation. It should shift focus to be seen as providing overall direction to the entire institution, and involving everyone from the board, top and line management and staff.