The challenges of strategic plan Implementation at the Bank of Africa Kenya Limited

Abstract

Every bank is seeking to survive, grow and become profitable. However, this does not come easy owing to competition, internal and external factors. A business must seek to be unique and to have competitive advantage in order to grow and become profitable. From this comes the need to know who you are, where you want to go and how you will get there. This gives rise to the need to come up with a strategic plan which will act as a guide. A strategic plan comes from strategic planning and needs to be implemented for it to be effective. Success of a strategic plan depends on how well it is implemented; thus how people perceive it and what they do to ensure it is a success. Many companies have strategic plans that lie on the shelves without implementation; hence the distinction between companies that are just in business and companies that are making good returns. A company that implements its strategic plan is more likely to achieve its objectives as opposed to one that does not implement the strategic plan. The objective of this study was to determine the challenges of strategic plan implementation at Bank of Africa Kenya Limited. The research used primary data collection methods by interviewing senior management of the bank. The research revealed that indeed there are a number of challenges in strategic plan implementation. The research identifies and discusses the main challenges of strategic plan implementation. The research also gives recommendations of how to successfully implement a strategic plan and notes that communication, recognition of people together with their involvement plays a major role in successful implementation of the strategic plan. The research concludes by noting that people are very important in strategic plan implementation and they need to be involved and updated regularly on any developments for them to take ownership of the strategic plan and to make it work.