Strategy Implementation at Equity Bank Limited in Kenya

Abstract

Although numerous studies acknowledge that strategies frequently fail not because of inadequate strategy formulation, but because of insufficient implementation, strategy implementation has received less research attention than strategy formulation. This research project examined strategy implementation at Equity Bank Kenya Limited in Kenya. The objective of the study was to establish strategy implementation at Equity Bank Limited in Kenya. In order to meet the objective, primary data was obtained through personal interviews of respondents who were responsible for implementing strategies in Equity Bank Limited, Kenya. Secondary data was obtained from various sources. The data collected was analyzed to provide useful information and recommendations for future research on the subject, enhancing the practice and policy formulation. The study found that a change and execution team drawn from key departments and branch personnel had been set up, alongside the strategic committee at the banks directors' level. The study established that the bank documents not only a strategic plan whose formulation follows a scientific approach but also documents the operationalization tools necessary for successful strategy implementation such as annual operational plans, functional or parts strategies and policies. The study found that the top management have unwavering belief and commitment to the vision of the bank. The key challenges to strategy implementation identified were related to changes in the operating environment and the challenge of getting everybody (staff) on board, to internalize the vision and the mission of the organization. The study recommended the refinement of the feedback loop especially between the staff at lower levels and top levels regarding the execution of various programmes to enhance comprehensiveness and coherence between the vision carriers and the actors. Since Equity's focus has grown from micro finance outfit to an all inclusive commercial bank, there is also need to create strong fits between strategy and how the organization does things.