Strategic planning practices at Barclays bank of Kenya

Abstract

The importance of effective strategic planning cannot be over emphasized. The process provides a sense of direction on desired future and what must be done to get there. Successful organizations recognize the importance of strategy as a tool in management and realize that their survival is dependent on how well they adopt good strategies that give them a competitive edge and help respond to changes in their environment. The study agrees with many scholars who suggested that there is no one way on how institutions should go about strategic planning. The purpose of the study was to establish and document strategic planning processes at Barclays Bank of Kenya Limited. This research was conducted through a case study. Primary data was collected by use of interviews. Secondary data was obtained through literature reviews on the subject of study. The study revealed that strategic planning process was a collaborative effort through an integrated strategic planning which involves all levels of management; top management, middle and lower level management with guidance from the board of directors and the group. Strategic plans set clear goals with aim of achieving the highest levels of performance by providing organization members with objectives that are specific and time bound. The study also established that continuous scanning of the environment is critical in strategic planning to assist the organization understand the changes in the business environment. The result of the study are limited to the scope of the study as this was a case study on the bank and therefore further research is recommended on other banks so as to get comprehensive information on practices of strategic planning in the banking industry.