An assessment of strategic planning by commercial banks in a multi-currency era: A case study of Barclays Bank of Zimbabwe
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Strategic planning proffers businesses a chance to influence future direction of a country’s economy. Over the last ten years, Zimbabwe has witnessed countless company closures that included private companies, banks, building societies and insurance companies. In the last two years, Barclays Bank of Zimbabwe has seen its ranking in terms of profitability and market share tumbling out of the top ten of the best commercial banks. The researcher wonders whether the bank and other commercial banks are employing strategic planning process that takes care of the changing environments. The worrisome declining of performance and market share has prompted the researcher to carry out this research with a view to assess whether Barclays Bank, representing other commercial banks in Zimbabwe makes strategic plans that reflect the current multi currency economic conditions. To achieve this, a case study was carried out on Barclays Bank of Zimbabwe Limited. The research chiefly centered on reporting, examining and analysing key events, processes and activities of the bank’ strategic planning process. Literature was drawn from books, journals and the internet and research pertaining to strategic planning was reviewed in terms its importance to the study. Furthermore, selected literature about strategic planning relating to the organisation from the bank’s library is presented. Justification for the selection of this particular research is explained and data collection, organisation and analysis are described. The research utilised official bank corporate records as its primary source of data, supplemented by published materials to help in the explanation of particular situations of the bank’s case. Data analysis and results are presented in terms of key events and activities of the bank case. Conclusions are drawn from this analysis, in relation to the research question/objectives, which underpin the research and in terms of the strategic planning framework. Recommendations are made flowing from research findings and are made for professional practice and further study.