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CORPORATE PLANNING AND
ORGANIZATIONAL GROWTH
CHAPTER ONE
INTRODUCTION
Background of the study
Around 1999, empirical researchers began to examine the
performance and consequences of formal corporate planning (Thune and House,
1999; Ansoff et al., 2000; Herold, 2001) and over 40 planning performance
studies have appeared since that time. However, in recent years this line of
research has slowed to a trickle and with good reason. Previous studies lacked
theoretical ground, produced a bewildering array of contradictory findings,
drew heavy criticism for inadequate methodologies and had little or impact on
corporate management research or practice (Shrader et al., 1984; Pearce et al.,
1987a, b). Nonetheless, it seems evident that the corporate
planning-organizational growth relationship bears significantly on strategic
management research and practice and that scholars should not abandon this line
of enquiry altogether. This study re-evaluates the planning-performance
research; the critical assessment of strategic planning and its impact on
organizational performance which has effect on its survival.
Corporate planning can be defined as the process of using
systematic criteria and rigorous investigation to formulate, implement and
control strategy and formally document organizational expectations (Higgins and
Vincze, 1993; Mintzberg, 1994; Pearce and Robinson, 1994). Corporate Planning
is a process by which we can envision the future and develop the necessary
procedures and operations to influence and achieve that future. As in many
other fields, corporate planning professionals often cloak their work in
pseudo-scientific jargon designed to glorify their work and create client
dependence. In reality, corporate planning processes are neither scientific nor
complex. With modest, front-end assistance and the occasional services of an outside
facilitator, organizations can develop and manage an on-going and effective
planning program. Corporate planning consists of a set of underlying processes
that are intended to create or manipulate a situation to create a more
favorable outcome for a company. This is quite different from traditional
tactical planning that is more defensive based and depends on the move of
competition to drive the company's move. In business, corporate planning
provides overall direction for specific units such as financial focuses,
projects, human resources and marketing.
Corporate planning may be conducive to productivity
improvement when there is consensus about mission and when most work procedures
depend on technical or technological considerations. This study goes beyond the
observation of some research that questioned the existence of direct casual
relationships between the use of corporate planning and organizational growth.
This study draws from some of the many publications on the use of corporate
planning in the private sector and from the growing number of those that deal
with its uses and potential for the public sector.
One of the major purposes of corporate planning is to promote
the process of adaptive thinking or thinking about how to attain and maintain firm
environment alignment. (Ansoff, 1991). Commercial banks however, appear to gain
more because they can derive considerable benefits not only from adaptive
thinking, but also from integration and control. Small firms can derive
considerable benefits from adaptive thinking but probably gain less than large
firms from the integration and control aspects of corporate planning. Evered
(2000), suggested that the different uses of the term corporate planning vary
from broad ones (which include the purposes of defining purpose, objectives and
goals) to very narrow ones (namely, those that deal with the means for
achieving given objectives). Given Evered's differentiation between broader and
narrower definitions of strategy, Bozeman's definition is a narrow one; one
that assumes an ultimate mission of the organization. Bozeman's definition
assumes that the corporate planning/management process is triggered by changes
in policies and priorities (Bozeman, 2003). Hence, according to (Eadie, 2004),
corporate planning may be defined broadly or narrowly. However, this
formulation still does not help managers in the public sector, for now they
need to decide not only whether they want to develop corporate plans but also
whether they should approach such plans with a global perspective or with a
narrower one. Thus, what seems to be a problem of semantics masks a fundamental
question about the inclusion or exclusion of goal definition from the corporate
planning process.
According to Berry (1997), corporate planning is a tool for
finding the best future for your organization and the best path to reach that
destination. Quite often, an organization's strategic planners already know
much of what will go into a strategic plan. However, development of the
strategic plan greatly helps to clarify the organization's plans and ensure
that key leaders are all on the same script but far more important than the
corporate plan document is the corporate planning process itself. The corporate
planning process begins with an assessment of the current economic situation.
First, examining factors outside of the company that can affect the company's
growth. In most cases, it makes sense to focus on the national, local or
regional and industry economic forecasts. This part of the analysis should begin
early, at least a quarter or so before the formal planning process begins.
Hence, it's been concluded that, corporate planning positively affects
organizations' growth or more specifically, the amount of corporate planning an
organization conducts positively affects it's financial growth.
Since the case study used for this research study is a bank,
there is a need to understand corporate planning and financial growth
relationships in banks. The result from past researches suggested that the
intensity with which banks engage in the corporate planning process has a
direct positive effect on banks' financial growth and mediates the effect of
managerial and organizational factors on bank's growth. Results also indicated
a reciprocal relationship between corporate planning intensity and
organizational growth. That is, corporate planning intensity causes
organizational growth and in turn, organizational growth causes greater
corporate planning intensity (Hopkins and Hopkins, 1997). There is a constant
need for organizations, especially financial institutions like banks to think
strategically about what is going on (Sclnnellller, 1995). This appears to be
precisely what banks, in particular have begun to do in recent years.
In response to increasing complexity and change in the
financial services industry, banks have turned to corporate planning. The
relatively new trend towards corporate planning in banks is viewed as a move
designed not only to help them negotiate their environment more effectively,
but to improve their organizational growth as well (Bettinger, 1996; Bird,
1991; Prasad, 1999). In consistent results of bank-related research, however,
have not fully resolved the issue of whether corporate planning leads to
improvements in banks organizational growth. The intensity with which managers
engage in corporate planning depends on Managerial (e.g., strategic planning
expertise and beliefs about planning-performance relationships), Environmental
(e.g., complexity and change) and Organizational (e.g., size and structural
complexity) factors. The effects of these factors on corporate planning
intensity have been suggested by several studies (Kallman and Shapiro, 1990;
Unni, 1990; Robinson and Pearce, 1998; Robinsonet al., 1998; Watts and Ormsby,
1990b).
Studies that have analyzed the relationship between corporate
planning and organizational growth proved that the intensity with which banks
engage in the corporate planning process intervene-that is cause an
indirectness and lack of one-to-one correspondence-between factors such as
corporate planning expertise and beliefs about planning growth relationships
(managerial factors), environmental complexity and change (environmental
factors), bank size and structural complexity (organizational factors) and
bank's financial growth. As suggested by the inconsistent research findings,
past studies have miss-specified the relationship between corporate planning
and organizational growth in banks. Misspecification of this relationship might
be attributed to past studies' lack of attention to the relationship among
these managerial, environmental, organizational factors and their potential
impact on planning intensity and performance (Hopkins and Hopkins, 1997).
Subsequently, the consideration of such factors in the present study is viewed
as a significant issue that holds implications for future research as well as
for planning practices.
Statement of the problem
Past and recent research studies have made it clear that
there is an increased internal and external uncertainty due to emerging
opportunities and threats, lack of the awareness of needs and of the facilities
related issues and environment and lack of direction. Many organizations spend
most of their time realizing and reacting to unexpected changes and problems instead
of anticipating and preparing for them. This is called crisis management.
Organizations caught off guard may spend a great deal of time and energy
playing catch up. They use up their energy coping with inundate problems with
little energy left to anticipate and prepare for the next challenges. This
vicious cycle locks many organizations into a reactive posture. This research
study is to assess the impact of corporate planning on organizational growth,
which at the long, enhances organizational survival.
Significance of the study
The study will aid commercial banks in Nigeria to understand
the importance of corporate planning for organizational growth. Revelations
from the study will highlight the various benefits of corporate planning and
how these measures if properly taken can increase organizational growth. The
study will also enlighten managers of commercial banks on how to effectively
implement corporate planning for substantial growth of the organization.
Objective of the study
This study was undertaken majorly to investigate corporate
planning as a catalyst for organizational growth of commercial banks in
Nigeria, using Diamond Banks Plc as a case study. Specific objectives of the
study are:
To examine the relationship between corporate planning and
organizational growth.
To determine the corporate planning strategies used by
commercial banks for effective organizational growth.
To ascertain whether corporate planning will improve the
growth of an organization.
Research questions
In-order to achieve the stated objectives for the study the
following research questions will be asked:
What relationship exists between corporate planning and
organizational growth of Diamond Bank?
Does corporate planning improve the organizational growth of
Diamond Bank?
What better ways can the organizational growth of commercial
banks in Nigeria be improved?
Research hypotheses
Ho: There is no significant relationship between corporate
planning and commercial banks’ organizational growth.
Hi: There is significant relationship between corporate
planning and commercial banks’ organizational growth.
Ho: Corporate planning does not improve the organizational
growth of commercial banks.
Hi: Corporate planning does not improve the organizational
growth of commercial banks.
Limitations of the study
The study was carried out to investigate the impact of
corporate planning on the organizational growth of commercial banks in Nigeria.
The study is limited to Diamond banks in Lagos State. This is because of her
representative nature of all commercial banks in Lagos State, proximity to the
researcher, time and financial constraints.
Scope of the study
This research work is on corporate planning and
organizational growth of commercial banks in Lagos state, using Diamond bank as
a case study. The study could not cover other banks due to in-adequate
disclosures in the corporate planning strategies from these banks.
Definition of terms
Corporate Planning: This is a process used by businesses to
map out a course of action that will result in revenue growth and increased
profits.
Organization: This is an organized group of people with a
particular purpose, such as a business or government department.
Growth: This is the process of increasing in size.
Organizational Growth: This means different things to
different organizations. There are many parameters a company may use to measure
its growth. Since the ultimate goal of most companies is profitability, most
companies will measure their growth in terms of net profit, revenue, and other
financial data.
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