IMPACT OF STRATEGIC PLANNING ON CORPORATE GOVERNANCE IN NIGERIA
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IMPACT OF STRATEGIC PLANNING ON CORPORATE GOVERNANCE IN NIGERIA
Chapter one
INTRODUCTION
1.1 Background for the Study
Goals reflect what an organisation wishes to achieve, while strategic planning outlines how it intends to get there. Every organisation or company must have a strategic strategy to achieve its objectives.
In any economic system, there are two producers of goods and services for customer consumption: the private owner of factors of production and the government. The world has recently experienced a globalised economy.
Nigeria, being a developing country, is no different. This means that an organisation must be solid strategically and operationally in order to cover its costs and stay in business.
According to Porter and Kotler (2007), organisations that pursue the same strategic planning targeting the same target customer form a strategic group, but firms that do not pursue a defined strategy and attempt to excel in all strategic dimensions perform poorly.
Strategic is based on the firm’s ability to anticipate change, understand a dynamic environment, and successfully position the organisation or its sub-units for long-term success. As a result, top-level managers must think strategically.
However, any firm or organisation that places a high value on strategic planning and implementation will have fewer issues since they will have been spotted before they become a nightmare.
Thompson and Strihland (2001) identify three conditions necessary for a corporation’s continuing survival and growth in a competitive and rapidly changing economy.
i. A company must be acutely aware of its own resources and capabilities, as well as developments in its own market and those of competitors.
ii. Management must have timely and reliable information to determine the potential value of an opportunity.
iii. Corporate governance must be maintained at a level that allows investment in projects with an acceptable level of risk and uncertainty.
To achieve these objectives, a corporation must establish and implement a plan that gives future direction as well as guidelines for day-to-day operations.
Strategic planning include developing long-term goals and objectives for the organisation, as well as selecting methods to attain these goals and objectives in the context of an unpredictable future and external environment in which the firm operates.
The goal of strategic planning is to provide management with a framework in which to make decisions that will have a long-term impact on the firm’s behaviour.
All of the management problems of strategic planning on corporate governance necessitated the researcher’s intention to conduct research on organizations/companies using strategic planning as a test to assess one of the great corporate governance, with a focus on Dangote Flour Mill in Lagos, Lagos State.
1.2 Statement of the Problem
The statement of this research effort may be traced back to the organization’s inability to anticipate the future and its failure to plan ahead of time. The organization’s thinking is limited to the current circumstance.
Some of the issues that affect strategic planning can be seen in the following ways: failure to analyse a situation before making strategic decisions, failure to implement strategic planning, including failure to consider the implications of a new strategy
problems with the planning process itself, and an incomplete understanding of many of the concepts by those claiming to apply them.
Trying to forecast future occurrences and making contingency plans is one element to a successful business. The purpose of this research is to determine how strategic planning is developed, implemented, and the impact of such planning on business performance.
1.3 Goal of the Study
The primary goal of this study is to investigate the impact of strategic planning on corporate governance in Nigerian organisations. Other specific objectives include the following:
i. Investigate the impact of strategic planning on corporate governance.
ii. Determine whether strategic planning is a significant predictor of an organization’s operational efficiency.
iii. To assess how closely strategic planning has been followed in the institutions.
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