THE IMPACT OF STRATEGIC PLANNING ON NIGERIAN CORPORATE GOVERNANCE (A CASE STUDY OF DANGOTE FLOUR MILL LAGOS)
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ABSTRACT
The study investigated the effect of strategic planning on firm survival and governance. The efficacy of strategic planning can be measured by the degree to which it effects organizational performance, which in turn affects the survival rate of the organization. This study’s primary purpose is to re-evaluate the planning-performance link in organizations and to establish the extent to which strategic planning influences organizational performance, using Dangote Flour Mill, Lagos as a case study. Based on the aforementioned purpose, a comprehensive literature analysis was conducted, and two hypotheses were developed and tested in this study. The senior and junior employees of Dangote Flour Mill, Lagos, in the Lagos State metropolitan area, were surveyed using a survey approach. The acquired data was evaluated using chi-square statistical methods to test the hypotheses, which were confirmed. This study concludes that strategic planning improves organizational governance, which has a long-term impact on its survival, and that the intensity of strategic planning is determined by managerial, environmental, and organizational factors.
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FIRST PART
INTRODUCTION
1.1 Context of the Study
Strategic planning is a game plan for achieving an organization’s objectives, which are expressed as goals. Every organization or business must have a strategic strategy for reaching its objectives.
There are two producers of goods and services for customer use in every economic system: the private owner of production factors and the government. In recent times, the global economy has been under pressure. The fact that Nigeria is a growing nation means that a company must be sound conceptually and operationally in order to meet its expenses and remain in business.
According to Porter and Kotler (2007), a strategic group is comprised of companies pursuing the same strategic planning for the same target consumer. The lowest performing companies are those who do not pursue a defined strategy and attempt to excel in all strategic dimensions.
Strategic is anchored in a company’s ability to foresee the future, comprehend a dynamic environment, and position the organization or a sub-unit for continuous success in a changing environment. Therefore, managers at the highest level (the strategic level of management) must think strategically.
However, any business or organization that places a strong emphasis on strategic planning and execution will have few issues, since they will have been spotted before they became a nightmare. According to Thompson and Strihland (2001), three factors are required for the continuous survival and expansion of a firm in a competitive and rapidly changing economy.
i. A company must have a deep understanding of its own resources and capabilities as well as developments in its own market and those of other companies.
ii. In order to appraise the potential value of an opportunity, management must have accurate and timely information.
iii. Corporate Governance must be maintained at a level that encourages investment in enterprises with an acceptable amount of risk and unpredictability.
A corporation must design and adhere to a plan that gives future direction and day-to-day operations guidelines in order to achieve these objectives.
Strategic planning entails the formulation of long-term goals and objectives for the organization and the selection of strategies to attain these goals and objectives in light of the unknown future and external environment in which the organization operates.
Strategic planning is intended to offer management with a framework for making decisions that will have a long-term impact on the firm’s behavior.
All the management problems of strategic planning on corporate governance necessitated the researcher’s intention to conduct research on an organization/company using strategic planning as a test to evaluate one of the greatest corporate governance models, with specific reference to Dangote Flour Mill, Lagos, Lagos State.
1.2 Description of the Problem
The statement of this research may be traced back to the organization’s inability to predict the future and failing to think ahead of time. The organization’s thinking is constrained by the current circumstances.
Problems with strategic planning include a failure to analyze a situation before making strategic decisions, a failure to implement strategic planning, including a failure to consider the implications of a new strategy, a problem with the planning process itself, and a lack of understanding of many of the concepts by those who claim to apply them.
Attempting to forecast future occurrences and devising contingency plans are essential components of a successful business. The objective of this research is to determine how strategic planning is formed, how it is implemented, and how it impacts company performance.
1.3 Aim of the Research
This study’s primary purpose is to investigate the effect of strategic planning on corporate governance in Nigerian organizations. Other specific goals include the following:
i. To investigate how strategic planning impacts corporate governance.
ii. To determine whether strategic planning is a significant determinant of an organization’s operational efficiency.
iii. Determine the extent to which institutions have adhered to strategic planning.
iv. To demonstrate the effect of environmental influences on planning, formulation, and execution.
1.4 Formulation of Hypotheses
In a research project, this serves as the study’s foundation; it assists the researcher in establishing the route of inquiry, selecting the necessary data types, and determining the appropriate statistical treatment and analysis of the research’s findings.
E.C. Osuala (1985) defines hypothesis as a conjectural statement of the relationship between two or more variables. Moreover, he asserts that they are analogous to a provisional generalization whose viability must be evaluated based on the compatibility of their implication with empirical evidence and prior knowledge.
There will be two hypotheses provided and evaluated against the alternative hypothesis. These are the hypotheses:
First Hypothesis:
Effective strategic planning has no impact on business performance.
Effective strategic planning has an impact on corporate governance.
The second hypothesis
Strategic planning is not a significant factor of an organization’s operational efficiency.
Hi. Strategic planning is a fundamental predictor of an organization’s operational efficiency.
1.5 Importance of the Research
This research endeavors to shed light on the impact of strategic planning on corporate governance inside a business. The purpose is to provide a greater grasp of what strategic means, its evolution, types, and obstacles, as well as everything that spans the width and depth of strategic planning and its impact on an organization. The research will aid in educating other students, strategic managers, consultancies, educationists, and researchers with an interest in strategic planning’s impact on company performance.
It will also demonstrate the advantages that organizations that adopt strategic planning for their survival, growth, and performance have.
At the conclusion of this research, it is hoped that methodologies, procedures, and means for formulating and implementing strategic planning will be described.
1.6 Range and Restrictions of the Study
The Range of the Study
The scope of the investigation will only restricted to Dangote Flour Mill, Lagos. The selection of the corporation stems from the requirement to evaluate the effect of strategic planning on corporate performance.
Limitation of the Study
During the process of doing this investigation, the researcher encountered the following restrictions and limitations.
Financial Constraints: This type of research necessitates sufficient funds to acquire all the necessary supplies.
Time Restriction: Due to the limited time available for the research, excessive depth of the topic under investigation was not pursued, and as a result, the researcher omitted several topics as potential future research directions.
Inaccessibility of Statistical Data: Confidentiality issues make it difficult to obtain information from the organization.
1.7 Definition of Terms
Strategic Management: Refers to the managerial process of generating a strategic vision, establishing objectives, formulating a strategy, implementing and executing the plan, and then, over time, implementing any necessary corrections to the vision, objectives, and strategy execution.
Strategy is the adoption of courses of action and allocation of resources required to achieve the goals and objectives of an organization.
Strategy Planning Strategy planning entails making decisions regarding the long-term goals and strategies of the firm.
Corporate planning is defined as the process of identifying opportunities and threats, as well as internal strengths and weaknesses, then designing and analyzing a plan of action to achieve these objectives. Strategy is essentially the process of identifying an organization’s goals and the policies and strategies for accomplishing those goals.
Implementation is the process of carrying out predetermined plans and strategies in accordance with a particular trend that has been approved.
Policies: are broad expressions of agreement that direct managers. Considering and making decisions. They guarantee that decisions adhere to predefined parameters.
A vision statement is the destination, the guiding light of the horizon, which is perpetually pursued but never realized.
Change Management can be characterized from three different angles. First, it is the process of managing change; second, it is a professional activity; and third, it is the body of knowledge comprised of models, methodologies, approaches, and other instruments.
In the context of strategy, structure refers to the arrangement of the activities and subtasks required to achieve a strategy.
1.8 Work Organization
The research work is organized into five chapters: Chapter one addresses the study’s background, problem statement, objectives, statement of hypothesis, significance, the study’s scope and limitations, important term definitions, and work organization.
The second chapter reviews the literature pertinent to the study’s issue. The third chapter focuses on research methodology, including research design and field of study, sources and method of data collecting, study population, sample and sampling methodologies, and data analysis method.
The fourth chapter discusses data display and analysis. As the final chapter of the research, chapter five includes a summary of findings, a summary of the study, a conclusion, and proposals for future research, recommendations, a bibliography, and a questionnaire.
THE IMPACT OF STRATEGIC PLANNING ON NIGERIAN CORPORATE GOVERNANCE (A CASE STUDY OF DANGOTE FLOUR MILL LAGOS)
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