Abstract
Strategic planning is a very crucial phenomenon in all organisations. It is the tool that determines the destiny of the firm. The objective of this study was to investigate the influence of financial resource strategic planning on firm performance, to determine influence of human capital strategic planning on firm performance, to analyze the influence of material resource strategic planning on firm performance and to determine influence of information resource strategic planning on firm performance in agriculture research based institutions of Kenya. Although there had been previous international studies in this field, no literature is evident on status of the same in agriculture based research institutions in Kenya. The study comprised of former 4 major agricultural based research institutes of Kenya, namely: Kenya Agricultural Research Institute (KARI), Coffee Research Foundation (CRF), Tea Research Foundation (TRF), and Kenya Sugar Research Foundation (KeSREF). The institutions had 2922 employees in the year 2015. The study employed descriptive research design. The sample size was 352 having been arrived at using Yamane’s (1967) formula. Results and conclusion of the study were that financial resources strategic planning, human capital strategic planning, material resource strategic planning and information resource strategic planning influence a firm’s performance in a great way.
Highlights
1.1 Study OverviewOver time the concept and practice of strategic planning had been embraced worldwide and across various sectors because of its perceived contribution to organisational effectiveness
The study recommends that financial resource strategic planning be adopted by agricultural research based institutions of Kenya since it had a significant factor in determining firm performance of agricultural research based institutions in Kenya
The study further recommends that financial planning be made a guide in helping choice of the right types of investments to fit needs, goals, objectives and risk tolerance since financial resource strategic planning was statistically significant factor in determining firm performance
Summary
1.1 Study OverviewOver time the concept and practice of strategic planning had been embraced worldwide and across various sectors because of its perceived contribution to organisational effectiveness. Strategic planning is defined as the systematic process of envisioning a desired future and translating the vision into broadly defined goals and objectives and subsequent steps to achieve them (Odongo & Datche, 2015). Today organisations from both the public and private sectors had taken the practice of strategic planning seriously as a tool that could be utilized to fast track their performance levels. According to Thompson and Stickland (2007), strategic planning was regarded as a management tool that continually and systematically evaluates business identifying its long-term goals and quantifiable objectives. According to Thompson and Stickland (2007), a strategic plan is a process that involves assessment of opportunities of an organisation, determining strengths and weakness in a dynamic environment
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