In addressing the strategic issues we require formulation of a set of relevant strategic objectives. Strategic objectives specify what an organization expects to fulfil within a given time period. They give an indication of “what” and “how” much is to be accomplished. Once developed, they help in the design of strategies.
The strategic objectives for the SACCO for the next five years are:
- To increase membership from the current 1477 to approximately 7,500 by the year 2019.
- To increase awareness and patronage of the SACCO products and services from approximately 20% to 75%.
- To improve efficiency and effectiveness of the operations of the SACCO by reducing staff and operating costs to 25% of the total income.
- To attract, develop and retain a highly skilled, motivated and disciplined staff.
- To enhance performance management in the SACCO.
- Compliance with regulatory organs.
- To have a robust ICT platform by 2015
- Suspend all capital purchases with immediate effect
- Develop a performance based evaluation for all functional units
- Introduce Microfinance operations to tap strategic business fronts.
Strategies are the vehicles that enable an organization to achieve its objectives, thereby accomplishing its mission. Once strategies are documented, specific activities/actions that need to be undertaken are identified. For each activity, there is need to document time line, persons responsible for each of the activities, and the expected performance indicators. These will help in the implementation and monitoring of strategies.