Strategic Planning and Organisational Performance in Private Organisations: A Case Study of Mt. Elgon Millers
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Date
2024-08-15
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Abstract
This research report was undertaken to strategic planning and organizational performance in private organizations. It was guided by three objectives; to assess the effect of risk management on organizational performance of Mt.elgon millers, to determine the effect of stakeholder engagement on organizational performance of Mt.elgon millers, to analyze the effect of performance measurement on organizational performance of Mt.elgon millers. The researcher used a sample size of 45 respondents and used questionnaires and interview guide to collect data and later the data was analyzed using the statistical package for social sciences (SPSS). Results of the first objective showed that risk managementhas a significant effect on organizational performance of Mt.elgon millers. Supported by the following responses; 80% were positive to the statement that effective risk management leads to cost reduction, improved operational control, and increased customer satisfaction; 66.6% who were also the majority were positive to the statement that risk management focuses on identifying and managing risks that can lead to financial losses. Results of the second objective revealed that stakeholder engagement has a significant effect on organizational performance of Mt.elgon millers. Supported by the following responses; 66.7% of the respondents were positive to the statement that Stakeholder engagement allows organizations to gather insights and diverse perspectives from different stakeholders, 66.6% forming the majority were positive to the statement that engaging with stakeholders demonstrates that an organization is committed to transparency, accountability, and responsible practices. Results of the third objective showed that performance measurement has a significant effect on organizational performance of Mt.elgon millers. 55.5% had a positive response to the statement that Performance measurement allows organizations to identify areas that need improvement, and 68.9% had a positive response to the statement that performance measurement can contribute to employee development and growth. There is need to establish a comprehensive risk management framework that outlines the process, roles, responsibilities, and methodologies for identifying, assessing, and mitigating risks. This framework should be integrated throughout the organization. Regularly identify and assess potential risks by conducting risk assessments, which involve identifying potential risks, evaluating their likelihood and impact, and prioritizing them based on their level of risk.