Last Updated on Thursday, 18 July, 2024 at 8:40 am by Andre Camilleri
Leo Brincat is chairperson of the Malta Development Bank
Given that the bank has been a success story so far, the time is nevertheless now opportune to take stock of the daunting challenges facing it, and to look dispassionately ahead, especially since its new strategy was formalised earlier this year.
After the publication of any strategy there are inevitably three next important stages in the process of any institution.
There is nothing to differentiate the bank from other like-minded bodies.
The argument that it is the only bank of its kind on the island does not have much currency.
So primarily now is the time to think seriously of the implementation, monitoring and adaptation stages. More than ever before.
Resting on its laurels risks driving any bank into complacency, irrespective of the fact that given the commitment of our staff this is not an issue of primary concern.
The basic tenets of any bank should be primarily those of:
- Executing the planned activities outlined in the strategy
- Regularly tracking progress and performance metrics to ensure goals are being met
- To assess the effectiveness of the strategy and make adjustments as needed, based on feedback and results, and perhaps most importantly
- To be as flexible as possible to changing circumstances or new opportunities that may arise, and even updating the strategy itself accordingly should this become called for.
Our bank has publicly stressed the importance of communication and dissemination because it considers this to be THE life line for a better future.
It can only do so as it is doing already, that of ensuring that all relevant stakeholders are aware of the strategy. This can involve stepped up clear communication through various channels – be they meetings, presentations, documentation and all other digitally-related media.
Any strategy always calls for action plan development. Basically the skill to translate the strategy into actionable plans.
This invariably should always include setting specific, measurable, achievable, relevant and time-bound objectives – SMART – that unequivocally help define tasks, timelines, responsibilities and resources required.
The bank has long been conscious enough of the significance of optimal resource allocation. Particularly since ensuring that necessary resources – be they financial, human and technological – are allocated to support the implementation of the said strategy. All with the right priorities in mind.
Monitoring and evaluation are equally key since continuously monitoring progress against the action plans and the overall strategy can involve various components ranging from regular progress reviews to reporting mechanisms.
One of the boldest moves goes beyond formulating a post strategy policy.
It is that of ingraining an important mindset – that of having everyone on board and prepared to make adjustments based on feedback, changing circumstances and new information. This invariably includes the whole range – from the mere refinement of tactics to the reallocation of resources, and even if need be, the revision of strategic goals.
As far as stakeholders are concerned, meeting up with them is only part of the process but definitely not the whole process.
Engagement and motivation are of the essence. Basically, that of keeping such stakeholders engaged and motivated throughout the implementation process.
The next quantum leap is how to collect feedback from stakeholders in an even more focussed manner, and use it to improve both the strategy and the implementation process.
Ultimately, continuous improvement should be and constantly remain a core part of the strategic management cycle.
It is only by following these steps, that any bank, can effectively move from strategy formulation to successful implementation and help such organisations as ours achieve their strategic goals.
