Critically Evaluate the Vision and/or Mission of Your Organisation and Comment on Its Relevance Given the Prevailing Economic Situation and Make Recommendations.
"Vision without action is a daydream. Action without vision is a nightmare."
– Japanese proverb
Introduction
According to Viewpoint, a vision is a statement giving a broad, aspirational image of the future that an organization is aiming to achieve. It outlines what the organization wants to be, or how it wants the world in which it operates to be. A vision concentrates on the future and it is a source of inspiration that provides clear decision-making criteria. It may also create a sense of direction and opportunity to managers and other stakeholders. For a vision to inspire managers and other stakeholders, it should be achievable, and it should answer the question, what do we want to become?
This paper seeks to evaluate the vision statement of Zimbabwe Allied Banking Group, herein referred to as ZABG and commenting of the relevance of the vision given the prevailing economic situation.
ZABG was formed in February 2005 as a successor to three troubled banking institutions Barbican Bank, Royal Bank and Trust Bank. It operates in Zimbabwe and has nineteen branches and four agencies that are found in fifteen cities and/or towns of the country. ZABG offers integrated financial services that include wholesale banking, retail banking, investment banking, stockbroking, treasury and leasing.
Formed at a time when anxiety in the banking industry was high with depositors’ confidence in the industry at its lowest ebb, ZABG was created using the same model that was used in the formation of ABSA in neighboring South Africa with a view to provide an opportunity for depositors and creditors from the troubled institutions to realise meaningful value out of their investments and to undertake banking business with a strong, stable and well capitalized banking institution with a wide range of products and strategic service delivery channels.
ZABG has its vision as “To be the leading financial services brand in Zimbabwe and the region while continuing to play the lead
– Japanese proverb
Introduction
According to Viewpoint, a vision is a statement giving a broad, aspirational image of the future that an organization is aiming to achieve. It outlines what the organization wants to be, or how it wants the world in which it operates to be. A vision concentrates on the future and it is a source of inspiration that provides clear decision-making criteria. It may also create a sense of direction and opportunity to managers and other stakeholders. For a vision to inspire managers and other stakeholders, it should be achievable, and it should answer the question, what do we want to become?
This paper seeks to evaluate the vision statement of Zimbabwe Allied Banking Group, herein referred to as ZABG and commenting of the relevance of the vision given the prevailing economic situation.
ZABG was formed in February 2005 as a successor to three troubled banking institutions Barbican Bank, Royal Bank and Trust Bank. It operates in Zimbabwe and has nineteen branches and four agencies that are found in fifteen cities and/or towns of the country. ZABG offers integrated financial services that include wholesale banking, retail banking, investment banking, stockbroking, treasury and leasing.
Formed at a time when anxiety in the banking industry was high with depositors’ confidence in the industry at its lowest ebb, ZABG was created using the same model that was used in the formation of ABSA in neighboring South Africa with a view to provide an opportunity for depositors and creditors from the troubled institutions to realise meaningful value out of their investments and to undertake banking business with a strong, stable and well capitalized banking institution with a wide range of products and strategic service delivery channels.
ZABG has its vision as “To be the leading financial services brand in Zimbabwe and the region while continuing to play the lead
References: • T Ehlers & K Lazenby (2004) Strategic Management , Southern African concepts and cases Van Schaik Publishers • Reserve Bank of Zimbabwe (2005) Supervisory action taken in terms of the Troubled Bank resolution framework. • Reserve Bank of Zimbabwe (2004) Troubled Bank Resolution Framework • www.inc.com .