CORPORATE PLANNING AS A GROWTH STRATEGY IN THE PRIVATE SECTOR

CORPORATE PLANNING AS A GROWTH STRATEGY IN THE PRIVATE SECTOR (A CASE STUDY OF LIFE FLOUR MILL LIFE SAPELE)

ABSTRACT

The main purpose of this study was to consider the effect of corporate planning as a growth strategy to private sector, particularly Life Flour Mill, Sapele. In practice the development of corporate planning involves taking information from the environment and deciding upon on organization’s mission and upon goals and objectives. The organization now know where it want to go. But in order to get there, the organization develops different strategy planning techniques, which constitute the strategy for growth or development. The role of strategy in corporate planning is to identify the general approaches that the organization will uses to achieve its organizational goals it also involves (lie planning process to the organization will take to pulse ii objectives. Various works done by various researchers were consulted in writing Literature review. It worked at the concept if planning and its process, the need for corporate planning and other related for materials on corporate planning. Set of questionnaire of twenty— seven (27) question were administered to thirty (30) personnel of the top management cadre, senior staff and junior staff of Life flour Mill Limited, Sapele and thirty questionnaire were retrieved duly completed and this is the sample size for the study. the chi—square(x2) test of’ 0.05 level of significance was used to test the hypothesis formulated. From the data analysis and hypothesis formulated. It was observed that there is obvious growth in companies that undertook Corporate planning and no growth in who did not. Also, it was discovered that corporate planning influences employees’ performance positively. Sequel to these findings the following recommendations were proffered. Decision makers and corporate should be well trained So as to play their roles effectively and creditably. Management should pay attention to its employee so that they will have that sensed belonging so as to enable them put in their best to the growth and success of the firm. Management should look into the possibility of having their own raw materials so that they will not run out raw materials during scarcity. Corporate organization should ensure that its policies maker embark on continuous training and education so that cm tent trend in management of’ such organization globally would acquire. Plan and strategy of corporate organization should be made to accommodate the bug term need of such organizations so that their existence would not be short lived. Plans should he reviewed always as government policies change. In view of all these, it was finally recommended that Companies should practice Corporate planning.