Financial Strategy as Support Determinant for the Avoidance and Resolution of Distress in the Nigerian Banking Industry

Financial Strategy as Support Determinant for the Avoidance and Resolution of Distress in the Nigerian Banking Industry

Literature Review

2:1      Introduction

Strategy is grounded in the array of competitive moves, and business management of an organization depends on how to produce successful performance. Strategy, in effect is management’s game plan for strengthening the organization’s position, pleasing customers, and achieving performance targets. Strategy includes the goals and major policies of the organization. Managers device strategies to guide how the company’s business will be conducted and to help them make reasoned, cohesive choices among alternative courses of action. The strategy managers decide or indicate that among all the paths and actions we could have chosen, we decided to follow this route and conduct our business in this manner. Without a strategy, a manager has no thought-out course to follow, no roadmap to manage by, no unified action program to produce the intended results. Indeed, good strategy and good strategy execution are the most trustworthy signs of good management. [Read more…]