Five Year Strategic Plan

Transcription

1 Five Year Strategic Plan

2 FINANCIAL PERFORMANCE PILLAR Objective 1: Achieve loan default rate of 3% against total loan portfolio by August 2012 and sustain annually thereafter STRATEGIES ACTIVITIES PERFORMANCE INDICATORS TIMELINE BY WHO BUDGET Ensure quality appraisal of loans Review loan application forms for adequacy Verify completeness of loan application forms Revised loan form Nil errors during loan approval meeting By the 5 th of every month and every month in BOD meeting Apr-12 Credit Committee Nil Credit Committee Nil Raise exception report Exception Reports Apr-12 Credit Committee Nil Ensure efficient and effective reporting Evaluate current ICT system capacity Evaluation report Jun-12 Executive Nil Submission of loan reports during monthly board meetings Timeliness of reports Mar-12 Credit Committee Nil Enhance our understanding of our customers with a view of identifying risky ones Review the securitization of loan procedures Assess Biblia Sacco Units and their capability to sustain their monthly Assessment report February 2014 CEO Nil remittances Develop a tool for assessment Developed tool February 2014 CEO Review and update the loan policy Revised loan policy End of February Credit Committee Ksh 50,000 Objective 2: Increase institutional capital to KES 129 million by 2016 Ensure institutional capital increases by 20% annually Develop annual mechanism that ensure capital increases by 20% annually Annual written plan to BOD Apr-12 Executive Nil 2 Five Year Strategic Plan Five Year Strategic Plan

3 Objective 3: To grow the share capital to 10 million by end of 2012 and thereafter maintain an annual growth rate of 30% To ensure 10m increase in 2012 Formulate AGM proposal to increase member share capital by 50% and retain % of income annually AGM Resolution By December 2012 Executive Nil Ensure retention of at least 1% of income annually Retain 1% income annually Annual financial statements Apr-12 Executive To carry out a recruitment drive for new members targeting speficic number every year. Recruitment of at least 750 annually Identify and recruit 10 units by end of 2012 Increase awareness and recruitment drive in the existing unit through quarterly visits List of new members by Dec Education List of the ten units by Dec Education Reports from visits by Dec Education Objective 4: To grow our loan portfolio by 30% by December 2012 and thereafter by 5% annually Ensure disbursement of at least Kshs 27 million in loans per month Review credit policy to increase upper limit Aggressive marketing of loan products Increased upper limit December 2012 Credit Committee Nil % growth May-14 Credit Committee Cost of current marketing drives Objective 5: To maintain costs at 25% of turnover annually Ensure robust system of monitoring budget implementation Formulate a budgeting tool to help us monitor the 25% on turn over Budgeting monitoring tool March 2014 Executive Nil Review and enforce a robust management accounting system. Timely monthly financial statements February 2014 Executive Kshs.3.5 million 4 Five Year Strategic Plan Five Year Strategic Plan

4 Strengthen procurement process Monthly spot checks of procurement process to ensure compliance Spot check reports February 2014 Executive Kshs 50,000 Objective 6. To ensure availability of at least 27 million monthly for loan disbursement Mobilize deposits to the tune of Kshs 25 million per month Recruit 50 new members per month List of new members Dec-12 Education Cost of current marketing drives, stationery, adverts Conduct periodic savings drives % increase in savings Jan-00 Credit Committee Nil Create incentive schemes for highest savers/ most improved savers Number of awards given Dec-12 Education Cost of various awards Develop premium loan products for high savers % Loans disbursed Dec-12 Credit Committee Nil Objective 7: To ensure 100% investment of idle funds in 2012 and continuously thereafter To ensure the investment policy is regulary updated Ensure deliberate investment of idle cash Quarterly feedback of invested funds Aug-12 Executive Kshs 50,000 Review and implement the policy Revised policy February 2014 Executive 6 Five Year Strategic Plan Five Year Strategic Plan

5 CORPORATE GOVERNANCE STRATEGIES ACTIVITIES PERFORMANCE INDICATORS TIMELINE BY WHO BUDGET Objective 1: Strengthen the performance of the Sacco through 100% compliance with the industry regulations Ensure availability of a compliance checklist Consolidate all regulations and develop a compliance checklist Consolidated list and checklist June 2014 Executive Nil Ensure board sub-committees are aligned to industry norms. To reconstitute committees to include Audit, Risk and Governance, and Budget committees Reconstituted Committees Apr-14 Executive Nil Ensure board members are well trained on compliance Train board members in a variety of governance areas Training reports December 2012 and annually thereafter Executive Kshs. 95,000 Ensure a code of conduct exist and being enforced Develop a code of conduct document Code of conduct policy April 2014 Executive Kshs 50,000 Objective 2: To ensure the understanding of policies, laws and regulations by the BOD, staff and members through training Enhance member education on their rights and how to maximize the benefits available to them Training on benefits and rights of members Training materials and report September 2012 and ongoing Education 250,000 Ensure regular education of members on emerging developments within the industry Organize at least two education days per year Education day report September 2012 and ongoing Education 8 Five Year Strategic Plan Five Year Strategic Plan

6 Ensure that the Sacco officials attend appropriate trainings every year Identify training needs of the BOD and staff and develop a training schedule for the year Training schedule September 2012 and ongoing Education Develop a tool for nominating and attendance by various committee members Developed tools December 2012 and ongoing Education Quotations from vendors Objective 3: To strengthen communication and decision making within the Sacco Ensure that relevant policy documents are in place and are in use. Organize staff refresher training on organizational policies and upload polies in the website Training report and uploaded documents Aug-14 Executive Kshs 350,000 Develop a policy checklist indicating version dates Policy checklist Dec-12 Executive Ensure timely meetings and dissemination of minutes Develop calendar of meeting and circulate minutes immediately after meeting Notice of meetings and BOD minutes Ongoing Executive Nil Objective 4: Enhance the Society s relationship with other stakeholders for exchange of mutually beneficial ideas Establish networks and partnerships Mapping of like minded institutions and entering into partnerships Number of partners Dec-13 CEO Nil Schedule of quarterly forums for sharing ideas Number of forums during the year Every Quarter CEO Nil 10 Five Year Strategic Plan Five Year Strategic Plan

7 Objective 5: To improve the society s internal controls and compliance with legal requirements. Ensure compliance with the legal requirements of the SACCO Societies Act at the time. Regularly update by-laws to reflect the current legislative changes Revised by-laws Oct-14 Executive Nil Develop and maintain a list of regulation register Nil variance in compliance Ongoing Supervisory Nil Monitoring and evaluation of the Strategic Plan documents Assess annual action plans for each sub-committee Reports Every year Supervisory Nil Quarterly reviews of action-plans Reports March, June, September and December 2012 Supervisory Nil 12 Five Year Strategic Plan Five Year Strategic Plan

8 HUMAN RESOURCE MANAGEMENT AND ADMINISTRATION Objective 1: Optimize staff performance STRATEGIES ACTIVITIES PERFORMANCE INDICATORS TIMELINE BY WHO BUDGET Review the organizational structure Conduct job analysis and evaluation to identify staffing gaps; Report By August 2012 Manager Kshs 200,000 Ensure recruitment and placement of competent staff Conduct job analysis Report Aug-12 Manager Nil Identify vacancy positions Identified vacant positions Aug-12 Manager Nil Competitively fill vacant position within or without the Sacco Number of filled positions Aug-12 Manager Kshs 150,000 Ensure fair and equitable compensation of staff Conduct salary survey and align compensations to market Salary review report Aug-12 Manager Objective 2: To improve the performance management tools and systems Develop a performance management system Develop appropriate job descriptions for all staff Job descriptions By December 2012 Manager Kshs 300,000 Develop appropriate appraisal tools Performance Management Systems By December 2012 Manager 14 Five Year Strategic Plan Five Year Strategic Plan

9 Develop appropriate rewarding / remedial system Documented performance reward sytem By December 2012 BOD Conduct meaningful staff appraisal annually Number of appraisals By December 2012 Manager/ BOD Nil Objective 3: To improve the competences of the human capital Ensure training of staff annually Identify training needs Number of staff trained Annually Manager and BOD Nil Develop and implement annual training and development plan Training plan Annually Manager Nil Objective 4: To improve the society s time management systems Ensure timely service delivery Develop Service Charter Nil variance to SLAs Annually Executive Kshs 50,000 Develop and implement attendance rotas to control attendance Nil variance to schedule Monthly Manager Nil 16 Five Year Strategic Plan Five Year Strategic Plan

10 OPERATIONAL EFFICIENCY STRATEGIES ACTIVITIES PERFORMANCE INDICATORS TIMELINE BY WHO BUDGET Objective 1: To ensure compliance to laid down systems and procedure up to 100% Enhance staff and board members understanding of approved systems and procedures. Organize training on Sacco systems and procedures Conduct monthly compliance spot checks Training report May-14 Executive Nil Number of spot checks Dec-14 Executive Nil Monitor implementation of Audit recommendations % level of implementation annually Apr-12 Executive Nil Enhance the level of assurance on the Society s performance Setting up an internal auditing department Number of staff in audit department Dec-14 Executive Nil Establish efficient and effective internal control systems Audit rating Dec-14 Executive Nil Objective 2: To optimize the use of communication and information technology Ensure continuous upgrade and systems integration Update all member contact information Report Aug-12 CEO Nil 18 Five Year Strategic Plan Five Year Strategic Plan

11 Quarterly update of website Number of visits March, June, September, December CEO Kshs 50,000 Ensure a working accounting system Reports Aug-12 CEO As above Upgrade the accounting system to including receipting and cheque writing Reports Dec-12 CEO As above Upgrade the telephone system to accommodate mobile phoning Increase in level of customer satisfaction Aug-12 CEO Seek quotation from Vendor Objective 3: To improve the internal controls system Strengthen internal control processes of the Sacco Assess and report on the Sacco internal control process Assessment report Dec-13 Executive Address gaps identified in the assessment report Reviewed assessmen report Every year Executive Ensure existence of a robust internal control in accounting system software Evaluate the adequacy of the capacity of the current software and controls therein Report Dec-12 Executive Nil Implement the report of the evaluation Level of efficiency report Feb-14 Executive Nil 20 Five Year Strategic Plan Five Year Strategic Plan

12 INFRASTRUCTURE STRATEGIES ACTIVITIES PERFORMANCE INDICATORS TIMELINE BY WHO BUDGET Objective 1: To acquire adequate office space for the Sacco operations Ensure procurement of modern office that meets the Sacco requirement Evaluate current and future needs of the Society for space Report Dec-14 Executive Nil Carry out a survey on adequate office premises Report Dec-14 Executive Nil Develop a budget and identify financing options Budget Dec-14 Executive Nil Lease or buy Lease Dec-14 Executive Kshs. 15m Objective 2 : To ensure that the Society maintains up to date hardware, software and other equipment Ensure consistently maintained and updated IT equipments To develop a procurement and disposal of equipment, tools, and hardware policy Policy document Dec-14 CEO Evaluate the adequacy of the capacity of the current hardware Report February 2014 CEO As above 22 Five Year Strategic Plan Five Year Strategic Plan

13 Objective 3: To enhance public relations and boost the Society s image Ensure an appropriate motorvehicle acquired Budget and procure Motor vehicle February 2014 Executive 800, Five Year Strategic Plan Five Year Strategic Plan

14 MARKETING AND CUSTOMER CARE STRATEGIES ACTIVITIES PERFORMANCE INDICATORS TIMELINE BY WHO BUDGET Objective1 : To double Sacco membership by the end of 2016 Ensure the Common Bond is widened to reach individual Christians all over Kenya Amend by-laws and seek members approval Revised approved by-laws Apr-12 Executive Nil Enhance advertising using printing and audio channels Number of adverts Apr-12 Education Rebrand the Society image, products and services Survey and identify potential units outside the current jurisdiction Rebranded materials Apr-12 Education Survey report Apr-12 Education Visit and recruit the potential units Number of new units Ongoing Education Ensure non-members from existing units are reached out and recruited To identify potential members within the existing units Variance between data of workforce and membership of existing units and actual registered members from those units Apr-12 Education Using interns/ and direct sales teams to recruit members on commission Number of recruited members Ongoing Education 26 Five Year Strategic Plan Five Year Strategic Plan

15 Ensure existing members are engaged in recruiting new members Develop incentive scheme for members who recruit new ones Incentive program Apr-12 Education Ensure retention mechanism of members Obtain feedback from new and old members on the services they need Feedback report Apr-12 Education Nil Organise relevant trainings of interest to members Training report Annually Education Current cost of marketing drives Increase contact hours with members through friendly engagement when they visit the office Feedback report from members Ongoing Education Objective 2: To ensure our products meet customer demands up to 100%. Ensure FOSA outlet are established in Nairobi Seek members approval Minutes Dec-14 Credit Committee Improve and Increase the number of products as per members demand To conduct a products and services needs survey Report Apr-13 Credit Committee Nil Design/ redesign products and services to make them more attractive to members Number of products Dec-13 Credit Committee Nil Launch and promote the products during education and AGM days and using the website Report Dec-12 Credit Committee Nil 28 Five Year Strategic Plan Five Year Strategic Plan

16 Insert the products features as a footnote on members statements Report Dec-12 CEO Nil Review brochures to include new product features Revised brochures Apr-14 Credit Committee Seek quotation from vendors Objective 3: Ensure 90% customer satisfaction Enhance customer service Train all staff and BOD in customer care Reduction in number of complaints August 2012 and continuously Education Seek quotations from vendors Conduct customer satisfaction surveys Survey report Dec-14 CEO Nil 30 Five Year Strategic Plan Five Year Strategic Plan

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