Business Strategy: Barclays Bank

Business Strategy

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1 ...........................................................................................................................................1
1.1 Strategic Planning at Barclays bank......................................................................................1
1.2 Factors considered when formulating strategic plans...........................................................2
1.3 Effectiveness of BCG and ANSOFF matrix models.............................................................4
Task 2 ..............................................................................................................................................4
2.1 Environmental Audit of the Organisation.............................................................................4
2.2 Organisational Audit for Barclays Bank...............................................................................5
2.3 Significance of Executing Stakeholder Analysis when formulating new strategy at Bank. .6
Task3 ...............................................................................................................................................7
3.1 &3.2 Possible alternative strategies for the Organisation ....................................................7
Task 4 ..............................................................................................................................................8
4.1 & 4.2 Outlining an implementation plan for the chosen strategies.......................................8
4.3 SMART Targets implementation and Importance................................................................8
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................11

INTRODUCTION
Business strategy is a very important part of any organisation. It helps the organisation to
attain its goals and objectives. It basically means a plan which is made by top level management
of the companies and implemented by the middle level managers under the guidance of their
immediate authorities.
For this assignment, Barclays Bank has been chosen which is a British Multinational
bank and financials service provider in London (Headquarter). In this report, mission, vision,
goals and core competencies of Barclays bank are described. Moreover, factors which will affect
while formulating plans and the BCG and ANSOFF matrix models. The market strategy of
Barclays bank including entry and growth of bank. These are the main subjects which will state
the current policy and the business strategy of Barclays bank and the development of those plans.
TASK 1
1.1 Strategic Planning at Barclays bank
Mission: It is a statement of purpose that differentiates one organisation from another
similar organisation. To attain the mission, Barclays highly focuses on delivering a superior
customer experience and attract, develop and retain talented and performance oriented people.
“Barclay’s mission is to be effective, innovative and customer focused which ensures to
deliver the best products or services for its customers and contribute towards the society by
providing excellent carriers” (Arthur 2013).
Vision: It is highly important for managers and executives to show their willingness on
common vision to achieve . Basic question that needs to be answered “What do we want to
become?”. Many organisation has both mission and vision but the priority should always be the
vision statement which should be established . They are aspired to be amongst the most valuable
and admired financial services companies and want to be that company which becomes a
benchmark for all others. “Barclays have a vision to be the world class leading company in
financial services”.
Objectives: Most organisation needs to justify their existence, be legitimate in front of
Govt., customers and society at large. Objectives are two types-tangible and Intangible.
Achievable aims and targets are called tangible and goodwill, employee morale are considered as
Intangible.
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Barclay's main objectives can be stated as to develop in form of well-known business.
Apart from this building close relationship with customers and expand their empire globally
(Baye and Beil, 2012).
Goals: Goals can be stated as the future where the company or an entrepreneur want to
be. So to bridge that gap it is required to meet goals and it should be defined precisely and
blueprint of the bridge that will help them to meet the aims (Håkansson and Snehota, 2016).
“Barclays most important goals are profitability, customer service, efficiency,
confinement and of course the growth of firm”.
Core Competencies: When established effectively core competencies can make staff
members to show their excellent performance. Barclay’s growth and expansion was an attempt to
gain more business operations (Hofer, 2017).
Barclays, in terms of core competencies mentioned that the company does little of
everything to accommodate to almost every individual. For example: The company's takeover of
WoolWich in year 2000, this was an attempt to better its, mortgage banking because WoolWich
was and still the leading bank of mortgage in UK. Barclays Global Investors and its investment
banking operations started in 1986 went international.
1.2 Factors considered while formulating strategic plans
There are several factors which affect the strategic planning of an organisation. To make
an effective plan, firstly we need to understand the factors involved in the planning process:
 Priorities: In most of the companies priority is to generate revenue but this priority can
sometimes interfere in planning process. For example: if planning is in the process for a
large project and all of sudden the prestigious client threaten to take their business into
the competitor level, then there are high chances of postpone the expansion and planning
the project and resolve the client's issue first (Wurster, 2012). So these types of issues
will help in priority rating which will determine the issues of Barclays which needs to be
side-track from the planning of the project.
 Resources of Company: Plans and ideas developing helps the company to grow and
prosper. So it is very important to allocate and use the resources in effective manner for
efficient outcomes. If Barclay's plans does not coordinate with the available resources
then all the planning can go in vain (Peng, Wang and Jiang, 2013). So to avoid that
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