Prioritizing Strategies for Surviving Economic Turbulence: Case of Quantity Surveying Consultancy Organizations in Nigeria

Abstract

Economic contraction is inevitable in any business lifetime and often hinders it from achieving the desired objectives. The need to adopt proven survival strategies is essential to survive the adverse effects of economic downturn in most developing countries. Of the construction-related organizations, quantity surveying consultancy organizations often suffer the highest effect of economic turbulence because they are majorly classified as micro-sized or small-sized firms. In developing countries however, firms in these classifications are the livewire of the construction industry. Hence, the need to assess the strategies for surviving economic turbulence with a view to prioritizing the strategies to be adopted for enhancing the continual service delivery of quantity surveying consultancy organizations. To achieve this study’s goal, quantitative research approach was adopted and through the questionnaire-survey, data was obtained from top management or principal partners of 99 quantity surveying consultancy organizations in South-western, Nigeria. The data collected were analysed using descriptive and inferential statistics including mean score, standard deviation, Kruskal Wallis test, Mann Whitney test, reliability test, normality test, and factor analysis. Horn parallel analysis was further conducted to determine the appropriate factors from the principal component analysis generated from the factor analysis. Based on the results of the analysis, the prioritized strategies for surviving economic turmoil include ‘organizational development and innovation’, ‘merger and partnership’, and ‘business and marketing strategies’. The need for embracing innovation in service delivery of quantity surveying firms, engaging competent management head for appropriate decision-making are recommended.

Keywords: construction organizations, economic turbulence, firm survival, Nigeria, quantity surveying, strategies.