Survival strategies of small scale construction firms during a recessive economy: Sustainability approach

Abstract

A recessive economy comes with its bitter dose of reality for most businesses. However, a firm must either decide to close shop or waddle through the adverse economic situation. With this understanding, the study was aimed at examining the survival strategies of small scale construction firms during a recessive economy. The study utilized a survey approach of small scale construction firms in Nigeria's commercial nerve center. Using a questionnaire instrument, a total of 104 small scale construction firms were involved in the study. The data obtained were analyzed using SPSS from which statistical tools of mean scores and analysis of variance (ANOVA) tests were implemented. As a result, the study showed that small scale construction firms mostly utilize improving relationships with construction clients, changing marketing strategies, and an increase in public relations during a recessive period in the Nigerian economy. These survival strategies among small scale construction firms are titled restructuring survival strategy, business relations survival strategy, and the diversification survival strategy. The showed some significant survival strategies that call for further investigations on the survival modes of small scale construction firms. These vital survival strategies include continuously improve relationships with construction clients, increase their online presence, and diversify into other construction-related works. The study recommended that small scale construction firms should explore innovative survival strategies that ensure the growth of the firms post-recession.