Assessment of survival strategies of quantity surveying firms during economic turbulence
Abstract
Financial crises occasioned by economic turbulence and stiff competition in the construction sector have forced Quantity Surveying firms (QSFs) and construction firms into finding innovative ways of surviving and staying above completion in most developing nations. The decline in the Nigerian oil and gas production and export has made it difficult for the government who is the largest client of the construction sector to limit its spending, especially in infrastructure and development projects. QSFs now scramble for effective and efficient strategies to survive the dwindling economic construction. This study assessed the survival strategies of quantity surveying firms (QSFs) during economic turbulence in Port Harcourt, Nigeria. The well-structured Quantitative Questionnaire administered using snowball sampling techniques in the study area were adopted in gathering data from the target respondents. With a sample size of 86, the gathered data were analysed using frequency, percentage, and mean item score (MIS). It was found that the most critical Survival strategy adopted by QSFs during economic turbulence are; improved networking systems to increase reach, effective management of knowledge, retaining experienced staff in the company, reduction of service charges, and improved service delivery. This study concludes that the assessed survival strategies have a high level of importance and plays a critical role in ensuring that Quantity Surveying firms survive the economic downturn and the stiff competitive market of the construction sector. It is recommended that the managers of QSFs should focus on those major strategies that will keep them above the competition, in continuous business, sustainable growth, and survival during economic turbulence.
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References
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