Survival Strategies of Quantity Surveying Firms in Lagos State, Nigeria during Economic Recession
Recessionary periods are mostly feared by citizens of a country as prices of goods and services escalate, businesses experience downturn and so many other misfortunes. However, this period can also serve as a turning point in the birth of innovative ideas that have never been thought of. As Nigeria faces this crisis, this research focuses on the construction industry with a view to assess the survival strategies that can be adopted by Quantity surveying firms (QSFs) in a recessed economy. The study assessed the level of usage of identified survival practices as well as the possible impacts of the suggested survival practices on Quantity Surveying services. Using census sampling, quantity surveyors in all the one hundred and eighteen (118) practicing QSFs in Lagos State were sampled. Survey research approach was adopted, and well-structured questionnaires were administered to quantity surveyors from all the registered QSFs. Ninety-six (96) questionnaires were returned. The data was analysed using mean item score (MIS) and relative importance index (RII). The study concludes that improved service delivery, improved networking, effective knowledge management as well as retaining experienced staff in the company are among many practices essential for the survival of QSFs in recessionary periods. The impacts of these practices are: improved credibility, improved decision making, effective and efficient organizational management and improved competitive strategy of the firm. The study recommends that there is a need for firms to network and collaborate in sharing knowledge with each other, as it is a vital tool for survival in this harsh business atmosphere, which will inevitably lead to a more reliable service delivery to clients and business survival.