Full Project – Survival strategies for small scale enterprises in the period of inflation

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CHAPTER ONE

INTRODUCTION

1.1      INTRODUCTION

Strategies are an integrated programme, which an organisation employs in order to achieve his/her objective or the overall response of a local organisation to the demand of his/.her environment. Every organisation must as a matter of necessity have a strategy either consciously or unconsciously formulated. There are good number of strategies a small scale business can choose for its to function and growth properly.

In this research, we will focus our study on the survival strategies for small scale business in the period of inflation. The term strategies refer to the various ways or methods in which small scale business can survive during inflation.

1.2      BACKGROUND OF THE STUDY

Nigeria is presently experiencing unprecedented inflationary trend. The federal government introduction of the structure adjustment programme (SAP) in 1986 had influenced the price of commodities to the point that capital investment on goods requires a huge sum of money. Much of everyday thinking on financial matters now centres on strategies dealing with inflationary effect on the value of naira.

Purchasing power of the naira has been weakened by inflation to the point that the survival of small business is harder than ever. There are speculation in the International Monetary Fund (IMF) quarters that if things do not change there will be eminent collapse of most small business in Africa and other third world countries. It was reported recently that about two thousand small businesses have folded off in the past two years (2013).

In 1986, the federal Government of Nigeria introduced the structural adjustment programme (SAP) since then, the Nigerian business environment has experienced a drastic change. Many small-scale industries have emerged and closed up as a result of the pursuit of structural adjustment programme objective.

However, it is a well known fact that measures of security enjoyed by government departments does not extend to private centres operating under (SAP) face products also affects some retail outlets, since the production of similar products are not possible may be due to lack of capital to import the needed machinery most of the people who are used to the product now diverts to other available ones while most retail outlets may not recognized the shift due to lack of knowledge of marketing research. The marketing research on the market environment is the cause of failure of most store owners. Within the Talata Mafara town. The story is not different except for some well established supermarkets. They survive through the application of some sales and marketing strategies such as discount, gift, product line etc.

1.3      STATEMENT OF THE RESEARCH PROBLEMS

For a long time, various government policies have been introduced to solve then nation’s economic crisis but all to no avail. Rather, things are on the downward trend. It is not easy to control and stop inflation. Inflation is like rain that is falling which no one can stop it, but individuals can introduce measures to survive e.g. getting raincoat, umbrella, etc. It is on this strength that “survival strategies for small business in the period of inflation” is being written. The days when a layman without training in management, manage business are over. It is sad to say that little or nothing has been written on how business can survive the present inflationary raise. This work is not only timely but also imperative for all who want to know the survival strategies for small scale business at these trial periods of inflation. How can we gain advantage over our sales when consumers demand are low? Incompetence” the rest been neglected, 2% fraud, 2% disaster, and unknown risk 2%. These are not far from the situations in Nigeria. The above information filled my interest in understanding to research and write on the survival strategies for small business in the period of inflation.

Inflation has become such an acceptable part of our economic life that its effect is now been overlooked. Banks and financial institutions are being over restrictive in tending policy; interest rates are too high that many small businesses investors cannot borrow money now. Finally, the importance of small business cannot be over emphasised; they form the bedrock of development in every nation. Also, the lack of materials on this subject, the persistent inflationary trend and its negative effect on small business form the basis of this word seen. How can we solve our cash flow problems, what are the secrets of survival in the face of technological and social changes? These and other problems are addressed in this project work.

1.4      AIMS AND OBJECTIVES OF THE STUDY

The aims and objectives of this study is not only to fulfil the departmental requirement for the award of Higher National Diploma, but the study seek to present business owners with survival strategies in the period of inflation the following are the aims and objectives of this research work;

1. It sets the basic management technique for business managers to apply in this turbulent time.
2. It also set out to inform businessmen with necessary tools to prevent business failure.
3. It is hoped that the rate of business failing will drop since many businessmen are not trained in business management field, this study seeks to present or provide them with basic business management information.
4. This study seeks to generate empirical knowledge about the survival strategies adopted by small business outlets in Talata Mafara local Government.

Finally, this work is being carried out with the hope that it will serve as a reference material for students of Higher learning, since nothing has been written up to date on this subject i.e. survival strategies for small business in the period of inflation.

1.5      SIGNIFICANCE OF THE STUDY

The significance of this study cannot be over emphasised. Small business plays a leading role in our economy. The rate of business failure is high, and no one knows when current inflationary trend will be brought under control. Hence, small business managers find the study of great benefit since it addresses the subject of inflation. The effect of their operations and strategies, they will adapt to survival. Also, consumers of goods and services will find the issues discussed very useful, since what business face also affects the individual. The strategies for individual survival are not far-fetched from those of only small business; big businesses are not faced with similar problems. It is the small businesses that survive that will grow into big one. Hence, big business owners will appreciate the strategies given in this work. Government agencies such as national directorate of employment (NDE), the entrepreneurship development programmes (EDP), financial institutions, students of business of high institutions, will find this project a good resource material in their various pursuits.

1.6      RESEARCH QUESTIONS AND HYPOTHESIS

1. What function does small business perform in Talata Mafara Local Government Area?
2. What are the strategies to be use in small businesses during inflation?
3. What are the factors affecting small businesses in Talata Mafara Local Government Area.

1.7      SCOPE AND LIMITATION OF THE STUDY

Small business covers a wide range of business activities. It is not possible to touch all the different type of small business in different parts of Talata Mafara local government such as super markets, bakeries, saloons, block industries, and other service oriented business activities are the basis of this research. Also, the survey is limited to Talata Mafara Local Government Area of Zamfara State. Therefore, the limitation in the area of business activities covered is due to what is obtained in Talata Mafara local government area of Zamfara State. In addition to the above limitation at the time of the project, it was not possible to get the maximum co-operation of the business community. As some of them are suspicious of one motive or they are illiterates. Despite their limitations I have tried to make this work interesting, instructive, practical both in reading and application.

1.8      RESEARCH LIMITATION

The obvious difficulty which seems to be encountered in the research work are as follows:

1. Financial problem: there was no enough money at the researcher’s disposal in which she would have used as transport to visit many areas in the state.
2. Lack of cooperation: it was not easy for the research to get enough information about the business because they were suspicious of the researcher’s intension.

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Full Project – Survival strategies for small scale enterprises in the period of inflation