Abstract
Abstract:
Organisations are established to address a particular issue of the society and their success or
failure in achieving their set goals and objectives largely depend on both external and internal
factors. Inthis study, sources of failure of small and medium businesses in the construction
industry were examined and remedies that can be implemented to reduce the failures were evaluated.
Data for the study were collected through administration of structured questionnaire on owners of
small and medium construction companies. Itwas revealed that the major causes of small business
failure are lack of financial managerial ability and general administration of the business.
Challenges faced by these firms include inadequate managerial skills and planning, lack of access
to work opportunities, prolonged economic recession, lack of financial skills, competition,
incompetent employees and lack of basic business, technical and pricing skills. Small construction
businesses need to be supported by government and other stakeholders in order for them to be
sustainable and this will also guarantee job security for construction professionals and other
form of workforce employed in the companies. The managers and directors of these firms should
attend and participate in conferences, workshops, seminars and other forms of leadership meetings
within and outside the country to improve their leadership, business and organisation skills.