Business survival strategies: evidence from an emerging market
Nyuonguo Kenneth Nsom, Jet MbogaPurpose
This study aims to evaluate business survival strategies in an emerging market to address the economic challenges faced by firms in the region. The primary objectives are to assess the strategies adopted by firms to survive, determine the extent to which these strategies contribute to business success and identify the sectors that perform best in the region.
Design/methodology/approach
A quantitative snapshot investigation was conducted using a structured questionnaire administered to business firms.
Findings
The results of this study reveal that the most significant adopted survival strategies include introducing new and unique products or services (69.5%), decision-makers increasing their academic knowledge of business growth (67.1%), deploying sensitization methods (61.0%) and reducing product prices to boost sales (54.5%). Regarding the effectiveness of these strategies, an average success rate of 42.3% was reported as the highest attained by the firms. Furthermore, analysis of dominating business sectors highlights agriculture (26.2%), health (5.7%), provision stores (5.2%) and construction materials (3.3%) as the top-performing industries in the region.
Research limitations/implications
While this study gives useful empirical insights into corporate survival strategies within an emerging industry, many notable limitations must be addressed. This is the first. Consequently, general, future comparative compared comparative comparative research and exterior investigations. Second, the operational research study, operational research, operational, operational, operational research, operational, operational problems, operational challenges, operational crises, operational challenges. Finally, some categorization boundaries pertaining to company kinds were initially over-grouped or under-estimated, such as presuming that health includes pharmacies and agriculture includes restaurants, even though respondents later recognized these as distinct and different lines of activity.
Practical implications
The findings of this study offer critical, actionable guidance for business patrons, entrepreneurs and organizational leaders operating within volatile emerging markets. Rather than implementing survival tactics selectively, firm leaders should adopt a comprehensive approach by combining and concurrently executing all the assessed business strategies to maximize organizational success. Furthermore, entrepreneurs should strategically prioritize high-performing sectors like agriculture and health while actively re-strategizing to improve resilience in underperforming industries such as education and building materials. At the macroeconomic level, policymakers and governments must intervene by reducing excessively high tax levies on creeping firms to prevent widespread collapse, providing vital subventions to the agricultural and academic sectors and fostering local manufacturing finishing plants rather than merely exporting raw materials.
Social implications
On a broader societal level, the promotion of sustainable business practices and firm longevity directly impacts regional development and economic welfare across Sub-Saharan Africa. Creating resilient businesses drives critical job creation, which serves as a powerful catalyst for alleviating widespread poverty and socioeconomic instability in local communities. Additionally, targeted governmental and economic support for the agricultural sector can drastically boost food production to help feed larger populations, while strengthening health-care operations directly addresses essential public well-being and community survival needs. Finally, fostering localized industrial growth and regional cooperation enables emerging economies to reduce their heavy dependence on foreign-dominated trade structures, building a dignified, self-sustaining and long-lasting industrial future.
Originality/value
This study provides empirical evidence on firm-level survival mechanisms in emerging economies, offering actionable recommendations for business patrons and decision-makers to enhance organizational resilience and long-term success.