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CAUSES OF BUSINESS
FAILURE AND POSSIBLE SOLUTIONS (A CASE STUDY OF UJU PRINTING PRESS, KADUNA)
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE
STUDY
Business is absolutely a complex activity. This is because it
involves a lot of technicalities ranging from the task of planning to control
of such plans in order to achieve the desire objectives of profit maximization.
It is in view of this, that this study is mainly centered on the floating of a
business to a stage where it finds it difficult to keep it’s head above water.
In the late 70s business was in its period of boom, the
economy was doing well at that point in time and the exchange rate was
appreciable within this period. International trade was easy as a result of
lesser trade restrictions and foreign exchange control.
During this period, Uju printing press was a beneficiary of
the prevailing policies such as the importation of papers and other printing
materials. These goods were usually tax free by the agencies concerned, as a
result of the significance the government attaches to the publishing sector and
the clearance procedures at the port were effective and efficient then.
In the late 80’s as a result of the military take-over,
various decrees and policies came into place. The economy became unbearable for
the citizens and their purchasing power became very low, thereby forcing
business not to live up to their required billing. What followed was that industries
started operating on short run, and later businesses started folding up.
The various trade restrictions, VAT policies on goods
imported did not help matters. The result effect of all these, was folding up
of businesses. Against the business affected was then within our locality the
-Uju printing press. The concerns shown people in the locality spearheaded an
agenda to resuscitate the company and prevent it from total collapse.
The process of doing this proved difficult due to the extent
of funds require to source for foreign exchange needed for the importation of
raw materials there were other problems that seem intractable. But the people
and company unite make persistence efforts to resuscitate the company but the
more difficult problems that resulted, Motivated an interest to study the
problems of business failure and the possible solutions.
1.1 HISTORICAL
BACKGROUND OF UJU PRINTING PRESS
Uju printing press is a sole proprietorship business. It is
own by Chief Gabriel O. Uju. It was established on 20th August 1969 and was
situated at V.V.I Lagos/Keffi Street, Kaduna.
Uju printing press was set-up with the objective of providing
the best quality printing jobs to customers at affordable prices and at the due
appointed time. At the early life of the press, it started with letterpress and
binding machine. Namely: Adana,
Letterpress Heidelberg and Cutting Machines.
In the course of expansion, the press relocated to N.C-.3
Oshogbo Road, Kaduna in 1979. The press increased its machineries by purchasing
Rota prints, plate maker, camera, and kond. During this period the press has
increased its area of specialization from letter press to offset printing.
In 1985, the press moved to J.11 main street Badarawa Kaduna
and finally relocated to its permanent site V.V. 15 Nassarawa Road, Kaduna in
June 1993. in its present site, it has acquired additional machines such as
multilith 1850, Stitching machine, computers
and Ruling machines.
This organization is engaged in the publishing of companies
Annual reports, text-books, invoices, Receipts calendars, invitation cards,
Business cards e.t.c. Uju printing press is an organization worthy to be
emulated, Judging by its achievement within the period of its existence. The
organization has render a lot of its services to prominent companies &
government parastatals within this country, among them are: Nitel Headquarters-
Lagos, National electric power authority Kaduna, Kaduna state water board,
Ahmadu Bello University Teaching Hospital, Kaduna, Bayero University Kano, Nice
Top papers industries Kaduna etc.
Below is a sample of what Uju printing press Organizational
chart should look like.
Managing
Director
Press
maintenance
Manager
manager/ engineer
Production
Cashier
Cashier Receptionist
Lithographer printing
section Finishing section
With And And
Apprentices Apprentices Apprentices
Drivers
Gate men
1.2 STATEMENT OF
THE PROBLEM
Business entrepreneurs today are making a lot of efforts in
order to make their investment a perpetual going concern. Every means available
at their disposal are being made available terms of capital base sophisticated
equipments etc so as to meet-business demands and sustain the completive market
environment.
How ever inspite of these tremendous effort businesses are
still failing and these are owing to various factors that pose myriads of
problems.
1.3 STATEMENTS OF
HYPOTHESIS
The following hypothesis has been formulated to serve as a
guide for this study:-
1. That
efficient management of resources could not lead to business failure of _Uju
printing press
2. That
inefficient management of resource could lead to business failure in Uju
printing press.
1.4 OBJECTIVES OF THE
STUDY
This study intends to achieve the following objective
i. To find
out how Uju printing press should operate to avoid failure.
ii. To
examine the implications of government economic policies on the survival or
failure of Uju printing press.
iii. To find
out and how to avoid business collapse with reference to Uju printing press
iv. To examine
the use and control of resources in Uju printing press.
1.5 SIGNIFICANCE OF
THE STUDY
This study is significant in that its will also identify
possible mistakes if any, which could lead to business failure.
It will also point out possible solutions to business failure
with reference to Uju printing press, Kaduna. It will be also investigate some
important factors to be considered before setting up a business and those that
will be implemented in the course of business.
Finally, the study will be useful to the management of Uju
printing press, Kaduna as it will help in tackling the problems militating
against the operations of the company.
1.6 SCOPE AND
LIMITATIONS OF THE STUDY
This study is untaken to find out the fundamental obstacles
of business failure and possible solutions for a sustainable economic
development with a case study of Uju printing press Kaduna. The study is
concerned in the first place with the source of funds available for printing
press firms and then their management system i.e its efficiency; it will
appraise these two factors and provide possible solutions.
The selected firm is a small printing press, it however engages
in different types of activities ranging from supplies, printing contacts and
binding.
The limitations of this study are many, though not
unfamiliar, as every project work deals with such limits, it includes the
following:-
i. The time limit
for the submission of this project will not be sufficient. this is due to the
compressed academic calendar that makes up a semester during which the research
work is being made.
ii. In adequate
finance.
iii. Lack of full
co-operation from officials/workers of Uju printing press whose views are
important to this topic. Despite these difficulties it is the hope of the
researcher that this study will be of value to future researchers and also
printing (private) operators.
1.7 DEFINITIONS OF
TERMS
This is an attempt which is aimed at
explaining and defining of terms and abbreviations used according to the
meaning of the contexts. Such terms includes the following:-
a. LIQUIDATION:-
This is a process where a company can no longer Maximize profit and is
being forced to wind up.
b. OVERHEAD COST:-
These are the cost incurred as a result of involvement in production of
goods and services.
c. WORKING CAPITAL:-
This is the amount set aside for the
running of the business.
d.
MANAGEMENT:- The
authorities that are concerned with
decision making
e. CASH BOOK:- This is a principal book account
used for
reading
business transaction.
f. CAPACITY:- Ability to hold, contain, get
hold of,
learn Things, qualities ideal etc.
g. EFFECTIVE:- Is the ability to produce good
result, the
power to achieve desire goal
or
objectives
h. EFFICIENT:- All the means or ways use in
producing
a desire to satisfactory result.
i. ENTERPRISE:- A business unit that needs courage
on
that offers difficulties.
j. PROBLEMS:- Difficult situation, question, a
question
proposed for
solution or discussion.
k. OBJECTIVE:- Are the goals, aims, and
missions,
desire targets that an organization must
accomplish in other to stay in business.
l. PLAN:- Forecast, an action,
method or
programme worth out before hand. To draw
or desire a plan for Generally plan are goals and
objectives which in
organization seeks to seeks not
to
achieve which an organization seeks to achieve in executions of
its
responsibilities.
m. RULE OF
THUMB”- Something that is the usual
practice
habit.
n.
MOTIVATION:- Incentives that propel or arouse one
to
put in more effort.
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