WHY COMPANIES FAIL AND FOLD UP THEIR BUSINESSES: AN ANALYSIS OF RESPONSIBLE FACTORS.
By Jonathan Odiadi
INTRODUCTION
The complex factors underlying business failure the business world in a dynamic and challenging environment in which companies of all sizes strive for success. However, despite the best intentions and efforts of entrepreneurs and business leaders, failure is always a possibility. Understanding the causes of business failure is an essential part of the learning process for both beginners and seasoned professionals. While every business failure is unique, there are common factors that contribute to such failure. In this investigation, we will examine the multiple causes of business failure and shed light on the complex interplay of internal and external forces that can bring down even the most promising companies.
By examining these factors, business leaders can gain valuable insights and take proactive measures to navigate the complex landscape of business challenges and increase their chances of long-term success. In the following pages we shall examine the factors mostly in Nigeria and short comparative analysis of factors in the United Kingdom, China and United States of America.
STATEMENT OF THE PROBLEM
This situation in which companies fail raises a lot of questions about the sustainability and resilience of organizations. While some companies are able to thrive and dominate their industries, others face a lot of challenges and ultimately crumble under the pressure of it all. Some of these companies used to be massive movers and shakers of their respective sectors with a longevity that could last decades. Then suddenly, or in some cases, gradually, the company begins to run into some serious financial situations or issues that they cannot handle or were simply ignored with the result of it festering into something so severe as to lead to the fall of the company.
According to the “Earth Web” article written by Jason Wise 10thOctober, 2023 the author said that globally about 305 million starts up business are created each year and only 10% survive and become fully fledged business enterprises, while the remaining 90% are unfortunately closed down. There have been so many companies that come up each year be it Sole proprietorship, Partnership and Corporations but not many have survived the highly competitive business industry which a very terrible and has baffled a lot Business Administrators and Scientist. If indeed 90% of established startups fail within 12 months of the establishment, it shows that the environment for business growth and survival is completely hostile and not such as would make a new business to survive in the first place.
CHALLENGES
As in most other parts of the world, there have been several companies in Nigeria that have shut down due to one reason or another in the last few years. Many factors are responsible for the failure of companies. A number of such factors are the focus of this paper. In many regards, leadership problems, mismanagement, funding challenges, lack of innovations, poor branding, harsh policies and regulatory environment, etc. These factors singly or in combination operate to kill companies literarily.
In one report entitled ‘Companies that shut down over worsening economy’ the case of Mayor Biscuits Company Limited (MABISCO) was highlighted as one of the big companies that have shut down recently. The company was a manufacturing company that produced and sold different food products like Biscuits, Bread, Cereals, Peanuts, Snacks and Sweets. It was established in the year 2016 and was shut down in March 2023. The company was situated in Ogun State, in the Agbara, Industrial zone with state-of-the-art biscuits manufacturing technologies that had a total capacity of 3.5tonnes per hour with access to Shell LNG Gas terminal. The plant has packing machine that have capacity to do 350 packs per minute. This company held a significant 5% of market share in the Nigeria biscuits market, maintaining a strong market presence across the North, West and East regions. A big company like this with over 300 established distributors nationwide shut down? It was not specified but it is believed that due to multiple taxation, insecurity and foreign exchange scarcity and many others may have caused the company to shut down.
This major company was not the only one to close suddenly according to the International Centre for Investigative Reporting (ICIR) published in March, 2022. The report says that “there have been companies shutting down while the government chooses to do nothing”. For example one company promoter set up Errand Products Limited in 2019. His intention was to leverage opportunities in the Nigerian economy but also to create jobs for young people. The company was located at Nwagbala Estate in Nnewi, Anambra State industrial hub. It was established to assemble tricycles (completely knocked-down and semi knocked down) and sell them at a cheaper rate, mostly to youths interested in moving into commercial transportation.
After putting plans together and setting up buildings for it, the company waited for months to import its machines and raw materials but to no avail. The reason was they had no foreign exchange to import them. He said “We could not get dollars to bring in machines and other essential raw materials that we needed,” was what he told the ICIR in a telephone interview He also said that he left the whole thing because it was impossible to continue with the plan.
COMPANIES SHUTDOWN
There have been various other companies that have shut down over past ten years
| COMPANY | YEAR OF CLOSURE | REASONS |
| Phoenix Specialties Nigeria Limited | 2018 | FX, Difficulty In Accessing Raw Materials |
| Technoflex Company Limited | 2017 | Rising Production Cost |
| Evans Medical | 2017 | Bank Debt |
| Kenfrancis Ferms Ltd | 2017 | Fx Pressure |
| GlaxoSmithK Line Nigeria | 2021 | High Production Cost |
| Iso Glass | 2019 | FX, Raw materials scarcity |
| Moak Enterprises | 2021 | Increased cost of raw materials, FX Crisis |
| Louis Carter Industries | 2017 | Increase in production cost, Policy flip-flop, High energy cost |
| Standard Biscuits | 2020 | Poor Operating Environment |
| Nasco Fibre | 2020 | Poor Business Environment |
As already mentioned, Company failures is not restricted to Nigeria, a lot of companies all over the world have faced this situation and have closed down. Some were giants of the business world and have looked as though they will stand the test of time only for their bubble to burst. For example, an American company called Blackberry is no more in operation having shut down. Many youngsters in a generation remember a time during when Blackberry dominated the smart phone industry, having a Blackberry phone or device was as seen as a badge of honor and respect but now it has faded into obscurity because in was not able to adapt to changing consumer taste when the IPhone came with its touchscreen and app store features and so did Google android leaving behind Blackberry.
Another company that failed was Compaq which was a PC manufacturing company in the 1980s and 1990s. The company made some of the first devices known as International Business Machines (IBM) PC – compatible computers by reverse engineering IBM corporation model. Even this was not enough to save the company because the competition Dell another PC manufacturing had perfected a build-to-order PC for consumers which were cheaper than Compaq’s PC model they could not keep up with the price wars and their parent company HP discontinued them.
There are other companies that experienced same fate. These companies- Amazon, Google, EBay, Uber, Yahoo, LinkedIn and Airbnb have all failed in China. According to the Channel News Asia website in an article written by Li Jianggan 21st June, 2023 called “Why do so many Western tech firms fail in China?”. To summarize his position, he said that the reason why these companies failed was because of their arrogance and lack of understanding of the Chinese market and it was hard for them to adjust to the foreign market. Since the companies (especially LinkedIn) did not prioritize the Chinese market, these decisions lead to their failure. There are so many companies in different parts of the world that have failed for one reason or the other, but what this article aims to do is to investigate the reasons behind some these factors that lead to the company’s failures by examining, inadequate leadership, a lack of innovation, inadequate management of risk, brand/image challenges and regulatory control.
LEADERSHIP
Leadership is at the very core of business decision mating and creativity. The entire hierarchy of businesses shows a chain of command from top down each with responsibilities. According to a definition in Tech target it says that “Leadership is the ability of an individual or a group of people to influence and guide followers or members of an organization, society or team. Leadership often is an attribute tied to a precious title, seniority or ranking in a hierarchy. However, it’s an attribute anyone can have or attain, even those without leadership positions. It’s a developable skill that can be improved over time”. Another definition provided by Susan Ward (2023) says that “Leadership is the art of motivating a group of people to act toward achieving a common goal. In a business setting, this can mean directing workers and colleagues with a strategy to meet the company’s needs”. This latter definition captures a key content because as a leader you most motivate your workers to carry out task no matter how tedious or time consuming it is in other to reach company goals and objectives.
It is also clear that leadership motivates the followership in a certain direction. According to Livingston, “Leadership is the ability to awaken the desire to follow a common goal”. This is a curious definition and may be disputed as not exactly true if not in fact vague. To awaken the desire to follow a common objective, it can be argued that you might want to follow a certain objective but your subordinate may not see it the same way so how will you as a leader be able to influence them or motivate them that task they are certain out to do is achievable. However, according to C.I. Bernard, “Leadership is the quality of behavior of the individuals whereby they guide people or their activities in organized efforts”. This statement or definition brings out the content of pointing direction of decision making which leadership is all about, showing that leaders should be able to guide their subordinates to do their task perfectly. Also stated is ‘Leadership is the process of influencing and supporting others to work enthusiastically towards achieving objectives’. Leadership is very important to any organization no matter how big or small it may seem so choosing the right style of leadership is very important on how you want your organization to move going forward.
Leadership Styles
1. Autocratic Leadership: This is when the leader of the company has complete control over the company and the employees have no say in any of the decisions taking place. This style of leadership style is mostly used in the military and dangerous situations, and it has very few takers because it discourages change in the organization.According to Kendra Cherry this leadership style is also known as ‘authoritarian leadership style is a leadership style characterized by individual control over all decisions and little input in group members.’
2. Democratic Leadership: This style of leadership allows the team members and leaders equally contribute to actualizing business goals. They work together and motivate one to achieve set goals and create a positive work environment but it will be more challenging in making fast decisions. According to Jude Burtle80r & Shawn Grimsley this leadership style is also known as ‘participative leadership, allows numerous individuals to participate in an organization’s decision-making process’
3. Bureaucratic Leadership: This style of leadership adheres to the hierarchical structure of the organization; the decision making of the company follows a chain of command that is based on established rules and regulations of the company. This style promotes efficient systems due to clearly spelled out, expectations, role and responsibilities. This leadership has no room for creativity due to it ridged structure. According to Prajaktha Gurung ‘Bureaucratic Leadership can be defined as a system of management that follows a hierarchy where official duties are fixed.’ he also added that ‘Employees in this form of leadership are expected to follow specific rules and authority created by their superiors. Bureaucratic Leadership is based on a clear chain of command, stringent regulations, and follower conformity.’
4. Laissez-Faire Leadership: The term Laissez-Faire is a French word for “Letting people do as they choose”. This style of leadership allows their employees to have free autonomy to make their own decisions and manage their own desks. It allows employees to practice leadership and independence and boosts morale, but it give range inconsistence in performance and reduce productivity in employees that lack motivation. The point was further made thus: ‘Laissez-faire leadership, also known as delegative leadership, is a type of leadership style in which leaders are hands-off and allow group members to make the decisions.’
5. Situational Leadership: This style of leadership is tailored to the approach of the needs of their team or individual members. It’s easy to understand and puts the focus on employees, but frequent shifts in style causes confusion and grading your employees is not easy. According to Judy Wolf ‘Situational Leadership means adapting your leadership style to each unique situation or task to meet the needs of the team or team members.’
Companies must have leaders who are able to influence the employees meet organizational goals, manage the business, and create strategies and plans to meet set goals and objectives and with the right knowledge to understand their market and customers. Entrepreneurial ability speaks to the need and power of leadership as a factor for success or failure of any business enterprise.
INNOVATION
Innovation is regarded as one of the key driving force in business, it has the potential to help make an impact in the business economy, grow the business, help the business adapt to change in customer taste and increase its market share. The benefits of innovation to the business world can never be underestimated which in turn can lead to long term sustainability in company but innovation comes with its own risk as well, before I get into that I would like to explain what ‘Innovation’is. According to an article published by Mckinsey & Company and written by Marc De Jong is a senior partner in Mckinsey’s Amsterdam office, and Laura Furstenthal is a senior partner in Bay Area office, and Erik Roth is a senior partner in the Stamford office, said that ‘in a business context, innovation is the ability to conceive, develop, deliver, and scale new products, services, processes, and business models for customers” and they also said “However you measure it , innovation has to increase value and drive growth”.
Tech target article writing by Mary K. Pratt and Emily Mclaughlin called Business innovation”, it says that “Business Innovation is an organization’s process for introducing new ideas, workflows, methodologies, services or products.” Another definition of ‘Innovation’ that I feel that merges this two together is Indeed Career Guide own explanation. According to the ‘Indeed Career Guide’ written by the Indeed Editorial team, it says that “Innovation is the bringing of new things into existence, usually to solve problems. In business, it means inventing and creating new ideas and products, or taking existing ideas and products, or taking existing ideas and transforming them into something new.”
Innovation starts with an idea and from that idea brainstorming sessions begin to shape and form the idea after which the leaders begin to form strategies to bring the idea to life. Business innovation aids to improve on existing products, services of processes, solve a problem or reach new customers. Like I stated above ‘Innovation’ can be useful to business growth and development but can also certain risk and challenges. Here are a few ways Innovation can harm business:
1. Disrupting existing business models: Innovation can damage existing business models and can leave products, services, or processes obsolete. Companies that can’t adapt to these changes may lose their market share and become irrelevant.
2. Cost and Investment: Innovation is not cheap and requires a lot of capital in research and development, new technologies, acquiring talents to run these technologies, and market testing. If the innovation does gain market acceptance, it would be a financial loss to company and a strain on its resources.
3. Time and resources: companies pursuing innovation can deviate from their original goal, and if not properly managed may lead to reduced efficiency and decreased performance in business
4. Market Uncertainty: there is always that feeling that customer may not accept the new product or service that the companies produced which could lead to financial loss and wasted resources.
5. Intellectual Property risk: Companies that engage innovation may face challenges that engage with intellectual property protection. Competitors may steal their ideas and develop similar technologies and result in market share and competitive disadvantage.
6. Organizational Resistance: Not everyone in the company is willing to make change to the established routine of the company and they are afraid that this change will make some of them loss their jobs in the process, so they will not accept it and try to resist it which will hinder successful adoption of innovation into company’s operations.
Innovation is a double-edged sword that can be used to make or break a company. Despite the risk involved many industries have accepted Innovation into their company’s operation because the benefits from this change may out way the risk involved.
RISK MANAGEMENT
No matter what business you decide to venture into you will always face challenges along the way, even the most successful and well established business face various types of risks in their day to day activities? However the level or type of risk that companies face varies due to the type of industry, business model and specific circumstances. Some of these businesses can minimize the certain risk through careful plan and risk management strategies put in place. According to an article written Marquette University, it says “Risk Management is the continuing process to identify, analyze, evaluate, and treat loss exposures and monitor risk control and financial resources to mitigate the adverse effects of loss”. According to a Tech Targetit says “Risk management is the process of identifying, assessing and controlling threats to an organization’s capital, earnings and operations. These risks stem from a variety of sources including financial uncertainties, legal liabilities, technology issues, Strategic management errors, accidents and natural disasters.” As can be seen in these two definitions the main thing in risk management is the ability to identify the threats it could be Financial, Operational (dealing with the day to day activities of the company), Compliance (Laws, Regulations, Industry Standards) or Legal (Lawsuit, Contract Disputes, Property Infringement). Then the ability to analyze each of these risks and come up with meaningful solutions control it to reduce their loss.
Risk Analysis
Risk analysis is a methodical approach used to identify, assess, and prioritize potential risks or uncertainties that may hinder the achievement of goals or the success of a project, initiative, or business. Its purpose is to evaluate the probability of different risks occurring and their potential impact on desired outcomes.It has also been defined as ‘The process of identifying the risk to system security and determining the probability of occurrence, the resulting impact, and the additional safeguards that mitigate the impact.’
The main goal of risk analysis is to provide decision-makers with a thorough understanding of the risks they face, enabling them to make informed decisions on how to effectively manage or mitigate those risks. It helps organizations identify vulnerabilities, anticipate potential issues, and develop strategies to minimize or eliminate risks.
The process of risk analysis typically involves the following stages:
• Risk Identification: This phase involves identifying and documenting potential risks that could affect the project or organization. It can be done through brainstorming sessions, reviewing historical data, conducting interviews with stakeholders, or using checklists or templates.
• Risk Assessment: Once risks are identified, they are evaluated to determine their likelihood of occurring and the potential impact they may have on the project or organization. This assessment helps prioritize risks and allocate resources accordingly.
• Risk Mitigation: After assessing the risks, appropriate measures are taken to manage or mitigate them. This may include implementing preventive measures, developing contingency plans, or transferring risks through insurance or contracts.
• Monitoring and Review: The final stage involves continuously monitoring and reviewing the effectiveness of risk mitigation strategies. This allows for adjustments to be made as needed and ensures that any new risks are promptly identified and addressed.
By employing a systematic risk analysis approach, organizations can proactively manage potential risks and increase their chances of achieving their objectives successfully.
BRANDING
The way customers perceive a accompany can sometimes lead to the success or failure of the business, so protecting your companies image as you go about your daily activities both inside and outside the company is very important to the brand. It has been defined as ‘the process of creating a distinct identity for a business in the minds of your target audience and the general population. At its core, branding consists of a company’s name and logo, visual identity design, mission, values, and tone of voice.’ According to Angela Dallin “Branding is the act of shaping that perception, which is essential if you want compete in your industry category”. It also says that “Branding is the emotional and psychological connection your customers have with your company, product or service. It is their collective perception and impression”. It says that this statement captures the fuller essence since it can be argued that a brand is more than just a logo or a product but an identity that encompasses the overall perception and impression the customers have about a company, its product or service.
Another definition of “Branding” written by Allie Decker called “What is Branding? Understanding its importance in 2023” it says “Branding is the identity and story of a company that makes it stand out from competitors that sell similar products or services. The goal of branding is to earn space in the minds of target audience and become their preferred option for doing business”. It also says it is the process of creating the brand identity of a company. This process also delivers materials that support the brand, like a logo, tagline, visual design, or tone of voice.
Branding is not just a company thing; also the employees have a brand as well, as an employee of the company it is your job to promote and shape the image of the organization. This is not only a valuable asset but it also makes you a brand ambassador who can influence the perception of the company and bring in new or potential employees to the company. According to an article called “Employee Branding: A strategy to Enhance Organizational Performance”, this is defined ‘as a strategic means to enhance an organization’s growth, originates from the branding theory ideology that emphasizes the strategic use of branding as the basis for a company’s growth rather than just an individual strategy.’
This looks into how employee branding attracts great interest both in theory and in practice. However, current hotel management literature fails to examine the dimensional impact of employer branding on organizational performance through mediating and moderating mechanisms. To fill this gaps the study aimed to aimed to examine the sequential mediating role of organizational commitment, employer brand loyalty, and employee retention between employer branding dimensions and organizational performance. Since this was a quantitative study the methodology they used was sample, data collection and questionnaire design. The finds of their study showed that employee branding had a significant importance to organizational performance (Findings are located in PG, 8).
There is also Personal Branding which is how an individual project, market or presents him/her to others. It involves creating an image for one’s self and how you as an individual consciously projects what you wish people around to see in you, your reputation, values, strengths, skills, and personality in way that sets you apart from others and establishes a strong presence to others. This category of branding has been defined as ‘the process of creating an identity for yourself as an individual or business. This involves developing a well-defined and consistent look, message, and presence online and offline.’
As noted, it can be online or offline but a well-developed brand can make you stand out amongst others in the job market, help attract new opportunities establish credibility and trust with others. Whether you are an entrepreneur, freelancer, an employee, or jobseeker personal branding can be a powerful tool for success in today’s competitive world, how people perceive you and how your position yourself will attract the type of opportunities you seek.
REGULATORY CONTROL/COMPLIANCE
Another factor why companies are failing is because of Regulatory Control. This concept deals with the laws put in place by the government and other agencies of a country or economy that companies must abide by within an industry sectorto carry out their business. These bodies play a very important role in the monitoring and overseeing of the laws, standards and guidelines to ensure the protection of public interest. Examples of some of these bodies are the Central Bank of Nigeria (CBN), National Agency of Food and Drug Administration and Control (NAFDAC), Nigeria Civil Aviation Authority (NCAA), Nigerian Broadcasting Commission (NBC), Security and Exchange Commission (SEC) and Corporate Affairs Commission (CAC) many others. Each of these organizations have their own regulatory bodies but CBN provides the overall fiscal policy that the public and private sector follow.
According to Scispace, ‘Regulatory control refers to the process by which a control body collects data and vital information from institutions, organizes and documents this flow of information, compares and correlates the information provided by each institution, and amalgamates the complied information to produce a set of basic guidelines.’ It also says that ‘these guidelines serve as a reference point for those who havecontributed to the regulatory process or those who are entering the field without prior experience.’ Another definition supporting this is the Collaboris definition which says, ‘Regulatory compliance is the process of meeting regulatory requirements. The regulations are usually enforced by a regulatory body such as government or an industry association to help organizations stay in business and avoid penalties and sanctions imposed by the regulator.’ It also says that ‘Many organizations often overlook the importance of regulatory compliance. As a result, they face penalties and sanctions from regulations. The best way to ensure that you are compliant with regulations is to hire professionals who have experience in this domain.
The challenges Regulatory bodies impose on companies and organization’s is very troubling but these regulations are imposed in other to protect consumer’s interest, to ensure fair competition, maintain safety standards and promote ethical business practices, if companies are able to incorporate these regulatory controls into their strategic plans will be able to mitigate risks and position themselves for long term success, none the less over regulations of the business environment has been known to hinder the growth and survival of some business.
SURVIVING THE CHALLENGES
In other to survive in the business world, companies should be able to adapt to changes, formulate strategic plans, be resilient and show effective decision-making skills. This is easier said than done for so many businesses and companies. However, in other for companies to achieve this fundamental objective of survival, they need to have a number of things in place. One, leadership, that is, leaders who would lead by example; develop a clear vision; build a strong team; delegate task effectively to people who are most suited for the job and to change. The leader should create a place that fosters a culture of innovation, develop a systematic approach to innovation he/she can now encourage new experiments and provide the necessary resources and support for testing and piloting new initiatives. A leadermust be able to develop a risk management plan, identify and prioritize risks, implement risk mitigation strategies and continuously monitor and assess risks. Risk management is an ongoing process that requires vigilance, adaptability and proactive approach.
A company must be able to protect its brand, by delivering exceptional customer experience, building a strong online presence, defining you brand identity, adapt to market change and build brand partnership and collaborations. A company must be up to date on the laws of the country/economy within which it is operating. It must establish a compliance program outlining the policies and procedures of the regulatory bodies, conduct risk assessment and maintain accurate records, train your employees and engage with legal and regulatory experts, monitor the process so that no one deviates from it. These challenges are a part of a business journey, and by stayingproactive it should be able to navigate and reach its business goals and achieve long team success.
CONCLUSION
This article has sought to show that there are various reasons why businesses fail even those who have been in operation for more than a decade can still run into issues that will stomp their viability or get left behind in the ever changing market landscape. An analysis of the factors responsible for failure of companies must of necessity look at Leadership, Innovation, Branding and Risk Management, Brand image and Regulatory control out all the others as already examined here. An effective leader should be able to gather the right people to handle various task in the of company, study the market the consumers taste, the economy, the rules and regulations set in place by the regulatory bodies. There are competitors and rivals who can take over large market shares.
The business world is very competitive; one minute the business is at top or it’s doing well the next it is suffering a lot of blow back. That is why a business owner must lead with foresight in the business and inspires the employees working for you to reach their full potential and come up with unique and creative ways approach problems and do not do any to jeopardize abrand. Where brands are concerned in a highly competitive environment, it is considered a very powerful tool in the business world that can bring in a lot of opportunities. A good brand can keep a business ahead of the pack. Nonetheless, it must be recognized that failure is not a setback but an opportunity to learn and grow.
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