The rate of business closure in Sub-Saharan Africa has been on the rise. Sufficient underlining reasons behind the closures of businesses have not been adequately established to improve organizational success. This research investigates the risk factors and concurring issues affecting business survival in Sub-Saharan Africa, case study, Cameroon with attention to the Northwest Region of Cameroon. The objectives were to (a) determine the factors influencing sustainable business growth in general; (b) determine the strategies adopted by business owners in the region that enable their businesses to survive; (c) assess the challenges leadership faces in running its businesses; (d) assess the causes of continuous business closures in Sub-Saharan Africa. The sample size was 213 determined using the fisher’s formula from a total population of 10,000 business operators. Using a quantitative case study snapshot investigation with the aid of the questionnaire, the results indicated several factors for business improvement, top of which are (a) Leadership knowledge on business; (b) skills transfer; (c) customer care; and the academic level of business personnel indicated at 10% significance that led to business growth. Strategies adopted for business survival indicate were (a) introduction of new and unique products/ services, especially for education and health businesses (69.5%); (b) reduction of prices of goods to sell more products. High-interest rates on loans and difficulty in managing personnel (68.1%) were the most significant challenges business operators face. (a) Government Policies (62%). (b) Lack of financial resources; (c) Limited material resources; (d) late adoption of new innovative technology were the main factors that impede business growth in Sub-Saharan Africa. The study’s significance is that the application of the experimental factors would lead to sustainable business success in Sub-Saharan Africa.
Business growth; sustainability; challenges; leadership.
Nyuonguo Kenneth Nsom
08 November 2023 15:41