Assessing growth strategies of rapid developing construction firms in Ghana

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The construction industry plays a significant role in any economy and its activities are also vital to the achievement of the socio-economic development goals of providing shelter, infrastructure and employment. The falling standard of construction firms, as a results of high risks which has led to failures coming from the sensitivity of the industry to economic cycles, the high levels of competition and reduced job opportunities. Despite this falls, many firms has manage to strengthen their capacity in the industry, and this study was directed towards investigating the strategies adopted by rapid developing construction firms within the industry. The study focuses of on, identifying growth indicators in rapid developing construction firms, the factors that lead to growth in rapid developing construction firms and to measure the strategic performance of successful construction firm based on identified growth factors, so that reasons for success and failure could be systematically identified. Thus, this will expose best practices for improvement. . A questionnaire survey was conducted among building contractors who were purposively selected to elicit information pertaining to their adopted strategies. The study was carried out along the tenets of a preliminary literature review and followed by a survey using a structured interviews and structured questionnaire. The data collected was analysed using Descriptive Statistics and Analysis, and Relative Importance Index (RII) method. The findings reviews that, rapid developing construction firms employ certain factor in their businesses to grow and enhance competitiveness in the construction industry. These factors include, management practices and the application of strategic management practices. . This study is very useful and helpful for local firms who are planning to increase their capacity and build surviving business strategy.
A thesis submitted to the Department of Building Technology, Kwame Nkrumah University of Science and Technology in partial fulfillment of the requirement for the Degree of Master of Science in Construction Management.