Businesses fail due to poor planning, management- CAC
By Lucy Ogalue
Mr Hussaini Magaji, Registrar-General, Corporate Affairs Commission (CAC), says most businesses fail due to poor planning and management.
Magaji, represented by CAC’s Director of Compliance, Justine Nidia, said this during the 2023 CAC Management Retreat held in Keffi, Nasarawa State.
The News Agency of Nigeria (NAN) reports that the theme of the event is “The Role of Corporate Affairs Commission in Promoting Investment and Economic Development,”.
Magaji said, ” available statistics, however, indicate that 20 per cent of new businesses fail in the first two years, 45 per cent in the first five years and 65 per cent in the first ten years.
“Only 25 per cent of new businesses survive for fifteen years and above. This is usually due to poor planning and management.
‘”Going forward, therefore, it is expected that the Commission will ensure proper management of businesses to avoid mortality rates.”
Magaji said by doing this, CAC would not only ensure promotion of investment by ensuring seamless registration of new businesses but also new businesses would be nurtured to become multinational corporations.
According to him, the retreat as a management tool provides an opportunity to withdraw from the crowd, focus or refocus on the desired future, and how to get there.
Mogaji said the dynamic vision of CAC was to be a world-class Registry, adding that the global reality was that this generation’s luxuries are tomorrow’s generation’s needs.
He said it was, therefore, imperative as individuals and organisations to be adaptable to change, particularly change in technology, if we are to be relevant.
“We have witnessed Registry operations move from manual to semi-automation, to full automation and now to online operations.
“Future operations of the Registry are expected to be cloud and artificial intelligence based.
“We should therefore strive hard to invent and reinvent ourselves as individuals and organisations to avoid becoming obsolete,” he said.
The CAC boss said in the future, the commission would ensure speed, cost, accuracy, and timeliness are among important determining criteria for evaluation of global registry.
” I therefore urge all of us to make frank but courteous contributions to discussions that will build the future Registry of our dreams. I wish us a fruitful retreat.(NAN)
Edited by Bashir Rabe Mani
Published By
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Editor/Assistant Chief Correspondent,
FCT Correspondent,
NAN Abuja.
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