The following are the results of an interview that was carried out between a researcher and a family member (respondent) who is a successful businessperson and owner of one of the biggest manufacturing companies in the country. A questionnaire was formulated based on four topics of study, organizational assets, organizational liabilities, the sources of organizational success and challenges the interviewee had faced in the operation of his company. The lessons that the interviewer and interviewee learned throughout the interviewing process.
On the topic of organizational assets, the interviewee was asked how he managed his company. He responded that he ensured that the machines, tools, vehicles and any other useful equipment used in company activities were in good condition. In case of any damages, he replied that he ensures that all repairs were made in time to ensure that company operations were not brought down. On being asked how he used the assets at his disposal effectively, he answered that his employees made varied contributions with their different knowledge and skills to perform company tasks and projects. Asked what his main motivation was, he answered that he had a clear vision for change and created strategies to help in its execution. On being asked what the cost of acquiring assets was, he answered that it included the time spent deciding what equipment to buy and who to recruit to work with those equipments. On being asked the challenges he faced in managing his assets, he responded that computers and company equipments required a lot of money for servicing and often needed upgrading which is costly. He also gave the response that training staff on the use of new computer software was costly than buying the software itself. He added that the company needed high level of maintenance and if left alone, it would deteriorate.
Asked the type of liability that he though benefited his company, he answered that he preferred short-term bank loans, as they had to be paid within a period of one year. Asked what changes and effects liabilities had on a company, he answered that they helped boost a company whenever it was faced with capital challenges. The interviewer needed to know the steps taken to limit organizational liabilities, the interviewee answered that they needed to ensure that the staff worked towards achievement of company’s goal, which is to bring high returns or profits for a company and with efforts from workers liabilities are limited.
The Sources of Success
The respondent gave the following sources of success; anchoring of changes in a company by including change values and ideals when recruiting new staff, ensuring that employees are satisfied with their salaries or allowances, good employer-employee relationship and good communication skills among workers. He also added that a company needed to keep with the pace of the competitive world, update its goods and services, as well as remove obstacles to facilitate change.
The Sources of Failure
On questions about the sources of failure for his company, he answered that poor administrative services and poor supervision of cash flow lowered the company’s output, which arose from high debt rates, inadequate credit control, late invoicing, poor accounting practices and poor planning of expenditure. He added that lack of management control, which resulted from failure to develop a business plan, could cause difficulties in conducting company’s activities. Asked if inadequate financing was a major challenge for businesses, he responded that if a company opted for short term overdrafts for long term acquirement of capital, it was likely to incur loses. On being asked on the possible solution to those challenges, he answered that management had to control the decision making process and seek advice where necessary.
Lessons Learned by the Interviewee
The interviewee learned that for his business to succeed, he needed to make changes in the management department. He also got the idea that loans could bring the untimely end of a company. To avoid failure, re-investing and saving his profit was the solution. He also needed to recruit skilled employees and examine all opportunities that could be exploited. He also needed to request support from stakeholders, customers and industry people to help achieve the company’s goals.
Lessons Learned by the Interviewer
The interview was important since it helped the interviewer to learn why change is essential for business survival. The interviewer became familiar with the major causes of business success and failure and the ways to handle difficult situations in a company. He also learned the effects of liabilities in an organization, as well as the maintenance of organizational assets. The interviewer also learned that change was crucial in facilitating business success.