By Abiola Ayankunbi
Media business feasibility study is faced with multiplicity of problems. Some of these problems are related to the preparation of feasibility reports, some are also related to uses made of feasibility reports, while others are perceptual problems.
Abiola Ayankunbi
The first problem relates to data collection. Reports are based on unreliable statistical data of the past. Limited information has hampered the sanctity of feasibility reports. Also, data collection from the field are error prone because of bad record keeping and systematic response biases. High cost of conducting feasibility study is a militating factor. Cost depends on several factors such as project size, work scope, professional competence of consultant, length of investigation, and the need to crash the investigation. The time set for the conduct of feasibility study is always too short. Facts and honest investigations may not be collected and conducted within a very unreasonable short time.
It will be recalled that virtually all the media firms claim to belong to Audit Bureau of Circulation (ABC) but their circulation figures are not readily available or accessible. And when they are available, the figures are always inflated just because the real figures are abysmally very low. Whenever an independent research firm comes up with circulation figures, media managers are very quick at debunking such without laying all the facts on the table.
Implementation of what is contained in a feasibility report is also hampered by many factors. These include emergence of fresh problems not contemplated in the report, non-participation of outside consultant in the implementation process, changes in government sicio-politico-economic policies, preemptive and retaliatory pressures from competitors, technological changes, abandonment of feasibility study reports by the implementers, refusal of operators to be guided by the report prepared by an outsider.
Abiola Ayankunbi
Total performance of the project must be evaluated to see whether it is conforming with the forecasts. There may be serious divergence between the forecasts and the actual as a result of various changes. Managers of new ventures may lack various techniques for evaluating implemented projects towards desired success.
Most of the feasibility study consultants are quacks who pirate existing and fine-tune its contents to suit their intended purposes. Reports cooked up in this way often lack reliability and validity. Apart from quacks, so called experts feasibility study consultants may act unprofessiinally by not being honest or loyal to the professional organisation, faithful to the profession and maintaining integrity and justice to all. Consultants are also usually not lucky to have devoted, compatible and companionable experts’ partners or workers. The best way is to have consultants from different backgrounds (journalism, production, marketing, accounting, administration, etc) in the industry instead of over concentration on news gathering alone.
Most indigenous media venture often view the conduct of feasibility study as a waste of money or as not germane to the business. Sometimes they view feasibility study consultants as “hungry lots” or as disguisedly employed or as peoole who are milking on the society. Low recognition given to feasibility study has also contributed to ineffectiveness in the conduct of the studies as the conductors lack courage and attractiveness.
There is the problem of scarcity of feasibility studies experts. Where available, they are confined to urban centres or state capitals. Feasibility studies consultancy requires professionals with different academic or educational backgrounds to come together to work together as a team. In Nigeria, few schools teach the principles and practices of feasibility studies. In most cases, the principles are taught very loosely as a topic within a syllabus. Schools that teach the concepts sometimes fail to translate the theory into practice, therefore balance learning skills are not inculcated in the process. There is the need for educational, institutional and structueal reforms to push and pull Nigeria on the path of business independence.
Few years ago, two books (Nigeria Media Leaders: Visions Beyond Newsrooms, Volumes 1 and 2) were edited by Richard O Ikiebe. He interviewed many publishers and managing directors of media firms on the area of newspapers operations and how they moved from point A to point B. Regrettably, most of them were evasive as if others will copy them and acquire their markets. This is not too good for the industry.
Media practitioners ought to have written books on the rise and fall of some newspapers. Daily Times dominated the media market many years ago but it is now in a very sorry state. At a point in time, its daily sale was almost a million copies, even when the population was very low. Presently, at no point has all the newspapers’ daily sales equalled a day sale of the then Daily Times. Also, Champion newspaper dominated the eastern market in the past but its daily print run is less than 1,000 copies. This is besides the fact that it is on and off the newsstands. We need to know what went wrong so that lessons can be learned. How did Punch move from its insolvent status to its present state? Documentation of events leading to rise or fall of a media firm should be positively reinforced.
In conclusion, feasibility study is at low ebb in Nigeria perhaps because of our stage of underdevelopment. This has affected all facets of the economy; media industry inclusive.
…Ayankunbi is MD/CEO at AbingMO3 Marketing Management Consultancy
0802 305 1315
abiolaayankunbi@yahoo.com
