Date of Conferral
2023
Degree
Doctor of Business Administration (D.B.A.)
School
Business Administration
Advisor
Elisabeth M. Musil
Abstract
AbstractSmall businesses in the United States experience a higher failure rate than medium-sized and large corporations. Small business owners without successful strategies to sustain their businesses may fail. Grounded in the McKinsey 7S model, the purpose of this multiple case study was to explore strategies small general construction contractor business owners use to sustain their businesses beyond 5 years. The participants were three small general construction contractor business owners within Miami, Florida, who sustained businesses for 5 years. Data were collected using semistructured and audio-recorded face-to-face interviews. Through thematic analysis, four themes emerged: (a) creating strategies for a solid customer base, (b) employee skills training, (c) creating leadership strategies, and (d) creating strategies for financial stability. A key recommendation for small general construction contractors is to develop emergency fund strategies to increase their cash flow in case of a business emergency, pandemic, or economic crisis. Small business leaders should also maintain ongoing training and development to develop employees with the skills necessary to produce quality work and seek entrepreneurial prospects. The implications for positive social change include the potential to create job opportunities and establish training programs for unskilled workers, which may enhance the quality of life within the local community.
Recommended Citation
Watson-Wilkin, Kathleen A., "Effective Strategies for Small Business Sustainability" (2023). Walden Dissertations and Doctoral Studies. 11877.
https://scholarworks.waldenu.edu/dissertations/11877
