Date of Conferral

2022

Degree

Ph.D.

School

Management

Advisor

Mohammad Sharifzadeh

Abstract

Although small and medium enterprises (SMEs) contribute significantly to Nigeria’s socioeconomic and political development, most of the country’s SMEs no longer operate by their fifth anniversary. Many owners lack knowledge of the financial strategies required for the long-term performance and growth of their enterprise. The aim of this qualitative multiple case study was to gain an in-depth understanding of financial strategies that SMEs owner-managers can adopt to enhance the sustainability of their business operations in Nigeria. This study was grounded in entrepreneurship theory and Porter’s model of competitive strategy. Qualitative data from multiple sources, including semistructured interviews, scholarly works, and observational field notes, were collected. The participants were 15 SME owner-managers who employ fewer than 200 employees within the manufacturing, education, trading, agriculture, and accounting/consulting service sectors. Thematic analysis of data produced eight themes that explained the financial strategy practices of SME owner-managers: using available financing options, entrenching strategic financial practices, adopting effective long-term financial planning, acquiring basic financial and business knowledge, establishing a sound financial reporting system, embracing entrepreneurial resilience, negotiating challenges, and taking advantage of technology. The findings revealed the need for SME owner-managers to be dynamic in their financial strategy practices. By doing so, SME owner-managers may be able to sustain their businesses, which may promote positive social change through job creation, wealth distribution, technological innovation, grassroot development, and enhancement of gross domestic product.

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