Date of Conferral

7-30-2026

Date of Award

July 2026

Degree

Doctor of Business Administration (D.B.A.)

School

Management

Advisor

Patsy Kasen

Abstract

Many small businesses are prone to fail because of ineffective or non-existing financial risk management practices. This problem is important to small business owners because ineffective risk management can hinder financial forecasting, decision-making, and long-term operational sustainment. The purpose of this qualitative pragmatic inquiry is to explore effective financial risk management strategies used by small business owners to identify and mitigate risk to improve financial risk management activities. The conceptual framework was enterprise risk management. The participants consisted of seven service-based small business owners located in Central Maryland who successfully implemented financial risk management practices. Data were collected through semistructured interviews and publicly available documents. Data were analyzed using thematic analysis following the seven-step approach developed by Braun and Clarke, including familiarization with data, coding, pattern identification, and theme development. The three themes that emerged from the data analysis consisted of (a) knowledge management, (b) risk identification, and (c) forecasting. A key recommendation is for small business owners to adopt an integrated financial risk management approach that supports decision-making. This approach may include applying routine reviews, applying governance, and utilizing the proper tools for strategic influence on decision-making. The implications for positive social change include the potential to strengthen small business sustainability and enhance economic resilience within local communities.

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