Date of Conferral
Doctor of Business Administration (D.B.A.)
The lack of strategies for effective financial management has been an impediment to the survival and growth of many small businesses in Saint Vincent (St. Vincent), an island in the Caribbean. Inadequate adoption of strategies by small business owners is a prime contributing factor to small business failure. The purpose of this research was to identify strategies that small business owners use for effective financial management. Institutional theory served as the conceptual framework for this multiple case study. Participants consisted of 4 St. Vincent small business owners who had demonstrated effective financial management strategies in the operation of their businesses. Data collection occurred through semistructured interviews and a review of documentation, which was complemented by the use of member checking to strengthen the credibility and trustworthiness of findings. Three themes emerged through thematic data analysis: (a) strategic accounting practices, (b) set patterns, and (c) financial planning. Prudent accounting practices and sound financial planning are to be standard adoption by small business owners to have effective financial management. A conclusion, based on study findings, is that identification and implementation of effective financial management strategies may increase small business success, potentially resulting in growth in the number of small businesses in St. Vincent and an improved economy. Subsequent positive social change for Vincentians may include poverty reduction, lower unemployment, and a diminished crime rate.