Date of Conferral
Doctor of Business Administration (D.B.A.)
Small and medium-sized microbusinesses accounted for the majority of net new jobs in the United States between 2000 and 2018. Yet a high percent of microbusinesses have exited the market due to business failure. The applicability of the findings from this study may positively influence small business owners seeking strategies that enable small business success. Grounded in entrepreneurship theory, the purpose of this qualitative multiple-case study was to explore financial management strategies microbusiness leaders use to sustain their business success beyond 5 years. The participants comprised 3 small business owners in Virginia with sustained businesses beyond 5 years. Data were collected from face-to-face, semistructured interviews, and reviews of organizational documentation. Data were analyzed using thematic analysis. The results of the data analysis revealed 4 themes: innovation, environment, customer service, and advertising and branding. A key recommendation is that small business leaders use innovation as a strategic managerial tool to increase profits and sustain business longevity. The implications for positive social change include the potential to provide microbusiness owners with strategies they can use to improve the image of their companies, attract new customers, and satisfy existing customers. A focus on microbusinesses growth and sustainability can positively affect the economy through the creation of more jobs and increased profitability.