Date of Conferral

2020

Degree

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

School

Business Administration

Advisor

James Glenn

Abstract

Lack of effective financial management control strategies results in many small business entertainment owners (SBEOs) failing within their first 5 years of operations. Without strategies to develop and maintain adequate financial management controls, SBEOs may lose market share and potentially go bankrupt, which would result in the loss of jobs and income for employees. Grounded in the mental budgeting theory, the purpose of this qualitative multiple case study was to explore financial management strategies successful SBEOs use to improve productivity and profitability to sustain business operations beyond 5 years. The participants comprised 4 successful SBEOs in Northern Virginia who effectively used financial management strategies to improve productivity and profitability to sustain their businesses beyond 5 years. Data were collected from semistructured, face-to-face interviews, and company documents. Thematic analysis and Yin's 5-step process were used to analyze the data. Three themes emerged: financing and financial management strategy, implementation of accounting and business management software, and diversifying income resources. A key recommendation is for SBEOs to develop a financial tracking system to ensure accounts are kept up to date. The implications for positive social change include the potential for SBEOs to increase employment rates, increase personal incomes, and improve the communities’ economic health and unity among established entertainment companies.

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