Strategies to Stimulate Innovation for Improving the Financial Performance of Small and Medium Enterprises
Date of Conferral
Doctor of Business Administration (D.B.A.)
While small and medium enterprises (SMEs) contribute significantly to job creation, failure rates among SMEs within the first 5 years are as much as 40%. Leaders of SMEs could benefit from strategies to effectively integrate innovation into their business practices to avoid financial failure. Grounded in Christensen's disruptive innovation theory, the purpose of this qualitative single case study was to explore strategies leaders of SMEs use to effectively integrate innovation into their business practices to avoid financial failure. The participants comprised 3 business leaders in Trinidad and Tobago with successful experience integrating innovation into their business practices to avoid financial failure. Data were collected from semistructured interviews and organizational documents, such as registration information, image files, event participation reports, product profiles, and company reports. Using Yin's 5-step analysis process to analyze the data, 3 themes emerged: service differentiation enhanced customer satisfaction, intrinsic characteristics promoted an environment of inclusion, and hands-on leadership inspired growth opportunities. A key recommendation is that business leaders of SMEs understand the importance of providing service differentiation to increase customer satisfaction and the firm's financial performance. The implications for positive social change include the potential for SMEs' business leaders to increase revenue and employment, leading to an increase in the local tax base used to improve the community's local services.
Lawrence, Jefferson, "Strategies to Stimulate Innovation for Improving the Financial Performance of Small and Medium Enterprises" (2020). Walden Dissertations and Doctoral Studies. 9762.