A Qualitative Study of the Growth Strategies of Mature Small Businesses

A Qualitative Study of the Growth Strategies of Mature Small Businesses by Racquel T. Thompson-Elliott MBA, Nova Southeastern University, 1993 BA, St. Leo University, 1990 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University October 2016 Abstract Some small businesses have slower growth as they age and have limited strategies to maximize profit, productivity, and job creation. The purpose of this qualitative study was to explore the strategies small business managers use to capitalize on growth opportunities. Area small business managers and support program stakeholders could gain new knowledge to develop effective support for mature small businesses. TwentySome small businesses have slower growth as they age and have limited strategies to maximize profit, productivity, and job creation. The purpose of this qualitative study was to explore the strategies small business managers use to capitalize on growth opportunities. Area small business managers and support program stakeholders could gain new knowledge to develop effective support for mature small businesses. Twenty managers participated in this case study. These managers were from small businesses operating in the state of Florida for more than 5 years with less than 500 employees. The data collection approach included purposeful sampling and semistructured interviews with open-ended questions. In addition, literature on small business growth of policies and procedures was reviewed. The general systems theory conceptual framework was the guide for this study. The thematic approach was used to have the data analyzed using word frequency, text search, and coding. The themes emerging from this study were growth decisions and internal environment, growth decisions and external environment, using alternative growth strategies, heterogeneous growth strategy processes, consulting, researching, and planning growth, accessing support for growth strategies, and overcoming challenges with success attributes. These findings could assist area professional practitioners learn more about the decision making process used by small business managers including the indicators used to measure growth and identify growth opportunities. The findings could also contribute to continued job creation and economic growth of the local community. A Qualitative Study of the Growth Strategies of Mature Small Businesses by Racquel T. Thompson-Elliott MBA, Nova Southeastern University, 1993 BA, St. Leo University, 1990 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University October 2016 Dedication This body of work is dedicated to my mother, Irma Rita Kirton-Thompson who worked 6 days and nights per week to pay all my tuition and expenses so I could be the first in my family to go to college. Her perseverance, knowledge, and generosity provided me an exceptional example to follow. She had always insisted I pursue a doctoral degree. My two children Marco and Serena provided further motivation to be an example for them to pursue their fullest potential and the importance of education. My husband, Dwight and mother-in-law, Georgia have continuously supported me during my doctoral journey. My father, Paul R. Thompson, whose constant pursuit of excellence is inspiring. Acknowledgments I acknowledge the presence of my Lord and savior, Jesus Christ during my doctoral journey. He was my guide and my strength allowing me to persevere through many challenges. I extend my gratitude to Dr. Steve Roussas, my committee chair, for his honest and clear advising. I could not have achieved this goal without his kind and diligent assistance. I thank Dr. Stephanie Hoon and Dr. Kenneth Gossett, my committee members for their hard work and support of my study. My family, friends, and colleagues have provided me much support and kind encouragement over the years, which has motivated me to continue to completion.