Sustainability Strategies for Successful Small Businesses

Sustainability Strategies for Successful Small Businesses by Barbara Stovall MBA, Kaplan University, 2010 BS, Kaplan University, 2008 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2018 Abstract Small businesses struggle to survive for longer than 5 years because owners lack knowledge of strategies to sustain financial capital. The purpose of this multiple case study was to explore strategies small business owners used to maintain financial capital to ensure survivability for longer than 5 years. The sample included 3 successful servicerelated small business owners located in the southeastern United States. Systems theory and the theory of entrepreneurship provided the conceptual framework for the study. Data collection involved face-to-face, semistructured interviews and a review of company websites and organizational documents. Member checking enhanced the credibility of the findings. Themes included personal preparation, customer services, and sustaining strategies. Findings may contribute to entrepreneurs’ and small business owners’ knowledge of financial strategies to sustain their businesses for longer than 5 years, which may benefit the overall wealth of the community by increasing employment opportunities, economic growth, and financial stability. Implications for positive social change include providing operation survival practices for new small business owners,Small businesses struggle to survive for longer than 5 years because owners lack knowledge of strategies to sustain financial capital. The purpose of this multiple case study was to explore strategies small business owners used to maintain financial capital to ensure survivability for longer than 5 years. The sample included 3 successful servicerelated small business owners located in the southeastern United States. Systems theory and the theory of entrepreneurship provided the conceptual framework for the study. Data collection involved face-to-face, semistructured interviews and a review of company websites and organizational documents. Member checking enhanced the credibility of the findings. Themes included personal preparation, customer services, and sustaining strategies. Findings may contribute to entrepreneurs’ and small business owners’ knowledge of financial strategies to sustain their businesses for longer than 5 years, which may benefit the overall wealth of the community by increasing employment opportunities, economic growth, and financial stability. Implications for positive social change include providing operation survival practices for new small business owners, business preparation skills, developing and maintaining internal and external customer service relations, and sustaining accessible financial capital. Sustainability Strategies for Successful Small Businesses by Barbara Stovall MBA, Kaplan University, 2010 BS, Kaplan University, 2008 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University August 2018 Dedication The dedication of this study is to my Lord and Savior, Jesus Christ. “I will lift up my eyes unto the hills, from whence cometh my help, my help cometh from the Lord” (Psalm 121: 1-2, KJV). The long toil of strength and guidance is where I found the endurance to persevere. To my daughter, Mariana Stovall, for her unending love, patience, and sacrifice with me throughout this academic journey, thank you. I dedicate this study to the memories of my dear mom, Flora Lee Gleaton, and my dear sister in Christ, Clara Feaster Wagner. One of the last questions spoken to me by Clara Wagner, on January 30, 2018 was “when are you going to be done? ” This was my response “prayerfully, no later than April. ” She died February 1, 2018. Although these two women are no longer here with me physically, their memories and spirit will always remain close to my heart. I miss them so much, as I do the many others: Nancy Moody, Jasmine Benjamin, Cathy Nixon, Jessie Stovall, Leslie Phipps, Elaine McKnight, Beverly Washington, and now James Roy Stovall, Sr. There are a few more names not mentioned who no longer remain here on this earth but are not forgotten. I have learned and appreciated those who are in my life, for “It is even a vapour, that appeareth for a little time, and then vanisheth away” (James 4:14, KJV.) Acknowledgments First, I would like to thank my daughter, Mariana Stovall, once again for sticking with me and editing my work. You had faith that I would complete this journey. Thank you to my spiritual parents, Raymond and Julia Keitt, for their love and prayers. Also, I would like to thank my mentor and supporter, the Honorable Judge Eardell Rashford, and countless other friends and family for their prayers and support. I would like to thank my committee chair, Dr. Karen Mae. Throughout the years we have developed a love and an appreciation for one another. I am so glad I hung in the race and thank you for your support, words of wisdom, and encouragement. Thank you to my second committee member, Dr. Rocky Dwyer for your patience, support, and responsiveness toward my accomplishments. Thank you to my university research reviewer, Dr. Frederick Nwosu for your keen assessment to make sure that my study met all academic requirements; your support was extremely helpful. Thank you to Dr. Judith Blando for the initial editing of my work. I would like to thank Jennifer for her encouragement and checking on me periodically throughout my academic journey. Lastly, thanks to Team Mae for your support and encouragement throughout this academic journey. I could not have asked for a better team to work with than all of you.