Book Description
Although small and medium enterprises (SMEs) contribute significantly to Nigeria's socio-economic and political development, most of the country's SMEs no longer operate by their fifth anniversary. Many owners lack knowledge of the financial strategies required for the long-term performance and growth of their enterprise. The aim of this qualitative multiple case study was to gain an in-depth understanding of financial strategies that SMEs owner-managers can adopt to enhance the sustainability of their business operations in Nigeria. This study was grounded in entrepreneurship theory and Porter's model of competitive strategy. Qualitative data from multiple sources, including semi structured interviews, scholarly works, and observational field notes, were collected. The participants were 3 SME owner-managers who employ fewer than 200 employees within the agriculture sector. Thematic analysis of data produced five themes that explained the financial strategy practices of SME owner-managers: using available financing options, entrenching strategic financial practices, embracing entrepreneurial resilience, negotiating challenges, and taking advantage of technology. The findings revealed the need for SME owner-managers to be dynamic in their financial strategy practices. By doing so, SME owner-managers may be able to sustain their businesses, which may promote positive social change through job creation, wealth distribution, technological innovation, grass-root development, and enhancement of gross domestic product.