Join contributing scholars in their discussion of their doctoral research findings regarding effective crisis management strategies. Doctoral scholars will share current research and their words of wisdom regarding what we have learned from various crises within the current generation as global discussion continues to shape the business landscape. Are you in the know regarding the most up-to-date and effective strategies in your field of study? Come join us to be part of the conversation of future success in business leadership around the world.
According to the Small Business Administration (SBA) (2020), 50% of businesses fail within the first year, and 95% fail within the first 5 years. The reasons have nothing to do with the business’s product or service but rather a lack of risk management strategies to sustain the businesses. The contribution of small retail businesses to the U.S. economy, and local economies, in particular, creates a need for retail business owners to develop strategies to sustain their business. In this chapter of the Refractive Thinker®, the author presents an overview of creative strategies that might improve sustainability. The author shares findings to enhance profitability, productivity, and sustainability from 10 qualitative interviews conducted with retail business managers in the United States who worked in the retail business for a minimum of 2 years. The data analysis findings indicated that effective communication with suppliers, effective marketing strategy, adequate cash flow management, and risk management training enhanced sustainability.