Strategies to Enhance Financial Efficiency of Small Businesses During Protracted Periods of Economic Disruptions

Small business leaders without effective business strategies are at a higher risk of business failure. In fact, the majority of minority-operated businesses will fail within the first five years of operation because they lack sustainable business strategies. Grounded in the competitive advantage theory, the purpose of this qualitative pragmatic inquiry study was to explore and identify effective strategies small minority-operated trucking business leaders could use to financially sustain their businesses during protracted periods of economic disruption. Participants were six business leaders of minority-operated trucking businesses who successfully sustained their businesses during protracted periods of economic disruption. Data were collected using semi-structured interviews and a review of business handbooks. Through thematic analysis, three themes were identified: training, experience, and adaptation, employee turnover and informed employees, and networking and collaboration. A key recommendation is for small minority-operated trucking business leaders to educate themselves and continuously seek effective strategies to enhance their businesses. Implications for positive social change include the potential for existing and future minority-operated trucking businesses to gain valuable knowledge and successful strategies for sustaining their trucking businesses.