Strategies to Improve the Survival Rate Beyond 5 Years for Small Business in Guyana

AbstractIn Guyana, small business entrepreneurs with less than 25 employees without a success strategy fail at a high rate. These entrepreneurs need to develop strategies to improve survivability beyond 5 years. Grounded in Porter’s five forces theory, the purpose of this qualitative multiple case study was to explore strategies used to assist small business entrepreneurs in Guyana to sustain profitability beyond 5 years. Participants were four business owners in the manufacturing and accounting sectors who sustained their business beyond 5 years of operations. Data were collected using semistructured interviews and a review of organizational documents, including websites and meeting notes. Using Yin’s five-phased cycle, three themes emerged: ensuring customer service quality, competitive strategy, and effective marketing. One recommendation is for manufacturing and accounting services entrepreneurs to personalize customer service, building positive relationships with customers. The implications for positive social change include the potential for successful small business entrepreneurs to create jobs in the local community, thereby helping to alleviate poverty in the community