In recent years small businesses have contributed to countries economies through increased production and turnover. Growth in small businesses can play a key role in adding value for the economy because growth stimulates employment and wealth creation which contributes to national employment growth and increased output. The small business owner-manager and employees in a growth business also achieve a sense of self-fulfilment and independence. The world is constantly changing as a result of globalisation, increased competition, industry consolidation and technological advancements. Many small businesses are experiencing significant growth problems and are unable to grow beyond micro business stage because they do not have the resources to grow in the ever-changing environment. Owner-managers are still in search of greater assistance to grow small firms and pinpoint factors which guide growth and success. The purpose of this research was to determine the internal factors that contribute to small business growth and understand the growth strategies that can be applied to grow beyond micro-business stage. In-depth interviews for three case studies were conducted. It was found that there appears to be a pattern for growth beyond micro-business stage. It seems that growth beyond micro-business stage can be achieved when there is a positive influence of the internal growth factors on the business. It was also found that there are many small business growth strategies that can be applied to counter balance the negative influences of growth. The research should be of value to ownermanagers seeking insight from what is necessary to achieve growth and what strategies to employ for business growth.
MBA - WBS
Growth strategies, Small businesses, Micro businesses