Business Planning Strategies to Sustain Hair Salons

Small businesses employ most Americans in the workforce; however, more than half of small businesses fail within the first 5 years of operation. Small business owners who lack business planning strategies are at a higher risk of failure. Grounded in the sustainable activity model, the purpose of this multiple case study was to explore strategies hair salon owners used to sustain their business beyond 5 years. The participants comprised seven hair salon owners in the Southern region of the United States who successfully sustained their business beyond 5 years. Data were collected from semistructured interviews and reviews of organization documents and websites and then evaluated using Yin’s five-step data analysis process. Three themes emerged: (a) marketing, (b) cash management, and (c) creation of a good business plan. The key recommendation is for hair salon owners to establish and implement business plans to obtain funding sources to prevent business failure and sustain future growth. The implications for positive social change include the potential for hair salon owners to increase employment opportunities and increase tax revenue to enrich the community

Effective Competitive Strategies of U.S. In Vitro Device Manufacturers

Medical manufacturing leaders struggle to maintain their competitive position due to inefficient business strategies. The purpose of this multiple case study was to explore strategies that in vitro diagnostics (IVD) medical manufacturing\u27s leaders have used to gain and maintain a competitive advantage in the global marketplace. Porter\u27s competitive advantage theory was used to understand how IVD medical business leaders maintain their competitive edge. Data were gathered through interviews with a purposive sample of 3 IVD medical device leaders from companies in California, Connecticut, and New York who had run IVD medical businesses for at least 10 years and who attended a 2014 medical exhibition in Dusseldorf, Germany. To reduce the risk of bias in measurement, triangulation methods included a literature review and intensive analyses of the interview responses, participant observation notes, company websites, and organizational records. Data were analyzed using thematic analysis to find essences of the participants\u27 perceptions. The themes were derived from coding and the number of references coded during the data analysis. Eight themes emerged representing strategies for improving competitive advantage: customer support; marketing, e-marketing, and branding; competitive collaboration; quality; cost structure; regulation; innovation; and information technology. The 8 general themes have been divided into 3 categories: cost leadership, differentiation, and focus strategies base on Porter\u27s competitive advantage theory. Results can help U.S. IVD organizational leaders develop strategies to thrive and secure market advantages, which could provide the resources for creating new products and increasing employment opportunities