Formalized Planning in Small Business: Increasing Strategic Choices

Lloyd Baird · Marjorie A. Lyles · J. Burdeane Orris

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Strategic Planning and Analysis Business Strategies and Innovation Management and Organizational Practices

Abstract

A study of 188 small businesses was conducted to examine three distinct relationships in the planning process planning formality in relation to strategic decision processes, planning formality in relation to the strategies adopted, and planning formality in relation to firm performance. The results demonstrated that firms with formal planning emphasized more aspects of the strategic choice process, adopted a wider range of competitive and cooperative strategies, and grew more rapidly than did non-formal planners.

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References

1984The Comprehensiveness of Strategic Decision Processes: Extension, Observations, Future Directions 1988Planned patterns of strategic behavior and their relationship to business‐unit performance 1982Challenging Strategic Planning Assumptions -- Theory, Cases and Techniques 1984Research Thrusts in Small Firm Strategic Planning 1987The Tenuous Link Between Formal Strategic Planning and Financial Performance 1988Planning and financial performance among small firms in a growth industry 1986Planning and financial performance of small, mature firms 1986MULTI-OBJECTIVE ASSESSMENT OF EFFECTIVENESS OF STRATEGIC PLANNING: A DISCRIMINANT ANALYSIS APPROACH.

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2006Strategic planning in smaller enterprises – new empirical findings 2009Determining stakeholders for feasibility analysis 2005Longitudinal Analysis of Relationships between Planning and Performance in Small Firms 2004Critical competitive methods, generic strategies, and firm performance 2014Linking Processes and Dynamic Capabilities of International SMEs: The Mediating Effect of International Entrepreneurial Orientation

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