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Strategic business planning and success in small firms

Author

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  • Sascha Kraus
  • Rainer Harms
  • Erich Schwarz

Abstract

This paper attempts to identify the degree and the methods of strategic business planning in small enterprises. A broad literature review on strategic planning in small enterprises in entrepreneurship and strategy journals within the last 25 years reveals that strategic planning in small enterprises is still in its infancy, and the reports of its relationship regarding success are not consistent. This literature review serves as a starting point for the development of hypotheses. Using a sample of 248 small Austrian enterprises from various industries, we test if the time horizon of strategic plans, the degree of formalisation, the use of strategic planning instruments and the frequency of control relate to firm performance. We discover that the degree of formalisation has a positive, and highly significant, impact on firm performance. As a result, this paper seeks to provide a new conceptual definition of strategic planning in small enterprises.

Suggested Citation

  • Sascha Kraus & Rainer Harms & Erich Schwarz, 2008. "Strategic business planning and success in small firms," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 8(4), pages 381-396.
    • Handle: RePEc:ids:ijeima:v:8:y:2008:i:4:p:381-396
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    Citations

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    Cited by:

    1. P. Maik Hamann, 2017. "Towards a contingency theory of corporate planning: a systematic literature review," Management Review Quarterly, Springer, vol. 67(4), pages 227-289, August.
    2. Dusica Stevcevska-Srbinoska, 2018. "The Advantages of Budgets: A Survey of Macedonian Legal Entities," Business and Economic Research, Macrothink Institute, vol. 8(2), pages 33-55, June.
    3. Enver Kutllovci, Ph.D & Venet Shala, Ph.D, 2013. "The role of strategic management on small business growth in Kosova," International Journal of Business and Social Research, LAR Center Press, vol. 3(4), pages 87-92, April.

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