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Business planning in successful small firms |
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| Authors: | William H Baker H Lon Addams and Brian Davis |
| Institution: | a William H. Baker is Professor of Management Communication in the Marriott School of Management, Brigham Young University, Provo, Utah, USA b H. Lon Addams is Professor of Management at Weber State University, Ogden, Utah, USA c Brian Davis is Professor of Business Administration, The Willard Eccles Research Fellow and Director of the Small Business Institute at Weber State University, USA |
| Abstract: | Strategic planning has been widely publicized during the last decade, but what has been accomplished by this management activity in smaller, high-growth firms? Business plans have been widely recommended for start-up funding, but we have noted additional uses for business plans in pratice. This article reports methods and results of strategic planning and written business plans in high-growth ‘INC. 500’ firms. In spite of a variety of obstacles, over half of the firms conduct strategic planning on a regular basis. Results of this study show that fast-growth firms develop written business plans as a product of strategic planning, mainly by five key management personnel. Written business plans are used more for internal management purposes than for start-up funding. Finally, the completion of strategic planning is positively associated with a firm's profitability. Based on survey and interview data, this article describes a four-phase model to help ensure effective integration of strategic planning processes and the resulting written business plans. |
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