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Strategic Planning and Small Firm Growth: An Empirical Examination

Author

Listed:
  • Branka Skrt

    (Chamber of Craft of Slovenia)

  • Bostjan Antoncic

    (University of Primorska, Slovenia)

Abstract

Strategic thinking is important for small firms in the time of global competition, technological change and increased dynamics in markets. Even if many entrepreneurs do not formulate business plans, the strategic planning and systematic decision-making can be considered a key determinant of survival and success of small firms. The paper examines the relationship between strategic planning and small firm growth in terms of empirical analyses that include various strategic planning elements, which have not been given enough attention in past research. Seven hypotheses on the relationship between strategic planning and growth are developed and empirically tested by using data collected via questionnaire from 114 Slovenian smaller firms. The study has practical implications. Entrepreneurs need to be aware that strategic planning practices, processes and techniques can be beneficial for growth of the firm. In order to enable their firms to grow, entrepreneurs may like to consider exactly formulating vision and strategy, incorporating the elements of internationalization and networking in the firm vision, focusing on growth, profit, and market, among strategic analysis techniques paying special attention to analysis of market and competition, and exactly formulating generic business strategies. All these strategic planning efforts need to be reinforced by practices that follow the key growth and market orientations, and have company-wide support. The key implication of this study for research is that the assessment of the relationship between strategic planning and small firm growth needs to be done across various elements or dimensions.

Suggested Citation

  • Branka Skrt & Bostjan Antoncic, 2004. "Strategic Planning and Small Firm Growth: An Empirical Examination," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 2(2), pages 107-122.
    • Handle: RePEc:mgt:youmgt:v:2:y:2004:i:2:p:107-122
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    Citations

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    Cited by:

    1. Tasssew Woldehanna & Wolday Amha & Manex B. Yonis, 2018. "Correlates of business survival: empirical evidence on youth-owned micro and small enterprises in Urban Ethiopia," IZA Journal of Migration and Development, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 8(1), pages 1-26, December.
    2. Jasna Auer Antoncic & Bostjan Antoncic & Darja Kobal Grum & Mitja Ruzzier, 2018. "The Big Five Personality Of The Sme Manager And Their Company’S Performance," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 23(04), pages 1-23, December.
    3. Nomsa Sisi Majama & Tebogo Israel ¡®Teddy¡¯ Magang, 2017. "Strategic Planning in Small and Medium Enterprises (SMEs): A Case Study of Botswana SMEs," Journal of Management and Strategy, Journal of Management and Strategy, Sciedu Press, vol. 8(1), pages 74-103, February.
    4. Alb Maria, 2015. "Theoretical And Practical Considerations On Financial Autonomy And Balance Local Budgets In Romania," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 239-245, February.
    5. Simon Kamuri, 2022. "Understanding entrepreneurial vision for growth, innovation and performance in Kenya’s leather industry," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 12(1), pages 119-130, December.
    6. Ankur Roy & Chandra Sekhar & Vishal Vyas, 2016. "Barriers to internationalization: A study of small and medium enterprises in India," Journal of International Entrepreneurship, Springer, vol. 14(4), pages 513-538, December.

    More about this item

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm

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