This article contrasts the theory of strategic planning with actual practice in smaller rapid growth companies. The literature on strategic planning in general and smaller organizations in particular is synthesized into a normative planning structure and framework. The resulting model is then contrasted with actual planning practice within the 500 fastest growing privately held companies (ranked according to percentage of sales increases) in the United States.
Get full access to this article
View all access options for this article.
References
1.
AndrewsK. R. (1980). The concept of corporate strategy.Homewood, IL: Richard D. Irwin, Inc.
2.
CurtisD. A. (1983). Strategic planning for smaller business.Lexington, MA: D. C. Heath & Co.
3.
GilmoreF. F. (1971). Formulating strategy in small companies.Harvard Business Review, 49(3), 97–107.
4.
GoldeR. A. (1964). Practical planning for small business.Harvard Business Review, 43(5), 99–109.
5.
HoferC. W., MurrayE. A.Jr., CharanR., & PittsR. A. (1984). Strategic management: A casebook in policy and planning.New York, NY: West Publishing Co.
6.
MalikF. A., & KargarD. W. (1975). Does long range planning improve company performance?Management Review, 64(9), 27–31.
7.
MoyerR. (1982). Strategic planning for the small firm.Journal of Small Business Management, 20(3), 8–14.
8.
RiceG. H.Jr. (1983). Strategic decision making in small business.Journal of General Management, 9(1), 58–65.
9.
RiceG. H., & HamiltonR. E. (1979). Decision theory and the small businessman.American Journal of Small Business, 4(1), 1–9.
10.
RobinsonR. B.Jr. (1982). The importance of ‘outsiders’ in small firms strategic planning.Academy of Management Journal, 25, 80–93.
11.
RobinsonR. B.Jr., and PearceJ. A.II. (1983). The impact of formalized strategic planning on financial performance in small organizations.Strategic Management Journal, 4, 197–207.
12.
RobinsonR. B.Jr., and PearceJ. A.II. (1984). Research thrusts in small firm strategic planning.Academy of Management Review, 9, 128–137.
13.
RobinsonR. B.Jr., and PearceJ. A.II. (1985). Strategic management: Strategy formulation and implementation.Homewood, IL: Richard D. Irwin, Inc.
14.
RueL. W. (1973). Theoretical and operational implications of long range planning on selected measures of financial performance in U.S. Industry. Unpublished Doctoral Dissertation, Georgia State University.
15.
SextonD. L., and Van AukenP. M. (1982). Prevalence of strategic planning in the small business.Journal of Small Business Management, 20(3), 20–26.
16.
ShumanJ. C., SussmanG., & ShawJ. (1985). Strategic planning in smaller rapid growth companies.Long Range Planning, 18(6), 48–53.
17.
SmithG. D., ArnoldD. R., & BizzellB. G. (1985). Strategy and business policy.Boston, MA: Houghton Mifflin Company.
18.
StillT. W. (1974). An exploratory investigation of strategic planning behavior in small firms. Unpublished Doctoral Dissertation, Florida State University.
19.
ThompsonA. A.Jr., and StricklandA. J.III. (1984). Strategic management: Concept and cases.Piano, TX: Business Publications, Inc.
20.
ThurstonP. A. (1983). Should smaller companies make formal plans?Harvard Business Review, 61(5), 162–188.
21.
VanKirkJohn, and NoonanKathleen. (1982). Key factors in strategic planning.Journal of Small Business Management, 20(3), 1–7.
22.
WelshJ. A., and WhiteJ. F. (1981). A small business is not a little big business.Harvard Business Review, 59(4), 18–32.
23.
WoodD. R.Jr., and LaForgeR. L. (1979). The impact of comprehensive planning on financial performance.Academy of Management Journal, 22, 516–526.