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.
Baird, I. S., Lyles, M. A., and Orris, J. B. Choice of International Strategies for Small Businesses, Journal of Small Business Management, 1994, 32, No. 1, 48-59.