*Chairman, Department of Economics, Bahauddin Zakariya University, Multan, Pakistan
**Lecturer, Economics, Government College of Science, Multan, Pakistan
***Finance Manager, Wide Polymers International, Oman
****Evaluation Officer, Social Welfare and Bait-ul- Mal Department, Lahore, Pakistan
During the last several years, a lot of attention has been paid on the role of strategic planning in small business. Even academicians and researchers continuously emphasized on the merits of strategic planning. The literature on strategic planning in small business suggested that small firms should use strategic planning as an important tool to enhance the performance of firm. Strategic planning has a great influence on the growth of company and it can also help in maintaining the existing capacity and size of the firm. Therefore, this study will contribute in the present stock of information about strategic planning in small business. Finally, it is found that strategic planning has a significant impact on the overall performance, growth and production of a small business. Strategic planning is significantly and positively related with financial success of a firm. Further, the level of uncertainty in small business can be reduced by planning activities.
Strategic planning, performance, small business, small firms, management
