The impact of strategic planning on entrepreneurial firms in the UK

Abstract

Strategic planning literature suggests that strategic planning is linked to performance of a venture. There have been few studies on how this impacts entrepreneurs in the UK, and few studies regarding managerial characteristics such as gender and educational experience and organisational characteristics such as firm size and industry in the UK. However, they have been found to impact performance, yet little research has been completed with regards to
strategic planning. With entrepreneurial research investigating strategic planning in economic climates different to the UK, it provides a contribution to both entrepreneurial and strategic planning literature and a rational to conduct an exploratory study in the UK.
The thesis discusses the issues in strategic planning and entrepreneurship literature focussing on strategic planning and performance of UK entrepreneurs from the North West. From the literature, 3 main research objectives were identified: Rl: Does strategic planning have an impact upon the performance of a venture? R2: Do entrepreneurial characteristics of gender and educational experience affect the way strategic planning methods are implemented and
venture performance? R3: Do organisational factors such as industry and firm size affect strategic planning and performance? A deductive, quantitative research approach was taken through the use of an online and postal questionnaire survey of 118 male and female entrepreneurs from the North West.
The results found that strategic planning methods have a relationship with firm performance. Specific methods that effected performance were strategic planning tools and emphasis. It was also found that gender and education had a relationship with strategic planning, but they did not mediate the relationship between strategic planning and performance. When looking at
female entrepreneurs ventures, it was found that strategic planning methods, strategic planning tools, time-span, and emphasis had a relationship with firm performance. In male entrepreneur's ventures, industry had a relationship with non-financial performance as well as educational experience and strategic planning. Gender and educational experiences were also found to have a relationship with strategic planning. Firm size did not have a significant
relationship with strategic planning, and had a negative relationship with gender, although it did have a relationship with performance. Industry had a negative correlation with the formality of plans. The research aims to fill the gap in both entrepreneurship and strategic planning literature and provide new exploratory and practical information about the strategic planning practices of entrepreneurs from the North West of the UK.

Date of Award	Jun 2015
Original language	English
Awarding Institution	Bangor University
Supervisor	Azhdar Karami (Supervisor) & Siwan Mitchelmore (Supervisor)