INFLUENCE OF STRATEGIC PLANNING ON ENTREPRENEURIAL SMALL AND MEDIUM-SIZED BUSINESS
INFLUENCE OF STRATEGIC PLANNING ON ENTREPRENEURIAL SMALL AND MEDIUM-SIZED BUSINESS

Summary/Abstract: This article is dedicated to the application of strategic planning in entrepreneurial small and medium-sized enterprises (SMEs). The aim of this paper is the impact analysis of strategic planning on small businesses. The issues of the essence and importance of the development of business strategies and strategic business planning, the definition of the strategic process, the main elements of the strategic business plan, and other issues are considered. Opinions of various authors on the researched issues are presented. The author's opinion on strategic business planning is expressed as a process in which the goals are set and the strategies are defined, including the necessary resources for realization of the vision and mission of the companies and achievement of the expected results in the unsustainable environment and raising competition. Based on the results of a survey of entrepreneurs (owners and managers) of small and medium-sized enterprises in Bulgaria, conclusions are made about the impact of strategic planning on the financial and economic results of enterprises. It is concluded that enterprises in that category, regardless of their size (micro, small or medium), will achieve higher results if their activities are guided by strategic planning documents.

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