Strategic planning in small high tech companies

Do managers of small firms operating in the turbulent environment of high tech industries bother to plan for the longer term? Is strategic planning in these firms realistic or indeed feasible? This article presents the findings of an investigation into the strategic planning practices of small high tech firms based on UK science parks. Successful small high tech companies do use strategic planning to direct their long term growth and development and their planning processes become more sophisticated as they grow. Companies without strategic planning were led by entrepreneurs who had solely technical skills, the growth of the business was held back and its survival was put at risk by the entrepreneur's rack of strategic awareness. (C) 1998 Elsevier Science Ltd. All rights reserved.