This paper seeks to increase understanding of strategic planning in small growth-oriented firms by focusing on what strategy actually means in their everyday business practice. The results of a discourse analysis of 22 interviews with Finnish small business managers show three different approaches to strategy: (1) strategy as an emergent process of reactive problem solving, (2) strategy as a formal planning process, and (3) strategy as a shared process. The results can be used as a starting point in further research to study the impact of strategy on business growth and performance.
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