Although or formal knowledge. Taking these scenario as base,

Although it is a widely accepted
notion that every company should apply the formal strategic decision making techniques
in their enterprises irrespective of its size, yet absence of proper strategic
planning is one of the major concerns for startups and small enterprises. Most
of the standard concepts of strategic decision making is generic and can be
applied across organizations of different sizes. However, Small organizations
normally employ less experienced resources, have limited know-how of the market
strategies, and have amateur policy making body. Therefore, proper and
effective strategic planning is often limited or absent in such organizations. This
lack of proper implementation of strategic planning can be proven to be one of
the significant reasons for the failure in achieving the projected or expected
success of these organizations. In real time scenario, another weak point of
startups and other small and medium enterprises is the lack of an experienced
top management with strong business and economic knowledge. In most of the cases
the focus of the top management tend to be towards technical solution of
problems rather than focusing on the business or strategic aspect of it. Therefore
implementation of proper strategic techniques take a back seat in the priority
list of these new and small ventures. They are also irregular in publishing
market results, cost planning or any other formal planning for that matter. Additionally,
whatever strategic or business techniques are developed by the top managers of
such companies are done through pure intuition rather than through theoretical
or formal knowledge. Taking these scenario as base, an important question to
address is the value of strategic planning for startups and small and medium
enterprises.

Further, in determining the strategic management
guidelines in the context of the rapid and uncertain changes in the market, one
of the fundamental questions of today’s organization executives is how
strategic decision guidelines should be identified and implemented? 

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