The paper contains an empirical analysis of the strategy processes followed by new small firms to achieve speedy growth and success. It draws upon new evidence gathered by face-to-face semi-structured interviews with the owner-managers of such firms. These interviews followed an agenda which investigated firm strategies in terms of environmental scanning, strategy formulation, strategy implementation and evaluation and controls. The paper appeals to 17 case studies of firms, constructed within this framework. Cluster analysis is used to split firms into groups of high, medium and low performers, using measures of growth, profitability and productivity. This primarily qualitative analysis is augmented by longitudinal quantitative evidence from the 150 firms from which the sub-sample of cases was selected. Thus qualitative work is supported by statistical inferences from the larger dataset. The new empirical evidence supports the main hypothesis that even very young firms, who use proactively formal strategic planning, will tend to perform better than those who follow, for example, a more 'visionary' or reactive approach to running the business.
