ABSTRACT
The study empirically investigated strategic planning and organizational performance in Nigeria businesses. Specifically, the study aimed at ascertaining the relevance and implication of strategic planning on the performances of business organizations in Nigeria. To achieve this aim, three research questions were raise, and three hypothesis generated. The study population comprised of registered businesses within the Benin metropolis, from which a sample of 100 respondents were selected using the convenient sampling technique. The study adopted a survey research design which entailed the use of questionnaire as research instrument in sampling the opinion of respondents on the subject matter. A total of one hundred (100) questionnaires was administered via pick-and-drop method, to registered businesses within the region. And were duly retrieved and used for analysis. Data obtained from the respondents were analyzed using statistical descriptive mean, simple percentage, and frequency count, while the multiple linear regression and one sample t-test was utilized in testing the formulated hypotheses, via the Statistical package for Social Sciences (SPSS) version20. Findings obtained after due analysis revealed among other things that a statistically significant relationship subsists between strategic planning and organizational performance; given a p-value of 0.00 at <5% level of significance; that businesses perceives strategic planning as relevant in their operations; and the major challenges hindering business’ adoption of strategic planning initiatives among other things are high cost involved in the planning process, misalignment between the company's plan and the business’s objectives or culture, and difficulty in maintaining a long-term vision due to changing market dynamics. Based on the findings, the study recommended among other things that Business organizations should prioritize the development of well-defined strategies, develop a strategic planning process that involves key stakeholders, invest in comprehensive strategy formulation, develop a strategy formulation process that considers market dynamics, competition, and internal capabilities, and allows for flexibility and adaptability, and as well stress the importance of effective implementation, as even the best strategy is futile without proper execution.
