Ro ia, Paolo
A icle
De eloping a concep ual amewo k o business plan
d a ing: Insigh s om p ac i ione s
Adminis a i e Sciences
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Sugges ed Ci a ion: Ro ia, Paolo (2025) : De eloping a concep ual amewo k o business plan
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Ci a ion: Ro ia, P. (2025). De eloping
a Concep ual F amewo k o Business
Plan D a ing: Insigh s om
P ac i ione s. Adminis a i e Sciences,
15(3), 113. h ps://doi.o g/10.3390/
admsci15030113
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A icle
De eloping a Concep ual F amewo k o Business Plan D a ing:
Insigh s om P ac i ione s
Paolo Ro ia
Depa men o Managemen , Uni e si y o Ve ona, 37129 Ve ona, I aly; paolo. o ia@uni .i
Abs ac : Backg ound: A business plan (BP) is an essen ial ool o companies, suppo -
ing s a egic planning, inancial acquisi ion, and s akeholde communica ion. Despi e i s
impo ance, BP d a ing lacks a s anda dized app oach in bo h academic esea ch and
business p ac ice. This s udy aims o de elop a concep ual amewo k o BP d a ing by
in eg a ing heo e ical pe spec i es wi h empi ical insigh s om p ac i ione s. Me hods: A
quali a i e esea ch design was employed, in ol ing 15 semi-s uc u ed in e iews wi h
expe s om banks, companies, consul ancy and audi i ms, and in es men i ms. Da a
we e analyzed using he Gioia me hodology o iden i y ecu ing hemes and pa e ns in
BP d a ing p ac ices. Resul s: Findings e eal he absence o a uni e sal BP s anda d, bu
highligh common p inciples ega ding s uc u e, au ho ship, and ime ho izons. Mos BPs
adop a s uc u ed ye lexible app oach, combining s a egic op-down guidance wi h op-
e a ional bo om-up inpu . The p edominan ime ho izon is 3–5 yea s, wi h longe pe iods
in capi al-in ensi e indus ies. Ex e nal BP audi ing is uncommon, excep in M&A and in-
es men con ex s. ESG conside a ions a e inc easingly ele an bu inconsis en ly applied.
Conclusion: This s udy con ibu es o he li e a u e by p oposing a s uc u ed BP d a ing
amewo k ha b idges he gap be ween heo y and p ac ice. P ac ical ecommenda ions
a e p o ided o enhance BP quali y and me hodological igo .
Keywo ds: business plan; planning; Gioia me hodology; concep ual amewo k; quali a i e
esea ch; En i onmen Social Go e nance (ESG)
1. In oduc ion
A business plan (BP) is a s uc u ed documen ha ou lines a company’s objec i es,
s a egies, inancial p ojec ions, and o ganiza ional s uc u e (B inckmann & Kim,2015).
While he BP is adi ionally associa ed wi h new en u e c ea ion and und aising (La i i
e al.,2024), i s ole has e ol ed signi ican ly, now se ing as a s a egic ool in a ious
business con ex s. Howe e , schola ly esea ch has no kep pace wi h hese changes, lea -
ing gaps in ou unde s anding o i s b oade applica ion (Dana e al.,2023). As desc ibed
by Wes (1995), a BP p o ides a sys ema ic app oach o add essing u u e challenges by
de ining bo h sho - e m ac ions and medium- o long- e m s a egies.
Despi e i s widesp ead use in co po a e and en ep eneu ial se ings, he academic
li e a u e lacks a well-de ined heo e ical amewo k ha explains he unde lying p inciples
o BP o mula ion, implemen a ion, and impac on business pe o mance. While BPs a e
gene ally pe cei ed as essen ial o na iga ing unce ain y, planning depa men s a e o en
he i s o be downsized du ing economic down u ns (Min zbe g,1993). Some s udies,
howe e , ha e ound a posi i e co ela ion be ween co po a e planning and o ganiza ional
pe o mance in bo h la ge and small i ms (Ackelsbe g & A low,1985;Hamann e al.,
2023). Ye , he e emains a lack o empi ical esea ch explo ing how p ac i ione s—bo h BP
Adm. Sci. 2025,15, 113 h ps://doi.o g/10.3390/admsci15030113
Adm. Sci. 2025,15, 113 2 o 24
p epa e s and use s—pe cei e and u ilize his ool in di e en business con ex s. Despi e
he assump ion ha g ea e o maliza ion in BP d a ing enhances inancial pe o mance,
Wes (1995) cau ioned ha an ine ec i e BP—one ha is o e ly complex, inaccu a e, o
imp ac ical— ails o deli e meaning ul esul s.
The e olu ion o business en i onmen s, pa icula ly in he wake o apid echnologi-
cal ad ancemen s, globaliza ion, and inancial ma ke ola ili y, has u he ans o med he
ole o BP. Beyond secu ing in es men , businesses now use BPs o pu poses such as s a e-
gic planning, co po a e es uc u ing, business expansion, and me ge s and acquisi ions.
Howe e , despi e his shi , schola ly esea ch has no ho oughly examined hese e ol ing
uses o BPs, leading o an academic gap in unde s anding i s con empo a y ele ance.
Gi en he di e se applica ions o BPs, we seek o de e mine whe he a concep ual
amewo k o BP d a ing can be es ablished (Rocco & Plakho nik,2009). I so, wha key
elemen s and co e p inciples should such a amewo k include? Addi ionally, we aim o
explo e how p ac i ione s use BPs in eal-wo ld scena ios and whe he academic esea ch
su icien ly add esses hei p ac ical needs.
To explo e hese esea ch ques ions, we conduc ed a li e a u e e iew (Hiebl,2023)
ollowed by 15 semi-s uc u ed in e iews wi h p o essionals in ol ed in BP p epa a ion
and e alua ion. These esponden s, ep esen ing companies, banks, consul ancy and audi
i ms, and in es men i ms, p o ided insigh s in o eal-wo ld BP p ac ices. Empi ical
esea ch plays a c ucial ole in shaping heo e ical ad ancemen s, as p ac ical obse a ions
o en gene a e new pe spec i es ha e ol e o e ime.
To ensu e me hodological igo and de i e a po en ial BP amewo k, we analyzed
and coded in e iew esponses using he Gioia e al. (2012) me hodology. This in ol ed
1. Iden i ying i s -o de concep s based on pa icipan s’ s a emen s; 2. G ouping hem in o
second-o de hemes o de i e heo e ical insigh s; 3. Agg ega ing hem in o highe -o de
dimensions o a concep ual amewo k.
Despi e i s limi a ions, his s udy con ibu es o he exis ing li e a u e by p o iding
empi ically alida ed insigh s in o BP p epa a ion. Ou p oposed concep ual amewo k
no only syn hesizes key heo e ical pe spec i es bu also in eg a es p ac ical conside -
a ions, illing he gap be ween academic heo y and business p ac ice. Fu he mo e, by
conside ing ecen changes in business en i onmen s, we o e an upda ed pe spec i e on
he con empo a y ele ance and applica ions o BPs.
The emainde o his a icle is s uc u ed as ollows: Sec ion 2 e iews he heo e ical
pe spec i es on BP and highligh s key elemen s o BP p epa a ion. Sec ion 3explains he
me hodology used in his s udy. Sec ion 4p esen s he indings om ou analysis. Sec ion 5
discusses he esul s in ela ion o he exis ing li e a u e. Finally, Sec ion 6concludes
wi h key insigh s, implica ions o schola s and p ac i ione s, and ecommenda ions o
u u e esea ch.
2. Theo e ical F amewo k
2.1. The BP om a Concep ual Pe spec i e
A BP is a documen h ough which a company aces he e olu ion o i s s a egic
ac i i y and ou lines he expec ed economic, inancial, and equi y esul s (Wes ,1995). In
p ac ice, he BP is he main ool used o jus i y he eques o ini ial o addi ional capi al
om banks o in es men unds (MacMillan & Na asimha,1987;La i i e al.,2024). In he
economic li e a u e, ins i u ional heo y and con ingency heo y a e he mos ecognized
app oaches o BP p epa a ion (B ock,1995;Ka lsson & Honig,2009). Acco ding o ins i-
u ional heo y, ins i u ional p essu e (Oli e ,1991) plays a c ucial ole in a company’s
decision o d a a BP ha can, a imes, assume a alue ha is mo e o mal han subs an ial,
especially in less s uc u ed and weake manage ial con ex s (Honig & Ka lsson,2004).
Adm. Sci. 2025,15, 113 3 o 24
The o ces ha lead o he d a ing o a BP can be ei he in e nal (e.g., he en ep eneu ,
manage s, employees, and collabo a o s) o ex e nal (e.g., banks, in es o s, supplie s,
cus ome s, local communi ies, and s a e bodies) (Ka lsson & Honig,2009). Acco ding o
his app oach, a BP is a ool designed o help a company gain legi imacy, de elop links
and communica ion wi h (mainly ex e nal) s akeholde s, and ob ain esou ces (Delma &
Shane,2004). Despi e his, a BP may ne e heless p o e o be an inadequa e ins umen ,
especially i i is no su icien ly upda ed as ma ke condi ions and si ua ions change, o ,
mo e simply, a disc epancy may de elop be ween he de elopmen plan con ained he ein
and he objec i es, as well as s a egies ha a e conc e ely implemen ed (Ka lsson & Honig,
2009;Wa son & McGowan,2019). Such cases cons i u e a si ua ion o loose coupling, in
which he d a ing o a BP becomes me ely a symbolic and ma ke ing ac i i y, allowing
one o espond o ins i u ional p essu es; simul aneously, e e yday business ope a ions a e
isola ed om he cons ain s and o ecas s o he o malized plan (Ka lsson & Honig,2009).
Con e sely, he second heo e ical app oach, con ingency heo y, e ol es a ound he
idea ha al hough he e is no s anda dized and ce ain way o ollow he managemen ools
o a company, make decisions, acqui e inancial esou ces, and o mula e s a egies, he
cou se o ac ion ha is unde aken is con ingen and, he e o e, dependen upon in e nal
and ex e nal ac o s o a ious kinds (Anwa ,2015;B ock,1995), such as he sec o and he
ma ke , cus ome habi s, he s a egies pu sued, and he p oduc li e cycle (B ock,1995).
Mo eo e , acco ding o his app oach, an o ganiza ional sys em mus adap o he con ex
o be e icien , which is possible because he con ingen ac o and o ganiza ional sys em
a e associa ed in such a way ha a change in he con ingen ac o necessa ily de e mines
a change in he o ganiza ional sys em as well. Mo eo e , a good alignmen be ween he
con ingen ac o and he o ganiza ional sys em posi i ely in luences o e all pe o mance.
This also conside s he ou ac o s o he con ex o a business planning sys em iden i ied by
Hamann (2017): he philosophy o managemen and planning, o ganiza ional dimension,
en i onmen al unce ain y, and in e dependence o asks.
The li e a u e on BPs also poin s o a con as be ween he so-called “lea ning school”
and “planning school” (Wil bank e al.,2006). P oponen s o he lea ning school belie e
ha he BP d a ing p ocess is o en a was e o ime and esou ces ha a e being di e ed
om o he uses, such as designing new p oduc s and inding new cus ome s. This s and
o hough suppo s an adap i e app oach o s a egy de elopmen , which can eme ge
wi hou ollowing a o mal and explici ly p ede ined plan (Min zbe g & Wa e s,1985).
This would allow apid ac ion and seizing o eme ging oppo uni ies, e en wi h high
en i onmen al unce ain y, whe e o malized planning wi h p ede ined ac ions could
c ea e in e nal igidi ies (B ews & Hun ,1999;B inckmann e al.,2010;Wel e e al.,2021).
This school o hough has a close ela ionship wi h con ingency heo y.
On he o he hand, he suppo e s o he alidi y and use ulness o a BP (also known as
he planning school) highligh i s po en ial as a s a egic asse ha allows he collec ion and
dissemina ion o knowledge o o mula e s a egies and in ol e s akeholde s. This school
o hough is based on he assump ion ha planning gene ally inc eases he e ec i eness
o he ac ions implemen ed and acili a es he achie emen o objec i es (Delma & Shane,
2003). Mo eo e , planning acili a es communica ion wi h in e nal and ex e nal subjec s
(B ews & Hun ,1999;B inckmann e al.,2010;Ma iani e al.,2019).
Some esea che s ha e a emp ed o b idge he gap be ween he lea ning app oach and
he planning app oach, p oposing a ision o a s a egy based on a apid decision-making
p ocess ha allows o a quick eac ion o en i onmen al changes while main aining many
s a egic p ocesses ypical o planning and wo king on he so-called dynamic capabili ies,
hus a i ing a a “planned adap a ion” (Wil bank e al.,2006).
Adm. Sci. 2025,15, 113 4 o 24
In he academic li e a u e, e en hough he impo ance o planning he essen ial
asks o manage s o achie e he desi ed objec i es a he le el o pe o mance has been
acknowledged, he limi s and pi alls o inco ec ly made, exagge a ed, o ine ec i e plans
ha e also been discussed (Sahlman,1997), so ha in he p esence o solid ma ke ins abili y
and en i onmen al u bulence, he deg ee o dep h o analysis, and he ype o ools used,
become key elemen s (G ube ,2007).
F om an empi ical poin o iew, se e al s udies ha e es ed he ela ionship be ween
planning and pe o mance, many o which indica e ha planning b ings bene i s while
conside ing con ex ac o s such as he newness o he en e p ise, i s cul u al con ex , o
he need o p o ide inancial esou ces (B inckmann e al.,2010;Wel e e al.,2021;Ma a
e al.,2024).
Indeed, Up on e al. (2001), in hei s udy on 65 as -g ow h amily i ms, ound ha he
majo i y p epa ed w i en o mal plans o o esee pe o mance and manage compensa ion.
To a posi i e co ela ion be ween planning and pe o mance also comes a ecen s udy
by Hamann ha , a e compa ing 183 independen s udies, concludes ha co po a e plan-
ning always has a posi i e e ec on business pe o mance, mode a ed by he o ganiza ional
con ex , such as sec o and size (Hamann e al.,2023).
K aus and Schwa z (2007), in ela ion o a panel o 468 Aus ian SMEs, ound ha p e-
s a -up planning (i.e., a w i en business plan p io o en e p ise ounda ion) is bene icial
o company success (g ow h o ull- ime employees).
In he opposi e sense, he s udy o Lange e al. (2007) in ela ion o new en u es s a ed
by Babson College be ween 1985 and 2003 ound no di e ence be ween he pe o mances
o new businesses launched wi h o wi hou a w i en business plan.
The d a ing o he BP can, howe e , posi i ely in luence o he aspec s, like he abili y
o a ac capi al and accele a e he en e p ise’s consolida ion p ocess. Acco ding o Liao
and Ga ne (2006), in he con ex o he U.S. Panel S udy o En ep eneu ial Dynamics,
nascen en ep eneu s who comple ed a business plan we e 2.6 imes mo e likely o pe sis
in business eme gence han hose who did no . The posi i e e ec s o long- e m planning on
he success o he new business ha e also been ound in empi ical s udies in he con ex o
SMEs (Ackelsbe g & A low,1985;Gibson & Cassa ,2005;K aus e al.,2006). Ne e heless, a
BP undeniably emains a planning ool o choice by ope a o s o p edic ing and p e igu ing
u u e scena ios conce ning he business. As no ed by B inckmann and Kim (2015), he
decisions and beha io s inhe en in BPs a e in luenced by he cogni i e cha ac e is ics o he
en ep eneu and human capi al ypes (B inckmann e al.,2019;Block & Pe y,2023), wi h
a g ea e emphasis in case o he need o aise addi ional capi al and less in he p esence o
a suppo i e en i onmen o a membe o a business associa ion. A BP has an in insically
ope a ional con en and is used o suppo en ep eneu s, managemen , and company
s akeholde s who, h ough his ool, can ca y ou assessmen s and o mula e judgmen s
(Bo ha & Robe son,2014;Honig,2004).
Today, business plans a e mo e widely used and con ain inc easingly di e se con-
en , aligning wi h dynamic capabili ies heo y (Teece e al.,1997;Wil bank e al.,2006).
As a documen ha includes bo h quali a i e and quan i a i e in o ma ion, a BP sup-
po s s a egic planning, budge ing, und aising, sus ainabili y assessmen , and co po a e
u na ound. Mo e b oadly, i se es as a key communica ion ool o s akeholde s (Wes ,
1995). By consolida ing essen ial business in o ma ion, a BP aids in assessmen and in-
o med decision-making (IFAC,2006).
F om an ope a ional pe spec i e, some au ho s ha e al eady p oposed insigh s in o
he p ocess o business plan d a ing, pa icula ly ega ding aspec s ha can be linked
o he well-known ”4 o 5 Ws”—namely, who, when, wha , and why—as well as mo e
echnical elemen s ela ed o d a ing ules (how) and audi ing (Sahlman,1997;Ba inge ,
Adm. Sci. 2025,15, 113 5 o 24
2009;Finch,2016;Ma iani e al.,2019). None heless, he academic li e a u e on BPs is
essen ially limi ed; s udies ocused on a possible con e gence o he use o BPs o di e en
pu poses a e lacking, and abo e all, he con ibu ion o he p og ess o BP s udies p o ided
by p o essionals and cu en de elopmen s is la gely igno ed.
Gi en he BP’s use ulness and alue, his s udy sough o answe he ollowing
esea ch ques ions:
RQ1: Can he ounda ions o a BP d a ing concep ual amewo k be es ablished?
RQ2: Wha elemen s should be included in a BP d a ing concep ual amewo k?
This p oposal o concep ual amewo k (Rocco & Plakho nik,2009) should ecognize
heo e ical con ibu ions om s udies ela ed o s a egic planning, budge ing, audi ing,
and business de elopmen bu also be he esul o p o essional p ac ice om companies,
audi and consul ing i ms, banks, and o he in es o s.
2.2. The Concep ual F amewo k o BP D a ing
Based on ou li e a u e e iew, we iden i ied se en elemen s necessa y o BP d a ing,
which o m he basis o ou p oposed concep ual amewo k. These elemen s a e illus a ed
in Figu e 1. In he ollowing pa ag aphs, we examine each elemen in de ail, p esen ing
insigh s om schola s as well as p ac ical applica ions obse ed in he documen s analyzed
du ing ou li e a u e e iew.
Adm. Sci. 2025, 15, x FOR PEER REVIEW 5 o 24
he well-known ”4 o 5 Ws”—namely, who, when, wha , and why—as well as mo e ech-
nical elemen s ela ed o d a ing ules (how) and audi ing (Sahlman, 1997; Ba inge ,
2009; Finch, 2016; Ma iani e al., 2019). None heless, he academic li e a u e on BPs is es-
sen ially limi ed; s udies ocused on a possible con e gence o he use o BPs o di e en
pu poses a e lacking, and abo e all, he con ibu ion o he p og ess o BP s udies p o-
ided by p o essionals and cu en de elopmen s is la gely igno ed.
Gi en he BP’s use ulness and alue, his s udy sough o answe he ollowing e-
sea ch ques ions:
RQ1: Can he ounda ions o a BP d a ing concep ual amewo k be es ablished?
RQ2: Wha elemen s should be included in a BP d a ing concep ual amewo k?
This p oposal o concep ual amewo k (Rocco & Plakho nik, 2009) should ecognize
heo e ical con ibu ions om s udies ela ed o s a egic planning, budge ing, audi ing,
and business de elopmen bu also be he esul o p o essional p ac ice om companies,
audi and consul ing i ms, banks, and o he in es o s.
2.2. The Concep ual F amewo k o BP D a ing
Based on ou li e a u e e iew, we iden i ied se en elemen s necessa y o BP d a -
ing, which o m he basis o ou p oposed concep ual amewo k. These elemen s a e il-
lus a ed in Figu e 1. In he ollowing pa ag aphs, we examine each elemen in de ail,
p esen ing insigh s om schola s as well as p ac ical applica ions obse ed in he docu-
men s analyzed du ing ou li e a u e e iew.
Figu e 1. Concep ual amewo k o BP d a ing.
2.2.1. The BP D a ing P ocess
The d a ing p ocess o a BP begins wi h he planne seeking answe s o he ques ion,
“Whe e is he business a p esen , and whe e was i in he pas ?” The in o ma ion ga he ed
in esponse o his will supply a i m base, which will help answe ano he ques ion,
“Wha objec i es o goals should he business be ying o accomplish?” These wo ques-
ions, in u n, lead he planne o ask, “Wha is he mos e ec i e way o achie e hese
goals?” (Wes , 1995).
To ini ia e he planning p ocess, i is essen ial o de ine he assump ions upon which
he plan is based and cons uc ed. F om his s a ing poin , he objec i es a e de ined and
hen ansla ed in o inancial e ms (i.e., igu es o a ge s). The nex phase de ines ac ions
and esou ces o be alloca ed o achie e he objec i es and a ge s. An essen ial aspec o
he planning p ocess is c oss-checking o asce ain ha he plan is ealis ic, easible, lexi-
ble o changes, and capable o dealing wi h p oblems and ailu es (Wes , 1995). F om his
Figu e 1. Concep ual amewo k o BP d a ing.
2.2.1. The BP D a ing P ocess
The d a ing p ocess o a BP begins wi h he planne seeking answe s o he ques ion,
“Whe e is he business a p esen , and whe e was i in he pas ?” The in o ma ion ga he ed
in esponse o his will supply a i m base, which will help answe ano he ques ion, “Wha
objec i es o goals should he business be ying o accomplish?” These wo ques ions,
in u n, lead he planne o ask, “Wha is he mos e ec i e way o achie e hese goals?”
(Wes ,1995).
To ini ia e he planning p ocess, i is essen ial o de ine he assump ions upon which
he plan is based and cons uc ed. F om his s a ing poin , he objec i es a e de ined and
hen ansla ed in o inancial e ms (i.e., igu es o a ge s). The nex phase de ines ac ions
and esou ces o be alloca ed o achie e he objec i es and a ge s. An essen ial aspec
o he planning p ocess is c oss-checking o asce ain ha he plan is ealis ic, easible,
lexible o changes, and capable o dealing wi h p oblems and ailu es (Wes ,1995). F om
his pe spec i e, BPs can also bene i om ecen de elopmen s in a i icial in elligence o
suppo o ecas p epa a ion and acili a e a iance analysis (Sub ahmanyam e al.,2024)
Adm. Sci. 2025,15, 113 6 o 24
as well as o ha e suppo om e ec i e knowledge managemen (Allu e al.,2025). To
ha e signi icance o in e locu o s, he BP mus a oid unsuppo ed asse ions o weak
assump ions (De Luca & Tami,2014).
2.2.2. The S anda ds o D a ing he BP
Fo some ime now, he leading wo ld s ock exchanges ha e been asking lis ed com-
panies o p epa e a speci ic documen —speci ically, a BP— ha can syn hesize a ious
cha ac e is ics o an o ganiza ion and he managemen o an en e p ise, and ha can be up-
da ed pe iodically. In his sense, s ock exchanges ha e o en issued s anda ds and speci ic
d a ing models ha equi e he p oduc ion o a ious kinds o in o ma ion ega ding a
company’s cu en and p ospec i e si ua ion. To make assessmen s and judgmen s on a BP,
e e ence can be made o he In e na ional S anda d on Assu ance Engagemen s (ISAE) No.
3400, issued by he In e na ional Audi ing and Assu ance S anda ds Boa d. This s anda d
deals wi h he examina ion o p ospec i e inancial in o ma ion, such as in he case o
judgmen s om ex e nal audi o s in suppo o disclosu e o in es o s in ope a ions on
capi al ma ke s and, mo e b oadly, o he e alua ion o expansion plans. No s anda d
o he d a ing o he business plan has been issued o da e by he main bodies o he
de ini ion o in e na ional accoun ing s anda ds (IASB, IFAC, EFRAG).
I should be no ed ha , gi en he need o p o essional ad ice on p epa ing a BP in
many cases, he ela ed cos may ep esen an addi ional ba ie o small and medium
en e p ises (SMEs) o use a BP. Howe e , companies wi h a la ge size—and, he e o e, mo e
esou ces—usually ha e d a ing s anda ds and an in e nal p ocedu e o a BP (Ma iani,
2013;De Luca & Tami,2014). Fu he mo e, i should also be poin ed ou ha he p oposed
BP models end o be calib a ed o la ge companies, which makes i di icul o use hem
o smalle and less-s uc u ed companies (De Luca & Tami,2014).
2.2.3. The D a e o he BP
As Wes (1995) said, “Any plan is only as good as he indi iduals ha c ea e i ” (p. 17).
A good plan can align collabo a o s in pu sui o a common goal, he eby acili a ing
collabo a ion and di ision o asks. On he one hand, he mo e people wo k on a BP, he
highe he in ol emen and consensus a all le els o he o ganiza ion, while on he o he
hand, he in ol emen o many subjec s in he d a ing p ocess can c ea e p oblems in
in eg a ing da a. The e o e, he bes solu ion is o en o ha e a business unc ion o a small
g oup o people d i e he p ocess and ake esponsibili y o i while main aining eamwo k.
The boa d o di ec o s, especially in la ge companies, plays a c ucial ole in he s a egic
planning p ocess, p o iding he company wi h he p o essional skills and expe ience
necessa y o his pu pose. Addi ionally, in la ge companies, a BP encou ages he exchange
o ideas be ween op manage s and boa d membe s, allowing hem o moni o hei ac ions
owa d he achie emen o objec i es (Ca bone e al.,2023). Howe e , in he case o SMEs,
p o essional consul ancy is o en necessa y o he p epa a ion o a BP, and he ole o he
business consul an , oge he wi h ha o he en ep eneu , emains essen ial o e alua e
he a ious aspec s o a BP (De Luca & Tami,2014;Olokundun e al.,2017).
2.2.4. The Time Ho izon o he BP
Planning is undoub edly conce ned wi h he u u e and ying o p edic i ; howe e ,
he issue o he planning ime ho izon has o en been o e looked in academic li e a u e,
e en hough i is undamen al o planning. I is impo an o be awa e o he in e depen-
dence o planning objec i es and planning ho izons (Bo ges e al.,2013;Das,1991).
Conce ning ime ho izons, he common dis inc ion is be ween “sho - ange” and
“long- ange” planning, wi h long- ange planning indica ed by an app oxima e 5- o 10-yea
plan. In mos o ganiza ions, planning ho izons o BPs a e commonly de e mined a a ew
Adm. Sci. 2025,15, 113 7 o 24
speci ic yea s and end o s ay s able and unchanged. Planning ho izons o 3 o 5 yea s
end o be he mos common.
P ac ical expe ience seems o sugges ha a planning ho izon ha is oo long simply
leads o meaningless numbe s o he las planning yea s (Wes ,1995). Das (1991) no ed
ha he app op ia eness o he planning ho izon is dependen on he empo al o ien a ion
o he execu i es, as execu i es mo e o ien ed owa d a dis an u u e end o p e e longe
planning ho izons. Mo eo e , he ime ho izon becomes e en mo e impo an in si ua ions
o u bulence (e.g., he COVID-19 pandemic) whe e o ecas s a e displaced, and i becomes
necessa y o e iew hem mo e equen ly, as well as sho en he u u e o ecas ho izon.
Ano he obse a ion in his ega d is ha he e a e guidelines o mula ed by speci ic
bodies, such as hose issued by he I alian S ock Exchange, ha p o ide p ecise indica ions
ega ding he ime ho izon. In ac , hey indica e ha a BP mus epo he las closed
yea , wo his o ical yea s, he budge yea , and wo p ospec i e. In his sense, he wo
p ospec i e yea s o e a “window” in o he de elopmen o he i m (Wes ,1995).
2.2.5. The Con en o he BP
As has been ei e a ed by schola s, he planning p ocess is an exe cise in collec ing,
p ocessing, and ep esen ing in o ma ion ele an o he decision-making p ocess o s a e-
gic business managemen (B ock,1995;Honig,2004). A BP consis s o a se ies o documen s
con aining bo h quali a i e and quan i a i e in o ma ion, along wi h assessmen s such
as he o e all e alua ion o he p ojec ; he e alua ion o he in es men p og am; he
e alua ion o he ma ke ing plan; and he assessmen o he economic, inancial, and pa -
imonial consequences p oduced by he ealiza ion o he p ojec (Ho mozi e al.,2002;
IFAC,2006;De Luca & Tami,2014). The sec ions ha o m a BP a e linked o he key
a eas o he business, such as (1) sales and ma ke ing; (2) p oduc ion and pu chasing;
(3) p oduc de elopmen ; (4) acili ies, plan s and equipmen , and capi al expendi u e; and
(5) o ganiza ion, pe sonnel, and adminis a ion (Wes ,1995). In ecen s udies, i has been
sugges ed ha in uns able con ex s, i is use ul o inse a pa ag aph ha analyzes he
e ec s o unce ain y in o ecas s inco po a ing simula ions o al e na i e u u e scena ios
(Ma iani e al.,2019). As he o e all leng h o he business plan should a y be ween 30 and
40 pages (Ho mozi e al.,2002), he BP p epa a ion equi es ca e ully selec ing in o ma ion
o be included because o he di e en use needs (Mason & S a k,2004). The BP will be
c i ically e alua ed ega ding he eliabili y o he assump ions unde lying i s p epa a ion,
he consis ency o he business model p oposed, and i s inancial sus ainabili y. A good
BP clea ly s a es goals ei he in he sho o long e m, ocuses on he business a he han
jus echnology, includes compe i ion and ma ke analysis, a oids poo p icing and lack
o in e nal logic o he in es men plan, and con ols cash low and p ope unding (Wes ,
1995;De Luca & Tami,2014;Can ,2016).
Among al e na i e p ojec s, in es o s will p e e solu ions ha ensu e be e e u ns
on in es men in line wi h emune a ion expec a ions o he ype o business (MacMillan
& Na asimha,1987) and mos isually appealing solu ions (Chan & Pa k,2015).
En i onmen , Social, and Go e nance (ESG) Conside a ions
En i onmen , Social, and Go e nance (ESG) p oposi ions can c ea e alue o an
o ganiza ion and a e, he e o e, an inex icable pa o how business is conduc ed. As
Henisz e al. (2019) epo ed, ESG links o cash lows, (1) acili a ing op-line g ow h, (2) e-
ducing cos s, (3) minimizing egula o y and legal in e en ions, (4) inc easing employee
p oduc i i y, and (5) op imizing in es men and capi al expendi u es. Compa ed o he
pas , g ea e a en ion is paid o ESG issues oday. The idea is ha in eg a ing aspec s
ela ed o ESG issues in o s a egic planning p ocesses and managemen sys ems allows a
Adm. Sci. 2025,15, 113 8 o 24
business o p ope ly conside he expec a ions o all s akeholde s (B uno & Lagasio,2021).
ESG sco es, in addi ion o de e mining inancial pe o mance, can be used o examine
and measu e e hical pe o mance, e hical unds, and socially esponsible in es men s (U z
& Wimme ,2014). Ven u e capi alis s a e inc easingly in es ing only in businesses ha
in eg a e sus ainabili y in o hei business models (Amel-Zadeh & Se a eim,2018). Banks
a e also inc easingly ocusing on in es men s ha espec ESG- ela ed s anda ds, he eby
educing isk- aking and suppo ing inancial s abili y (Di Tommaso & Tho n on,2020).
Business plan compe i ions a e also including sus ainabili y awa ds in hei suppo ing
p og ams (Fich e & Tiemann,2020).
2.2.6. Ex e nal Audi ing
In no mal ci cums ances, submi ing a BP o independen ex e nal audi ing is no
manda o y. Independen ex e nal audi ing is aimed a e i ying he hypo heses unde lying
he o ecas s o managemen , e alua ing hei eliabili y, analyzing he easibili y o BPs,
in eg a ing he in o ma ion i necessa y, looking o al e na i e plans o deal wi h ad e se
ci cums ances, and compa ing he pas o ecas s o he managemen wi h his o ical esul s
o de ine he o ecas ing capaci y om he size o he es ima ed e o (ISA 570). Fu he mo e,
ISAE 3400 epo s how i s e alua ion mus con ain indica ions on he assump ions used
o c ea e he da a p esen ed, as well as whe he hese assump ions a e well ounded and
consis en wi h he o he pa s o he documen , he esul s a e co ec ly de eloped on he
basic hypo heses p esen ed, he da a and he model (wi h clea indica ion i i is o es ima es
o hypo heses) a e disclosed, and he esul s a e p esen ed wi h he same accoun ing
p inciples used o he his o ical da a o ensu e compa abili y (De Luca & Tami,2014).
Based on he abo e conside a ions, we add essed ou esea ch ques ions es ing he
ollowing hypo heses:
Hp1: The BP d a ing p ocess ollows s uc u ed ye lexible s eps, in eg a ing op-down and
bo om-up app oaches.
Hp2: Despi e a ia ions in indus y and company size, he e a e common BP d a ing s anda ds,
e en in he absence o o mal global egula ions.
Hp3: BP au ho ship a ies by company size and pu pose, wi h SMEs elying mo e on ex e nal
consul an s, while la ge i ms p e e in e nal eams.
Hp4: The ime ho izon o BPs is ypically 3–5 yea s, aligning wi h inancing equi emen s and
s a egic planning cycles.
Hp5: BPs mus balance quali a i e (s a egic ision, ESG ac o s) and quan i a i e ( inancial
o ecas ing, cash lows) elemen s o be e ec i e.
Hp6: ESG conside a ions a e in eg a ed in o BP d a ing.
Hp7: To gain c edibili y wi h po en ial use s, he BP is subjec o ex e nal audi ing.
3. Ma e ials and Me hods
3.1. Resea ch App oach
To answe he esea ch ques ions, we adop ed a quali a i e esea ch design, which is
pa icula ly app op ia e when s udying unde explo ed opics, allowing o an in-dep h
unde s anding o p ac i ione pe spec i es (De Massis & Ko la ,2014;Schillaci e al.,2017).
Gi en he limi ed p io empi ical esea ch on BP d a ing, a quali a i e app oach enables
us o cap u e con ex -speci ic a ia ions, eme ging ends, and indus y bes p ac ices
(Woodside & Wilson,2003)
. This me hod is well-sui ed o in es iga e complex o ganiza-
ional phenomena whe e heo e ical amewo ks a e s ill e ol ing.
Adm. Sci. 2025,15, 113 15 o 24
on bu a ies a lo om sec o o sec o ”. Indeed, he in eg a ion o ESG conside a ions in o
he business model has become a p io i y o many co po a e s akeholde s.
Some illus a i e s a emen s ha led us o o mula e hese concep s a e as ollows.
In e iewee 5 said ha “ he BP will also ha e o implemen some aspec s o his legisla ion
and highligh he en i e pa on sus ainabili y”. Acco ding o In e iewee 7, “Yes, o
cou se sus ainabili y comes in o play”. In e iew 14 a i med his by s a ing, “Ins i u ional
in es o s o p i a e equi y unds a e inc easingly asking o his o ical bu also p ospec i e
analyses o he main impac s o ce ain sus ainabili y issues wi hin he plan”. Fu he mo e,
In e iewee 4 no ed ha he company has sus ainabili y objec i es, which a e no s ic ly
linked o he BP. Consequen ly, Hp6 is only pa ially suppo ed, as ESG conside a ions a e
gaining ac ion bu emain inconsis en , pa icula ly in SMEs.
4.6. Ex e nal Audi ing
Ano he heme we epo on is ela ed o ex e nal audi ing assu ance ac i i ies o BPs.
The concep s suppo ing he heme o “independen ex e nal audi ing” we e iden i ied
as “BP is independen ly audi ed when ce ain h esholds a e exceeded o o ypes o
in es men ”, “ he audi o ’s assessmen o BP should be based on o icial in e na ional
s anda ds, and ISAE 3400 equi es an analysis o ou elemen s”, “ o e i y a BP, you can
pe o m diligence h ough a hi d company”, “a o wa d-looking app oach ( eedback o
o ecas s ha had been made o p edic he u u e) is o en equi ed in he e ision o a BP”,
“a he eques o he company o a coun e pa y, he BP may be subjec o so-called side-by-
side e iew”, and “audi ing by independen BP audi au ho i ies o bodies is in equen ”.
As expec ed, esponden s highligh ed he impo ance o es ing bo h he assump ions
unde lying he o ecas s and he o ecas s hemsel es o he main quan i a i e in o ma ion
included in BPs. Use s and audi o s mus he e o e de o e ene gies o he c i ical analysis
o BPs.
Some illus a i e s a emen s ha led us o o mula e hese concep s a e as ollows.
In e iewee 14 said, “I depends on he ype o ac i i y o which i is designed. In cases
o deb es uc u ing, insol ency, p oceedings, acquisi ion ope a ions e en in he case o
endo due diligence, he BP is o en subjec ed o an independen ex e nal e iew (so-called
Independen Business Re iew)”. Rega ding whe he hey u ilize ex e nal audi ing, In e -
iewee 15 said, “No ye , bu i will be”. In e iewee 3 epo ed ha hey ask o swo n o
ce i ied BPs in ce ain cases. Fu he mo e, In e iewee 12, like se e al o he in e iewees,
epo ed ha hey do no pe o m ex e nal audi ing. Addi ionally, In e iewee 8 said, “In
comme cial due diligence by side, a c i ical e iew o he BP is ca ied ou o he buye o
wi h a iew o he selle ”.
Based on he abo e, Hp7 is only pa ially suppo ed. Ex e nal audi ing o BPs
emains limi ed, occu ing mainly o in es men ounds, egula o y compliance, o
inancial es uc u ing.
5. Discussion
Building on insigh s om p o essionals, we can con iden ly answe ou i s esea ch
ques ion (RQ1) and o e key conside a ions o RQ2, ein o cing he se en elemen s o he
p oposed BP d a ing concep ual amewo k.
Fi s : The BP d a ing p ocess comp ises mul iple s eps in ol ing bo h op-down and
bo om-up loops, which mus be epea ed o e ime o keep he BP cu en .
Second: As he e a e no d a ing s anda ds o BP d a ing issued by sup ana ional
o ganiza ions, ope a o s end o ollow guidelines issued by s ock exchange au ho i ies
(such as he I alian S ock Exchange) o in e nal guidelines o BP d a ing, in he case o
some la ge i ms (Ma iani,2013;De Luca & Tami,2014).
Adm. Sci. 2025,15, 113 16 o 24
Thi d: A BP is mos ly w i en by eams. The con ibu ion o he en ep eneu ial and
manage ial sides is undamen al, bu ex e nal consul an s a e also in ol ed, mainly in
SMEs, which aligns wi h he indings o ou li e a u e e iew (Wes ,1995;De Luca & Tami,
2014;Olokundun e al.,2017).
Fou h: In ela ion o he ime ho izon conside ed in he BPs, he p ac ices epo ed by
ope a o s con e ge on wha is sugges ed by he doc ine (Das,1991;Wes ,1995), no mally
3–5 yea s in du a ion, excep o special easons. In e es ingly, ends up o 3 his o ical
yea s o main quan i a i e da a and inancials a e ecommended o be included in he
appendix o suppo ing hypo heses and making compa able ends. In case o ma ke
ins abili y o excep ional e en s (such as he COVID-19 pandemic), a educ ion in he
e e ence ime ho izon and a equen upda e o he BP a e sugges ed.
Fi h: O e all, he BP, ega dless o he scope and aim o which i is p epa ed, mus
con ain bo h quali a i e and quan i a i e da a, including o ecas s o cos s and e enues
(B ock,1995;Honig,2004;De Luca & Tami,2014;Wes ,1995). Con e sely, cash lows
ha , acco ding o p o essionals, a e “ undamen al” a e some imes missing, pa icula ly in
SMEs (De Luca & Tami,2014). This is p obably due o he d a e s’ lack o knowledge and
compe encies o di icul ies in collec ing in o ma ion. Risk and sensi i i y analysis wi h
al e na i e scena ios a e o en included.
Six h: As expec ed, ESG- ela ed issues a e en e ing he main decisions o ope a-
o s. Consequen ly, BPs include in o ma ion ega ding he en i onmen al and social
impac s o he business, albei in a s ill limi ed way. In line wi h schola ecommenda ions
(
Amel-Zadeh & Se a eim,2018
;B uno & Lagasio,2021;Di Tommaso & Tho n on,2020;
Henisz e al.,2019;U z & Wimme ,2014), ESG due diligence is sugges ed o p e en
so-called “g een-washing”.
Se en h: Despi e he need o us ed da a, BP ex e nal audi ing emains a e and
limi ed o speci ic ope a ions. Audi ing s anda ds gi e ew guidelines on e iewing
hypo heses and assump ions unde lying he o ecas o managemen and e alua ing he
eliabili y and easibili y o a BP, pa icula ly using pas o ecas s and his o ical esul s (ISA
570; ISAE 3400).
Table 3summa izes he key indings o he BP p epa a ion amewo k.
Table 3. Key indings o he BP p epa a ion amewo k.
Elemen s Findings
1. P ocess
The BP d a ing p ocess in ol es mul iple i e a i e s eps,
combining bo h op-down and bo om-up app oaches. These
loops mus be epea ed pe iodically o ensu e he BP emains
ele an and up- o-da e.
2. S anda ds o d a ing
The e a e no uni e sally ecognized sup ana ional s anda ds
o BP d a ing. Ope a o s end o ollow guidelines om
s ock exchange au ho i ies (e.g., he I alian S ock Exchange)
o in e nal company policies.
3. W i e
BPs a e ypically d a ed by eams. While manage ial and
en ep eneu ial con ibu ions a e c ucial, SMEs equen ly
in ol e ex e nal consul an s in he d a ing p ocess.
4. Time ho izon
The s anda d ime ho izon o BPs is ypically 3–5 yea s,
aligning wi h heo e ical ecommenda ions. In cases o
ma ke ins abili y o excep ional e en s (e.g., COVID-19),
sho e ho izons and mo e equen upda es
a e ecommended.
Adm. Sci. 2025,15, 113 17 o 24
Table 3. Con .
Elemen s Findings
5. Con en
BPs mus include bo h quali a i e and quan i a i e da a, such as
cos and e enue o ecas s. Howe e , cash low p ojec ions,
conside ed essen ial by p o essionals, a e o en missing in SMEs
due o a lack o expe ise o da a a ailabili y. Risk and sensi i i y
analyses a e also equen ly included.
5.1 ESG opic
ESG- ela ed conside a ions a e inc easingly p esen in BPs, hough
s ill in a limi ed capaci y. ESG due diligence is ad ised o p e en
”g een-washing”, in line wi h academic ecommenda ions.
6. Ex e nal audi ing
Despi e he impo ance o us ed da a, ex e nal BP audi ing is a e.
Audi ing s anda ds p o ide limi ed guidance on e alua ing BP
assump ions, hough some s anda ds exis (e.g., ISA 570,
ISAE 3400).
Sou ce: ou elabo a ion.
6. Conclusions
This s udy examined business plan (BP) d a ing wi h he goal o de eloping a concep-
ual amewo k applicable ac oss a ious BP uses and use s. A e conduc ing a li e a u e
e iew o es ablish he ounda ional elemen s o BP d a ing, we ga he ed p ac i ione s’
pe spec i es, u he explo ing each o he se en key componen s iden i ied: p ocess,
d a e s, ime ho izon, d a ing s anda ds, con en (including ESG conside a ions), and
ex e nal audi ing.
Fo each elemen , we analyzed he eme ging concep s om ou s udy and aligned
hem wi h exis ing schola ly con ibu ions. As an icipa ed, he ole o BPs con inues o
e ol e, ca e ing o mul iple use s o di e se pu poses. BPs a e inc easingly inco po a ing
mo e de ailed quan i a i e sec ions, enhancing hei abili y o p o ide isk analysis and
scena io-based p ojec ions. Howe e , he d a ing p ocess emains la gely uns anda d-
ized, pa ly due o he lack o es ablished e e ence s anda ds om he accoun ing and
audi ing p o essions.
BP p epa a ion o en in ol es a combina ion o in e nal s akeholde s and ex e nal
consul an s, wi h hei use ex ending ac oss di e en o ganiza ional unc ions. Fa om
being a s a ic documen , he BP equi es pe iodic upda es, pa icula ly in esponse o shi s
in en i onmen al and ma ke condi ions. Ul ima ely, he BP’s s eng h lies in i s abili y o
syn hesize and e ec i ely communica e business s a egy, making i a e sa ile ool o
mul iple applica ions.
Engaging wi h indus y p o essionals p o ided aluable insigh s in o he eal-wo ld
challenges o BP d a ing, he ac o s in ol ed, common pi alls, and eme ging con en
ends. This p ac i ione - ocused pe spec i e—o en o e looked in academic esea ch—
enhances ou unde s anding o he BP as a s a egic ins umen .
6.1. Theo e ical and P ac ical Implica ions
This s udy has bo h heo e ical and p ac ical implica ions. F om a heo e ical pe spec-
i e, we con ibu e by laying he g oundwo k o a concep ual amewo k ha cap u es he
essen ial aspec s o BP p epa a ion, en iching he limi ed exis ing li e a u e on his subjec .
F om an empi ical s andpoin , ou indings p o ide ac ionable insigh s o policymake s
and business p ac i ione s. By highligh ing he in o ma ional alue o BPs as s uc u ed,
anspa en documen s, we ad oca e o hei expanded use in assessing companies, sup-
po ing public in es men decisions, and assis ing businesses in inancial dis ess. Gi en
he BP’s c ucial ole as a communica ion ool, we belie e his s udy o e s guidance o
enhance i s o e all quali y, emphasizing he impo ance o ailo ing he d a ing p ocess o
speci ic business con ex s.
Adm. Sci. 2025,15, 113 18 o 24
6.2. Gene alizabili y and Limi a ions
While his s udy p o ides aluable insigh s, i is impo an o acknowledge i s limi-
a ions ega ding gene alizabili y. The indings a e based on a sample o 15 esponden s,
which, al hough me hodologically jus i ied by hema ic sa u a ion, limi s he abili y o
gene alize he esul s o b oade popula ions. Fu he mo e, he s udy was geog aphically
cen e ed in I aly, wi h esponden s p ima ily ope a ing wi hin he I alian business ecosys-
em. While some esponden s a e pa o in e na ional ne wo ks o ope a e on a global
scale, sugges ing some deg ee o c oss-bo de ele ance, u u e esea ch should expand he
geog aphic scope o enhance ex e nal alidi y.
Addi ionally, he non- andom sampling me hod (pu posi e and snowball sampling)
in oduces po en ial selec ion bias, as esponden s we e chosen h ough di ec con ac s
o ecommenda ions. Al hough e o s we e made o ensu e a di e se ep esen a ion
o BP use s, a mo e s uc u ed sampling app oach in u u e s udies could imp o e ep-
esen a i eness. Finally, while he Gioia me hodology p o ided a s uc u ed analy ical
app oach, quali a i e in e iews a e inhe en ly subjec o po en ial bias in da a in e p e-
a ion. T iangula ing hese indings wi h quan i a i e s udies could u he alida e he
conclusions d awn.
6.3. Recommenda ions o P ac i ione s
Beyond he concep ual amewo k, ou indings lead o speci ic ecommenda ions o
p ac i ione s in ol ed in BP d a ing and e alua ion: 1. S anda diza ion E o s: While no
uni e sal BP d a ing s anda d exis s, i ms should adop bes p ac ices om es ablished
guidelines (e.g., s ock exchange ules, co po a e go e nance amewo ks) o ensu e con-
sis ency and eliabili y in BP p epa a ion. 2. C oss-Func ional Collabo a ion: BP d a ing
should be a collabo a i e e o ac oss inance, s a egy, and ope a ions eams a he han
being siloed. In SMEs, whe e expe ise is o en lacking, engaging ex e nal consul an s may
enhance BP quali y. 3. Risk and Scena io Planning: Gi en he inc easing ma ke ola ili y,
businesses should in eg a e isk assessmen s, inancial scena io analyses, and con ingency
planning in o hei BPs o enhance esilience. 4. ESG Conside a ions: Fi ms should mo e
beyond minimal ESG disclosu es and in eg a e sus ainabili y in o hei BP. This will no
only align wi h in es o expec a ions bu also imp o e long- e m isk managemen . 5. Reg-
ula Upda es and Flexibili y: Businesses should ea BPs as dynamic ools a he han
s a ic documen s. Upda ing hem pe iodically, pa icula ly in esponse o ex e nal shocks,
enhances hei s a egic alue.
6.4. Fu u e Resea ch Di ec ions
Despi e hese limi a ions, his s udy se es as an impo an s a ing poin o u he
esea ch on BP d a ing, a opic ha emains unde explo ed in s a egic planning and
managemen con ol li e a u e. Fu u e esea ch di ec ions include he ollowing: Expanding
he esponden pool o inc ease he obus ness o indings; Conduc ing c oss-coun y
compa isons o iden i y egional di e ences in BP d a ing p ac ices; Longi udinal s udies
o analyze how BP p epa a ion e ol es o e ime; Focusing on SMEs, which ypically
lack esou ces and expe ise in manage ial ools bu ely hea ily on BPs o inancial and
s a egic planning.
Based on he indings o his s udy, we belie e we ha e pa ed he way o he de el-
opmen o a s anda dized concep ual amewo k o BP d a ing—one ha is adap able o
di e en business needs and con ex s.
Adm. Sci. 2025,15, 113 19 o 24
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : T ansc ip ion o In e iews a e a ailable upon easonable eques .
Acknowledgmen s: This wo k was ca ied ou wi h he aluable suppo o S e ania Mo acchia o,
esea ch ellow a he Depa men o Managemen , Uni e si y o Ve ona.
Con lic s o In e es : The au ho decla es no con lic o in e es .
Appendix A. Ques ions in he Semi-S uc u ed In e iews
Wha does BP ep esen o you?
Do companies make BPs?
Does you company d a a BP? (*)
Do companies make BPs (i hey ha e i ) because hey conside i a use ul ool?
Ha e you used a BP in you company? Do you use BPs in you company? (*)
Do you hink ha d a ing a BP is a sign o p o essionalism?
Who is he BP edi o ?
Do you ha e a e e ence s anda d o w i ing BPs?
Wha ime ho izon is usually ep esen ed (3, 5, o 10 yea s)?
Wha in o ma ion do you ge om a BP?
Does a BP also con ain he cash low o ecas ?
Does a BP con ain he o ecas o cos s and e enues?
Is a BP used o make a judgmen ?
Wha kind o judgmen is made?
Wha pa ame e s a e used o make he judgmen ?
Wha do you hink a e he mos common mis akes in w i ing a BP?
Do you hink i is use ul o d a a BP, gi en he dynamism o he en i onmen and
he unce ain y and unp edic abili y ha cha ac e ize u u e p ojec ions and es ima es?
Is a business e alua ed in e ms o sus ainabili y?
Th ough which pa ame e s is he g ea e o lesse iskiness o a business exp essed?
Is a BP subjec o an independen ex e nal audi ?
In you opinion wha is he equency o BP w i ing in companies? (s able/inc easing/
dec easing)
In you opinion, wha is he equency wi h which BP is used o in e nal pu poses?
(s able/inc easing/dec easing)
How does you BP w i ing p ocess wo k? (*)
Does he go e ning body use a BP o make decisions? (*)
Is a BP equi ed o you in es men / inancing? (**)
Does he go e ning body egula ly moni o he ac ual pe o mance o managemen
compa ed o he BP? (*)
Do you hink i ’s impo an o a s a up ha wan s o aise unds o w i e a BP?
Wha was he impac o COVID-19 on BP unding and use?
F ee commen s and sugges ions.
(*)—only o companies; (**)—only o banks and in es men companies.
Adm. Sci. 2025,15, 113 20 o 24
Appendix B. Concep s and Themes Elabo a ed on he Basis o he
Responden s’ S a emen s
[C15] The ime ho izon o BP is linked o he du a ion o he loans
o in es men s.
[T01] The ime ho izon.
[DA02] The
p epa a ion o BP.
[C17] The e e ence ime ho izon is no mally be ween 3 and 5 yea s.
[C59] The i s yea o he BP is he mos impo an one o keep
moni o ed by he go e ning body.
[C81] The BP p esen s 3 his o ical yea s, he cu en yea , and 3
p ospec i e yea s.
[C102] A BP o e 3/5 yea s ollows an ine ial app oach.
[C16] The COVID-19 pandemic has educed he e e ence ime ho izon.
[C73] A limi a ion he BP is he unce ain y o i s o ecas s o e 3 yea s.
[C23] ESG is an impo an issue, one o ocus on and which can also be
included in BP wi h speci ic objec i es.
[T05] The ESG opic.
[C24] Companies wi h high ESG indica o s ha e subsidized loans and
a ac in es o s.
[C68] To assess he sus ainabili y o he business, i is be e o do ad
hoc ESG due diligence.
[C69] BPs, especially in smalle con ex s, do no always p o ide
in o ma ion abou ESG issues.
[C146] The ocus on sus ainabili y is ca ching on bu a ies a lo om
sec o o sec o .
[C13] The BP has no ecognized d a ing s anda ds.
[T06] The s anda ds o
d a ing.
[C38] The main assump ions and o ma o he BP a e con ained in
in e nal guidelines.
[C40] The s a egic planning/BP p ocess equi es he same p inciples
as he annual inancial s a emen s.
[C95] The e a e guidelines, ules, and e e ence bes p ac ices o he
d a ing o a BP.
[C105] The BP also has a e sion w i en by ex e nal consul an s, he
IBR, which has wo s anda ds, Re ision P inciple 570 and ISAE 3400.
[C137] Business Schools can p o ide a BP d a ing s anda d.
[C26] BPs a e independen ly audi ed when ce ain h esholds a e
exceeded o o ypes o in es men .
[T07] The independen
ex e nal audi ing.
[C97] The audi o ’s assessmen o a BP should be based on o icial
in e na ional s anda ds. ISAE 3400 equi es an analysis o
ou elemen s.
[C100] To e i y a BP, you can do due diligence om a hi d company.
[C106] A o wa d-looking app oach ( eedback o o ecas s ha had
been made o p edic he u u e) is o en equi ed in he e ision o
he BP.
[C115] A he eques o he company o a coun e pa y, he BP may be
subjec o so-called side-by-side e iew.
[C125] Audi ing by independen BP audi au ho i ies o bodies
is in equen .
[C05] The unde o en pa icipa es in he cons uc ion o he BP.
[T09] The d a e .
[C11] The BP d a e a ies depending on he size o he company and
he pu pose o which i is d awn up.
[C37] The BP is a eam e o .
[C49] The BP has a main p ocess owne .
[C60] Among he d a e s o a BP, he e should necessa ily be he
en ep eneu o who de ines he s a egies.
[C86] Ex e nal consul an s o o he specialized bodies a e some imes
in ol ed in he d a ing o he BP, especially o SMEs.
Adm. Sci. 2025,15, 113 21 o 24
[C39] The s a egic planning p ocess/BP in ol es o should in ol e
he use o a ool in eg a ed in o he ERP sys em.
[T10] The p ocess.
[DA02] The
p epa a ion o BP.
[C47] The BP equi es ca e ul e iew o i s se ings.
[C63] The BP should be a dynamic ool, which is upda ed and
e iewed pe iodically a annual in e als, o e en sho e in he case o
ma e ial ansac ions.
[C74] The BP d a ing p ocess ollows he s a egic planning p ocess
wi h op-down and bo om-up s eps.
[C83] A i icial in elligence could con ibu e o he d a ing and
e alua ion o BPs in he u u e.
[C93] The BP, which in eg a es wi h he budge , has a e iew p ocess
ha akes place in mul iple s eps h oughou he yea .
[C108] Building a BP om a blank shee makes he edi o e lec on he
peculia i ies o he business.
[C127] The BP combines he p ocess o inance wi h he comme cial
and p oduc ion ones.
[C131] The BP can be connec ed o ISO 9001.
[C133] The BP d a ing p ocess akes ime.
[C135] The BP may be upda ed in conjunc ion wi h he closu e o he
balance shee .
[C136] The BP should be summa ized in a sho p esen a ion.
[C21] Unce ain y equi es equen BP upda es.
[C44] The pandemic has weakened he c edibili y o he BP
d a ing p ocess.
[C61] BP upda es became mo e equen a e he COVID-19 pandemic.
[C06] BP is a quali a i e–quan i a i e hyb id documen .
[T12] The con en .
[C08] Fo ecas ing cash lows in BP is c i ical.
[C12] The BP con ains a quan i a i e assessmen on
syn he ic agg ega es.
[C14] In he quan i a i e sec ion o he BP a e summa ized alues o
Income S a emen , Balance Shee , Cash Flow S a emen , Ma gins, and
o wa d a ios.
[C18] The sus ainabili y o he BP o e ime is assessed wi h ma gins
and a ios (including he DSCR) on o wa d balance shee s.
[C62] The quali a i e pa o he BP con ains he business s a egy.
[C75] The BP should con ain an analysis o he compe i ion and
he ma ke .
[C77] A la ge audience o subjec s (o en small and medium
en e p ises) d aws up he quan i a i e pa o BP wi h he only
p ospec i e Income S a emen , omi ing cash lows o econs uc ing
hem oughly.
[C87] The BP mus be easonable and c edible, e en in numbe s.
[C90] The BP can be mo e o less e ol ed.
[C92] The BP should con ain an analysis o he o ganiza ion and i s
membe s a all le els.
[C96] The BP in he quan i a i e sec ion con ains his o ical da a and
p ospec i e da a.
[C104] The BP should con ain he assump ions o i s d a ing.
[C112] The BP mus be a ac i e and mus en ice he in es o by
showing he hea o he company, wi hou lying.
[C113] The BP mus be a ai balance be ween highly analy ical and
syn he ic da a.
[C132] The BP can be di ided in o new business and old business.
[C134] BP is buil by inse ing he lead ime o he p oduc .
[C139] COVID-19 has no changed he con en o he BP.
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