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A new competitive landscape is developing largely based on the technological revolution and increasing globalization. The strategic discontinuities encountered by firms are transforming the nature oi competition. To navigate effectively in this new competifive landscape, to build and maintain competitive advantage, requires a new type of organization. Success in the 21st century organization will depend first on building strategic flexibility. To develop strategic flexibility and competitive advantage, requires exercising strategic leadership, building dynamic core competences, focusing and developing human capital, effectively using new manufacturing and information technologies, employing valuable strategies (exploiting global markets and cooperative strategies) and implementing new organization structures and culture (horizontal organization, learning and innovative culture, managing firm as bundles of assets). Thus, the new competitive landscape will require new types of organization and leaders for survival and global market leadership.

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\ 7 \ This paper examines the relationship between planning process sophistication and the financial performance of a select group of small firms in a growth industry. Multivariate analysis of variance is used to identify statistically significant differences between firms that employ sophisticated plans and those that do not. The results support previous research on strategic planning and financial performance.

A conceptual model of small firm performance is developed based on extant theory in strategy, entrepreneurship and organization theory. It provides a framework for the study of the interrelationships among entrepreneurial characteristics, contextual factors and performance outcomes. It is considered a first step toward a limited domain theory of small firm performance.