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Does business planning have any impact on the performance of small and medium-sized enterprises (SMEs)? Despite numerous studies in management and entrepreneurship literature, the answer remains contested. The authors address this research question empirically by exploring the composite business planning comprehensiveness construct, reflecting the degree to which business planning practices are embraced in all domains of firm management. Employing a survey of SME owners in the USA and Canada (N = 568), they explore the performance outcomes of this construct. The results demonstrate that business planning comprehensiveness is positively associated with the operational and subjective performance of the firm, but not with its financial performance.