Nearly two-thirds of fast-growth companies have a strategic plan in place, including 68 percent of service businesses and 59 percent of product sector companies. The average plan covers a three- to four-year time span, and is reassessed annually or more frequently.

The survey found that companies with a plan are 40 percent larger in size -- averaging $40.9 million in annual revenues, versus $29.3 million for those without a plan. Yet they have slightly fewer workers -- an average of 310 employees, versus 324 for all others. This larger size and leaner staffing gives them a significant productivity advantage -- an average of $132,000 in revenues per employee, versus $91,000 for all others -- a 45 percent edge.

Also, those with a strategic plan have a revenue growth target of 17.4 percent over the next 12 months, compared to 14.7 percent for those without -- an 18 percent higher goal.

"A strategic plan is an invaluable roadmap for managing the long term direction, growth, and profitability of a business," noted Paul Weaver, global technology industry leader for PricewaterhouseCoopers. "The use of a strategic plan may initially be a matter of personal preference or style by the CEO, but the plan's importance definitely increases as the company grows, seeks financing, and becomes more complex to manage."