Final answer:
In a small, privately owned company, the strategic plan is typically created by the owner. This reflects their vision for the company, with the owner being closely involved in daily operations and decision-making.
Step-by-step explanation:
In a small, privately owned company, the strategic plan is most likely something that the owner has created. A private company is typically owned and operated by individuals or a small group of partners. In contrast, a public company sells shares to financial investors and is governed by a board of directors. Strategic planning in a small business involves outlining the company's direction, setting goals, and deciding on the resources needed to pursue these goals. The owner, who is often intimately involved with the daily operations and deeply invested in the company's success, typically leads this process. Therefore, the strategic plan would usually be created by the owner, reflecting their vision and objectives for the company.
Corporate governance refers to the systems and institutions in place to oversee and guide the performance of top executives in a company, which is more commonly associated with public companies than small private businesses. However, in a small, private firm, especially one structured as a sole proprietorship or partnership, the governance and strategic direction often rest solely in the hands of the owner or owning partners.