A small number of previous studies have dealt with the degree of application of strategic planning in Bosnia and Herzegovina. The aim of this paper is to provide an insight into the degree of application of strategic planning in food production companies from the perspective of the managers of these companies and to investigate its impact on business performance. Based on the survey responses collected from companies that apply strategic planning practices, the characteristics of strategic planning were analyzed such as the formalization of the plan, the period of coverage of the plan, the frequency of use, number of strategic tools used, the involvement of individual management levels in the creation of the plan, the impact of strategic planning on business performance, etc. The results of the research suggest that most companies in practice do not have a formally defined strategic plan, and often key employees are not familiar with the company's strategies, nor are they motivated to implement them. Also, the research showed that larger companies have more developed strategic planning, while the link between the application of strategic planning practices and company performance has not been confirmed. Nevertheless, the majority of the interviewed managers consider the application of strategic planning useful in determining the direction of business and consider that the impact of strategic planning on business efficiency is positive. The obtained results can serve as guidelines for decision makers, primarily for the management of food production companies in Bosnia and Herzegovina.