Organizations do not operate in isolation but with interactions with various facets in the environment and have to tackle challenges of fierce competition, change in taste of customers, performance shortfalls, obsolescence of product, technological change, shortages of resource and culture change. The study examined the effects of strategic planning on corporate performance using focusing on flour mills in Lagos. A conceptual review of literature was done with conceptual framework and models therefrom. Propositions were made and efforts was made to obtain conclusions from the literature reviewed assessing the subjective and objective aspects of corporate performance. Relevant information were extracted from relevant textbooks, newspapers, reports/articles, journals, annual flour industry report, bulletins and documents presented by corporate strategists and policy planners. The inferences from the propositions revealed there is a relationship between strategic planning and corporate performance. The study therefore, concluded that strategic planning is beneficial to organisations in achieving set goals and recommends that entities and other corporate organisations alike, should engage in strategic planning in order to enhance corporate performance.