In this globalized world, every company is struggling to sustain and improve its performance. This study investigated the role of formal strategic planning on organizational performance. Moreover, this relation is explored further with the moderation of stakeholders’ involvement. The empirical data were collected from 220 chief executives or general managers of manufacturing companies using a questionnaire survey. AMOS software was used to analyze the collected data. Structural equation modeling (SEM) was conducted to test the hypothesis, and moderation was investigated using a slop test. The results of the study revealed that formal strategic planning could enhance the performance of the organization. Furthermore, the results highlighted that stakeholder's involvement could strengthen the relationship between formal strategic planning and organizational performance. Previous studies have highlighted the importance of overall strategic management in enhancing an organization's performance. The research also revealed that performance was affected mainly by formal strategic planning and stakeholder involvement. The study used manufacturing companies in Jordan. Moreover, the data was collected from 220 respondents. Therefore, future studies should be conducted from any other country's perspective and use a larger sample size. This study has used moderation of stakeholder's involvement to get more specific results. Future studies should use organizational culture as a moderating variable.