This chapter introduces the concept of strategic idea and explains how it differs from the routine plan for managing a firm’s daily operations. It argues that strategic planning is widely applicable not only to large organizations but also small projects within new technology companies. The key content centers on a comprehensive model of strategic planning that includes substages of environmental scanning, strategy formulation, strategy implementation, and strategy evaluation. Instead of top leaders’ flash ideas, this chapter stresses that strategic planning should be treated as a systematic process that requires the collective effort from all organizational members. The chapter concludes with the evolving challenges in terms of the strategic planning process increasingly seen in technology firms.