My experience in the private sector is that it is very easy to get sucked into a process that takes on a life of its own and sucks a massive amount of time out of the organization for very questionable outcomes.
Caveat: I don't claim that I have a broad view on this, as my experience is quite limited but I'll just say that for my money "Strategic Plans" are the management equivalent of "Big Design Up Front", both of which I try to limit as much as possible.
Remember I am neither against planning nor design. I am against spending massive resources on the creation of massive documents which are out of date as soon they are written down, and are never ever looked at again.
Here's the conclusion from the article:
"This interchangeability of visions for the future underscores the fact that the precise content of most colleges' strategic plans is pretty much irrelevant. Plans are usually forgotten soon after they are promulgated.
My university has presented two systemwide strategic plans and one arts-and-sciences strategic plan in the past 15 years. No one can remember much about any of those plans, but another one is in the works.
The plan is not a blueprint for the future. It is, instead, a management tool for the present. The ubiquity of planning at America's colleges and universities is another reflection and reinforcement of the continuing growth of administrative power." (from The Strategic Plan: Neither Strategy Nor Plan…"