Strategic plans migrated to higher education from the corporate world. Although some universities have been drafting them for at least 40 years, their use has exploded over the last decade, particularly in the last two years. Now virtually every institution, from research universities to community colleges, has a plan. Competition for students, globalization, cost crunches, and the accountability push from Washington and state capitals, as well as accrediting bodies, have all fed colleges' need for more-detailed performance indicators and financial modeling. To be useful, the plan must give an honest assessment of where an institution is and where it wants to go, planning experts say. It must also include specific, honest budget numbers. This article lays out the objectives, process, and payoff of strategic planning for university administrators.