When university is planning a breakthrough in research and studies it is very important to decide where it is going over the forthcoming years and how to get there. An ambitious strategic plan is a major instrument to achieve sought results. Paper gives a short overview of strategic planning at Vilnius University in general and how the Faculty of Economics developed and is being implementing its own strategic plan. The paper gives a summary of strengths, weaknesses, opportunities and threats of the faculty, identifies the main objectives of the plan and the most important measures being implemented.