The strategic planning process consists of setting company objectives, scanning the external environmental conditions, organizing internal strategic issues, determining strategy choices, formulating implementation plans, control and monitoring. A study of the literature shows that for some organizations there is a positive relationship between strategic planning and performance; however, some evidence suggests that it is not significant. There is still debate among scholars due to inconclusive results. This study revisits the literature on strategic planning and proposes a new approach incorporating strategic flexibility, agility, and responsiveness derived from dynamic capabilities theory. A new concept called “competitive strategic maneuverability” is introduced to bridge the gap between a firm’s strategic planning and performance. Subsequently, the dimensions and indicators that measure the concept of competitive strategic maneuverability are developed for the purposes of further empirical research.