The essence and methodology of planning has changed significantly over the years. The article presents an approach to strategic planning in educational management and analyzes its most important components that have a strong impact on the institution management. It is very important, that already at the planning stage, the managing staff could provide details about the sustainability of innovation. In order to minimize undesirable effects during the implementation of innovation approach, it is recommended an analysis of possible risks of the process, at the same time ensuring transparency and dissemination of success achieved in the implementation of innovation.