Planning theory identifies five planning functions that are vital to effective planning. This paper examines existing industrial preparedness planning (IPP) methods against the standards of planning theory. To remedy the major deficiency of current procedures, capacity-driven goal setting, the paper proposes an industrial mobilization planning framework based on strategic objectives for three phases of war requirements -- operational readiness, sustainability, and force expansion. It considers planning for each phase using planning theory to develop the concept and demonstrates that the barriers to effective industrial mobilization planning can be surmounted.