The word "strategic" might simply mean "let's review all of the Town property, standing orders, and have a goal for our term of office". So, you might consider that you are a small town with not much property, no scope for development, and not much activity. Therefore you might not need public consultation. More likely though, is that any plan by a Town Council concerning development or changes affecting the public and their space ought to involve public consultation. This means discussion in public meetings, advertsing and leaflet drops, questionairre, etc. If you don't do this then you risk overlooking an issue , and losing public support.
If the strategic plan amounts to a Neighbouthood plan as defined under the Localism Act 2011, then are definite consultation stages to go through in order to achieve Neighbourhood plan status.