What it means
You say this when a plan's blown up in its own face and the only move left is to bin the dodgy version and start again from scratch. It paints the picture of someone trudging back to the board to redraw the whole thing, so it fits failed designs, bad pitches, broken systems, or any idea that completely fell apart and needs a full rethink.
Usage examples
"The prototype overheated on the very first test, so it is back to the drawing board for the whole cooling system."
"The prototype failed every test, so it is back to the drawing board."
"The client hated the logo, back to the drawing board for the design team."
"We thought the app was ready, then users hated the update, so it's back to the drawing board."
"That campaign landed with a proper thud, mate. Back to the drawing board."
Where it comes from
It’s usually traced to a 1941 Peter Arno cartoon in The New Yorker. In it, an engineer walks away from a crashed plane and says, Well, back to the drawing board. That line escaped the cartoon, got legs, and turned into everyday English for any plan that flops and needs a total redo.