A two-dimensional mixed problem for a thin elastic strip resting on a Winkler foundation is considered within the framework of plane stress setup. The relative stiffness of the foundation is supposed to be small to ensure low-frequency vibrations. Asymptotic analysis at a higher order results in a one-dimensional equation of bending motion refining numerous ad hoc developments starting from Timoshenko-type beam equations. Two-term expansions through the foundation stiffness are presented for phase and group velocities, as well as for the critical velocity of a moving load. In addition, the formula for the longitudinal displacements of the beam due to its transverse compression is derived.