The first step is to identify the key company goals which will be the over-arching direction of the plan. These goals should be focused on three areas: financial, growth initiatives and alignment to the company vision/mission.
Next, I would develop a capital plan identifying dollars to be spent on the business to increase its overall value. While all capital dollars may not entirely be discretionary - i.e., investing dollars for anticipated return from growth - it is necessary to determine how capital dollars will be allocated whether for discretionary purposes or general maintenance. Projects that require capital are critical for the company growth and must be managed to their desired return, avoiding shortfalls in ROI or issues involving capital creep.