1. Identify the need for capital expenditure: The first step is to identify the need for capital expenditure. This may be due to a number of factors such as expansion, replacement of outdated equipment, or the need to improve efficiency.

2. Determine the scope of the project: Once the need has been identified, the scope of the project must be determined. This includes defining the objectives, identifying the resources required, and estimating the costs involved.

3. Develop a capital budget proposal: This involves preparing a detailed proposal that outlines the project’s scope, objectives, and costs. The proposal should include a description of the project, a timeline for completion, and a budget that includes all costs associated with the project.

4. Evaluate the proposal: The proposal should be evaluated based on its feasibility, cost-effectiveness, and alignment with the organization's overall strategy. This evaluation should include a review of the project’s risks and potential benefits.

5. Approve the proposal: Once the proposal has been evaluated, it is presented to the appropriate decision-makers for approval. This may include the board of directors, senior management, or other stakeholders.

6. Implement the project: Once the proposal has been approved, the project can be implemented. This involves acquiring the necessary resources, hiring personnel, and managing the project to ensure that it is completed on time and within budget.

7. Monitor and evaluate the project: After the project is completed, it is important to monitor and evaluate its performance. This includes assessing whether the project achieved its objectives, whether it was completed on time and within budget, and whether it delivered the expected benefits.