The document outlines three crucial elements for strategic planning: 1) Evaluate how existing business operations are performing presently and compare to competitors, 2) Carefully consider the future path of the business in 5-10 years and assess if objectives and values need adjustment, 3) Develop new strategies to achieve objectives, which may require tweaking or replacing current processes, financing, and structure. All three elements are important to the strategic planning process, but establishing a vision for the future requires understanding the current state.