Watford chairman Graham Simpson will meet manager Aidy Boothroyd this week to discuss their strategy for the Premiership next season.
The Hornets' 3-0 play-off final victory over Leeds means they are back in the top flight after six years away.
Simpson told BBC Sport: "We will have a brainstorm on Monday or Tuesday and start thinking about what we will do.
"We have planned our budget and Aidy knew, whether we went up or not, which players he is interested in."
He added: "There is a lot of work already done but now we need to gather it all together and start to move forward."
"Like Aidy Boothroyd, I believe it is possible we can get into Europe"
Simpson has admitted his club's promotion has taken him by surprise, but he is adamant just staying up next year will not be enough - and wants to continue their rapid progress.
"This is just the beginning for Watford, winning promotion is not the end," he said.
"It is not as though we think 'we have done it' and that is it. What we believe sincerely is that we can show the football world what a small club can achieve.
"Other clubs have done that, very admirably, like Wigan. They have done well with a wealthy chairman - I am not a wealthy chairman.
"We have a wage bill here of £3.5m - probably the fourth lowest in the Championship. That shows you what an achievement going up is - it is incredible.
"Now, like Aidy, I believe it is possible we can get into Europe.
"I am not saying we will do it straight away but if we continue to develop our academy and to work with our youngsters - and there were a few of them out there in Cardiff - anything is possible.
"If you have belief, you can do an awful lot, and wouldn't it be nice if we could show everybody in football that a small club can flourish?
"We believe we can do it, we will just have to see if we can walk the walk."
Simpson would not be drawn on precise targets for next year - but it is clear he is aiming high.
"You have to talk to Aidy about what the team will be doing next season, it is not fair for me to say it as a chairman," said Simpson.
"But as a fan I will tell you this - and I believe it. We are going to stay up and we are not just going to stay up, we are going to progress, we are going to develop.
"We are going to continue an ethos at this club that we have already started - to work with our youngsters, bring in the right players and say that by really working hard with these people you can do very well - and we think we can."