One way to work out what needs the most attention is through a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. Strengths and weaknesses apply to the business itself. Opportunities and threats come from the environment.
A SWOT analysis isn't a one-off task. As the environment and the business change, a SWOT analysis will suggest different areas needing action. Just because you've done a SWOT analysis doesn't mean you never need to do it again.
The Covid-19 pandemic has been a disaster around the world, but it reminds us of the need to re-analyse our business model periodically. In normal times, performing a SWOT analysis too often (several times a year) could distract from the business at hand. But when an event like this upends everything, we need to question every aspect of our business.
The examples here are prompters - it's not a question of simply box-ticking - you need to be clear about what is around and in your business.
SWOT example
Strengths
competitive edge (lower cost structure, clearly differentiated offering)
industry experience
personal connections
brand
Weaknesses
health of key shareholders / managers
preparation for owner / key person exit
How will green issues affect the industry
impending tax changes
Opportunities
to gain market share
growth rates
gross margins
how attractive are other market / customer segments
Threats
level of competition
pricing influenced by customers' expectations
bargaining power with suppliers
likelihood of new competitors
alternative products
impact of technology
cost of keeping up with technology
long term trends
changes in consumer preferences
major customer segment growing or contracting
financial strength of other shareholders / family members
stability of other shareholders / family members (shareholders' agreement)
impending legal or regulatory changes
is the economy growing?}