We usually tackle the priorities in this order:
1) Internal issues. We tackled these first. They undermine everything else. This covers lack of buy-in, resources, skills, processes, technology etc..if there is anything we need to be a success, we work to get it.
2) Health issues. If the level of active membership, activity, or sense of community is declining, we tackle this next. We analyze the data, identify the problem, and make specific recommendations. If there are opportunities to improve this, we work on this too. This includes, for example, improving the newcomer to regular conversion ratio.
3) Advance to the next stage of the lifecycle. Now we look to see how to move the community to the next stage of the lifecycle. Do we need to spend more time getting the right sort of growth, changing/adapting activity, increasing the sense of community? We set specific targets and develop an action plan to match
4) Align with long-term trends. Next we check that the community concept perfectly personifies the long-term trends. We ensure that the audience is moving away from the community to something similar.
If you're working on your strategy/action plan, putting your steps in this order should help.