What is the definition of establishing priorities in the business field?
Establishing priorities, within the context of the typical business model of management, is accepting that although business managers would want to give equal weight to every single variable, factor, and detail of their business, it is inevitable that some things will indeed have more importance than others. This is not because they are of less value or less consequence, but because there are things that need to be done in a more timely manner in order to ensure that the operations within the business continue to move steadily.
For example, let's suppose that a business manager wants to build esprit de corps among his employees and decides to provide each employee with a customized t-shirt featuring the business logo. That is, in itself, a wonderful idea that not only may bring about esprit the corps, but it also will show a strong, united team in the eyes of the outsiders. Yet, spirit wear may result in an unnecessary, while well-intended, expense. Perhaps the business manager will have to seek other ways to build esprit the corps until there is enough revenue to spend on team-building supplies. This is an example of establishing priorities.
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