Which action below should be the first type of action to be completed when prioritizing business actions?

Developing the business strategy should be the first action taken when prioritizing business actions because it provides a comprehensive roadmap that informs and guides subsequent decisions. A well-defined business strategy establishes the organization's vision, mission, and objectives, forming the foundation upon which all other actions are based. It identifies key priorities and aligns resources toward achieving strategic goals.

Without a clear business strategy, efforts such as creating contingency plans, improving operational efficiency, or enhancing company culture may lack direction and coherence. These actions must be aligned with the overarching strategy to ensure that they contribute effectively to the organization's long-term success. Only once the business strategy is in place can the organization prioritize and implement specific actions that support its goals.