Re-reading my Seth Godin books. One paragraph in "Small is the New Big" stood out as a really good business exercise. Suggests taking a look into the future: "When you write your company's history two years from now, which decisions will have really mattered? What were the key moments that led you to create such a success?"
Then you'll know what to spend time on.
I think it's meaningful to look back two years as part of exercise too, because gives perspective about types of decisions that ultimately matter.