It seems to make sense to prioritize in order of priority.
Do the urgent stuff first. Deal with the cranky customer who's about to walk out, the disenchanted and difficult employee who hasn't had the right sort of guidance (lately), the partner who is stomping his foot.
The problem with this rational prioritization is that it means that the good customers, the valuable employees and the long-suffering but loyal partners are neglected. And they realize that they should either get squeaky or leave.
If the only way to get your attention is to represent a risk, people will figure that out.
(The other problem is that you end up spending all your time with cranky, disenchanted, difficult people who are stomping their feet.)