1. Speakers
2. TT/ DAC
3. Amp/ Power-pre
4. Cables
5. Power conditioning
I would strongly suggest to anyone in the weighting process that the speakers you get will have the most impact to the sound you hear. For that reason I would suggest that be your first decision. Great speakers that you love will always generally sound pretty damn good with not so great electronics. Second to that your playback device I believe is biggest flavoring aspect to the system. I’m the case of vinyl, the turntable/phono amp will clearly add or detract a high degree of the sound. A great DAC will be a far bigger impact over an amp. And lastly power should be suited to drive what you’re pairing it with. Obviously a 12 watt amp will not work so well with 82 db speakers but could well work with 94 db units.
Like capacitors, cables and speaker wires can add or detract to the overall sound, but I wouldn’t put those at the top or even near the top. They are like seasoning; some like spicy some less spicy. It shouldn’t be the main meal but the enhancement. No spice will turn chicken into steak.
Start with great speakers like a Stenheim and take it from there. No great amp will ever make a mediocre speaker sound great. Better maybe, but not great.