Thought I'd start this to see what people's thoughts and or methods are. Is there even a method?
Here's mine:
1) The Different Strokes Rule -- simply put 'What might be right for you might not be right for some.' -there's no best component or cable or stand or whatever.
There's no league table or hierarchy. 'I had X component and I replaced it with Y component and I much prefer the sound so Y component will be better than X component in any system and for anyone.'
No it won't.
Brings us to
2) Have an idea of the sort of sound you want to get. Play Thin Lizzy's 'Live and Dangerous' on cd through some ATC active speakers now play the same album on vinyl through Avantgarde horns with single ended Kondo valve amps - pretty much chalk and cheese. Some will prefer one, some the other. Some might hate both presentations.
Personally I think my idea of how a hi-fi system should present music was formed by the infamous 'mate's dad's systems' when I was in my teens so I've been after that ever since. I only realised that a couple of years ago. But even now hearing lots of other systems can give you an idea of what you are after. Or refine it. Without any idea what to go after you're pissing in the wind.
3) Don't try to solve fundamental problems like hardness, harshness, distortion, with ancillaries like stands, cables, room treatment, conditioners, magic beans or any of that stuff. It won't work. Get the basics right first then you can muck about with all that stuff if you still feel the need. Which you might not.
4) If it isn't sounding like you want don't jump to conclusions about what the problem is. Harsh treble is probably not the speakers. Lack of bass is probably not the amplifier. Things are often not what they seem to be in hi-fi land, very easy to change or 'upgrade' the wrong thing and make a bigger and more expensive mess. Most of us must have done this at least once. I've done it loads.
5) The fancier it gets the harder it is to get it just right. Sort of the 'Peter Principle' of hi-fi. 'Given infinite upgrading every system will one day reach the point were it is unlistenable.'
There's no real solution to that one except to stop when you're happy.
6) Have fun. It's supposed to be a hobby. Or a pastime.
Whatever, it beats being at work.