If I were a GM.
1) Have a strategic vision for the way the team will play based on your best players. Hire a coach that can pull it off. The strategy may have to change based on age/guys not signing. Don't just keep trying to recreate winning teams by overpaying veterans.
2) Team / strategic fit is more important for trades than pure value. Don't make trades just because you can.
3) Coaches, goalies and bottom 6 are completely replaceable and temporary. They have to earn their spots every week. Don't overpay or give term to goalies or bottom 6 in UFA.
4) If coach refuses to let youth play when they outplay veterans, fire them, even if they've won you a cup in the last few years. As soon as your team loses the winning mentality, stops experimenting or leaves issues unresolved for months, fire the coach. They are allowed to lose, they can't be losers.
5) Keep competition for lineup spots. Keep it. Your guy isn't that good, he's gotta prove it again and again. It's ok to have holes in the lineup for game 1. Graduate guys from the AHL when they're better than guys in your bottom 6.
6) Give the talented guys opportunities with your best players during the season, even if they have warts. Coach has to keep experimenting every year, even if the lineup is identical to the previous year.
7) Elite players have to be drafted 2/3 times. Pay them if they drive play AND produce. Trade them if they don't fit your strategy.
8) You need entry level / 1st contract guys in your top 6 and top 4.
9) Keep managing assets even when you're starting to win. Don't get attached to players that don't fit the cap, even if they leave holes.
10) Just draft BPA. Draft for skill/production in every round. Horrible skating and toxic personality are issues, everything else is secondary to skill/production.