You should have a triage and priorities meeting on a regular basis.
At my previous job we used to have a weekly meeting that consisted of product owners and the dev lead (me). We would
- review current priorites
- prioritize new bugs
- prioritize new features
The goal was to make sure there was a balance in what we worked on. I would explain the cost of ignoring certain problems and how much they would cost down the line. I would also explain the development cost for each change and offer up alternatives when appropriate. In return I would get a sense of the importance of certain features to the business. This provided both myself and the product managers with
- a good idea of how resources were being spent
- consensus on how to utilize the resources we have
- a deeper understanding of the business as a whole
Once a rapport had been established, the meetings went by quickly with few disagreements.