With a limited team, it is necessary to prioritize what the company is going to work on and for how long. When prioritizing, it is important to consider how much revenue is generated from current products versus planned features. There are three different ways to prioritize bugs: severity, customer impact, and frequency.
If there are many bugs that relate to the same feature or function then it might be better to fix those bugs before releasing a new product feature. The bug might not be severe enough on its own but when combined with other bugs relating to the same function, the severity will go up.