Take a look at the victim and find the worst injuries. Stop the worst bleeding first. Concentrate primarily on areas that have bright red or spurting blood, and then move on to less severe bleeding. Don't go through all the steps to control bleeding before moving on -- as soon as the blood has stopped flowing (even if only because you've put your finger in the hole) begin addressing the next wound.
In any case of severe bleeding, you should call 911 as quickly as possible and continue to control bleeding until the ambulance arrives. Tourniquets should be avoided unless the bleeding cannot be stopped using all other procedures.