This is the meaty part of Cheryl Klein's revision process from the SCBWI NYC Metro evening. Remember, much of what Cheryl teaches is on her website: http://cherylklein.com/
I'll pick a couple of highlights as I undertake them. This could take a while.
Are you ready?
Change the font. (I like this!)
Print out and read the entire manuscript on the page before making any revisions. (note to self: This is not easy. No marking up the page?)
As you read, take notes on both the good stuff and the bad stuff.
List the first TEN things each significant character says or does (includes internal thought for your POV character). This is a way to find out what your characters are up to at the beginning. Are they sympathetic characters?
OK, off to work. As I said, this may take a while...