What do you look for while editing drafts?

I'm (hopefully) about 20k away from the end of my current WIP so I'm getting closer to the editing stage for this novel. I'm curious, what do you typically look for when you are editing the first draft of your novel? Or any draft!

I already know there will be plenty of grammar and spelling to fix, but I'm wondering how do you take your first draft to a final, polished draft that works really well?

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What do you look for while editing drafts?