First draft is finished...
Start on the next one. After a week, I go back and read through the one I just finished, edit anything I see that needs edit, send it off to one of my alpha readers to make sure everything makes sense and such. I haven't had a problem yet, but still it's good to know. Then I start reading it a paragraph at a time, make sure none of them are awkward and flow smoothly.
Then I read it backwards so I can spot individual flaws.
All during the while I am working on that next WIP.
Then I send it off to a beta reader, mine aren't very good, but they do tell me if it holds their attention, if I lose them anywhere, if there are any stupid mistakes and if anything stumbles them. After that, I go over it again and start submitting, and working toward finishing the next one. If I get a rejection if there aren't any suggestions to work on it, I touch up the query and send it out to the next company on the list. Rinse, Lather, Repeat.
You will find that everyone has their own version of doing things and that is how it's best I think. Find the best way that works for you and run with it. I am going to check out
http://www.hollylisle.com/fm/Workshops/one-pass-revision.html and read it in depth as the less editing I'm stuck doing the better, I hate doing it but it is a necessary evil in this line of work.