I read through the finished draft and make notes while also constructing a document with info on each chapter (I write long books, so this is critical). It includes the reader emotion I want that chapter to have, the external events, the internal events, and any notes for things I need to tackle. This is where I organize revision ideas I might get from betas/editor/agent/intuition, especially when something affects multiple areas of the manuscript.

I try to tackle the big picture stuff first (character arc, emotion, pacing, structure), then gradually narrow my focus until I’m chiseling at the sentence level. If I've been hopping around the MS doing big picture stuff I like to do the sentence-level groom from start to finish so I can iron out any snags in the same go, and get a fresh sense of the story flow. Lastly, I check for pet words, spelling, and frequent errors I make, then a final formatting pass.