The revision  is going a bit slow, but I am making progress.  Which is the important part. Anyway, I have been  thinking about what I do during the various drafts, and thought I would list them here.

First draft:
Get the story down. This draft is riddled with plot holes, telling and awkward writing.

Second draft:
Fix the plot holes and the telling.

Send the draft to a Beta reader or two, so that they can point out the weak spots that I missed.

Third draft:

Fixing the awkward writing, adding descriptions, etc. Basically remove the telling. It isn’t uncommon for me to add 5-10 000 words in this stage.

Send draft to editor or another beta reader. ( Depending on length of the story.)

Fourth draft:

Fix all the things that beta reader or editor noticed.

Send to copy editor

Fifth draft:

Polish, polish, polish.