How do you know what your weakest link is?


I'm  contemplating what to upgrade and need some advice on what my weakest link is? I'm considering either upgrading my Clearaudio Concept Wood to a Performance DC Wood/Ovation with a Hana ML or upgrading my Musical Surroundings Nova III to a Modwright 9.0. Is my table the weak link or is my phono? What will my best gain come from and what should I expect that gain to manifest as? 
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Your weakest link is the one that does not contribute any more after a major gear change. In simple terms upgrading your tt would bring a quiter ride and more stable sound. Upgrading your cartridge could bring a more refined sound with better info retrieval. Upgrading your phono stage could bring more air, better presentation, more dynamics. You have to balance all the above to see what you are looking for. 
My approach would be to go after the best table i could afford, then arm, then phono stage then cartridge.
All that depending on your lp collection and how far you want to go.

@petg60 thanks for the insight as always. I may have a decent phonostage as I'm guessing and a table/arm upgrade may be in the cards. I refuse to get rid of my Hana ML though as I love this cart. 
The weakest link is the one YOU think is the weakest link.

The Modwright  will give you a tube perspective(flavor) to your LP playback. Try it, you may like it. Many here do. Tube units subjectively sound more organic. You just put up with a little hiss during quiet passages and volume cranked. Units that incorporate FET's are quieter than all tube-Modwright is one of them. Most of the popular units are of this topology.

Once I went tube phono, no going back-unless it were the highest order of SS unit$. Ever notice how super high end SS sounds similar to tube gear?