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? 
128x128j-wall
j-wall,

The first step may be to ensure your existing system is operating at its best. 

How many hours on your cartridge?

Are you certain the stylus tip and all connections (including headshell to cartridge pins) are clean?

Have you verified all elements of your cartridge set up/alignment are correct, including loading?

And lastly, are you aware of sonic degradation over time or are you simply feeling a sonic upgrade is due?

If any or all of this suggests an upgrade is warranted then I would start with the cartridge.  Along with speakers and room set up that is likely to make the greatest difference. 
@tablejockey I had a dealer tell me there isn't going to be a major step forward going from my $1500 Nova III to the Modwright 9.0/x. At double/triple the pricepoint from 9.0/x how can this be? Anyone else please feel free to help educate me. 

I may give the 14 day trial Modwright as I'd like to test the unit, but I'd prefer to avoid half steps and if it takes $4k+ then I'll wait to make the move. And surely the Nova III is a nice unit, but it equals a unit twice a much? I don't buy it!
The Modwright 9.0 is perhaps the best bang for the buck.
Check it out…
For sure, the source is the main link in a system.
I heard a million dollar system trashed by a poor CD player!
Wanted to run out of the room screaming.
You may only be interested in changing the few items you listed but as MC was getting at is that we need to see the whole system to make a recommendation. Back in the day we saw many hi-end turntables paired with 139 dollar loudspeakers. Knowing the whole picture really helps to see what your weak link is and it's often something you were not thinking about.