Characters - look at the people in your story. They are the backbone. Poorly developed characters make a poor story.
Dialogue - This may be tied up with character. Making sure each of the people in your story speaks with their own voice and doesn't sound like every other person.
Point of View - This is important. Who is telling the story? Are there more than one character telling the story? Each scene may call for a different character's voice.
Showing versus telling - An important bit here. When we were children most of the stories we heard were telling but as adults we want to be shown through action and reaction within the characters.
Story and Structure - This is where you consider how everything comes together. Is the story one ride to the top and then a swift decline? Does the story have a lot of hills and valleys? There are a number of things to consider here.
I'll look at each of the elements of the story in later posts.