I’ve been reading, writing, critiquing short fiction for the past few years, and reached the following steps by trial and error. This is what works best for me today.

1. Write the story.
2. Write several drafts until you think you can’t make it any better.
3. Put the manuscript down for at least a month and work on other projects.
4. When you pick it up again you’ll see the draft wasn’t so great. Edit until it’s a lot better.
5. Don’t stop. Work on the story until you think it’s the tits, and importantly, you’ve pushed yourself to the limits of your ability.
6. Ask your writing group to critique your masterpiece. Oh, and tell them to rip your work to pieces.
7. Go back to step 2.

Another writer’s opinion could be a chisel or a sledgehammer. Either is a tool. Use it well.