1st- your players get better by training. so aquire the best coach you can afford, in the 5-7 range. in a season or so try to get an 8-9
2nd- put some money into scouting 1-2 players a week. you get can get some valuable players in the draft.
3rd- get a training routine. Decide what players you want to train PG/SG PF/C and train the skills that are needed for that postion
4th- get your squad down to 12 or so. sell the players you can, and fire the rest. (dont be afraid to sell some of your better players, especially if they are getting up around 24-25) we are near the halfway point of the season, and you will be getting 3 more players from the draft. It is alot easier to train 12 than it is to train 15. You dont need 15 players and the salary saved will add up.
5th- have patience. stay away from the transfer list for a full season, and soon you will have a little cushion of cash to play with.
hope this helps, message me with other questions, and I hope others will add to this list