Wow KM, reminds me of the folks who ask "How much more wattage can you get out of a (fill in the blank) radio?"
No hint as to how much he's getting now. I'll tell him that anybody who answers without asking that question first may not be trustworthy. Gotta know what it's already delivering to tell if it will deliver more than that.
But you're asking about the receive side.
I'll guess that you don't have a RF signal generator. That's the standard tool for measuring the sensitivity of a receiver. That would reveal whether or not it can be improved, or if it's already doing everything that it can. Kinda like a wattmeter, but for the receive side.
The other question that nobody ever answers before I ask, is "Has it always been like this since you got it? Or did the receiver fall off after you used it for a while?"
That little bit of history info can reveal a lot, especially if it's a radio that you just got, and it's always been like this.
A radio that "changed", used to hear better than it does now, probably has a different kind of problem than a "it's always been like this" radio.
Without a signal generator, the next best tool to judge the sensitivity of the receiver is the noise level. If you turn off the ANL/NB, and turn down the squelch you should be able to hear a noise level.
Unplug the coax from the antenna socket, and see if you can hear the difference when you plug it back in.
If you can hear the noise level, and see it on the S-meter, there's not much improvement to be had. You can't hear anything weaker than the noise level. Making the noise louder won't improve your receiving range.
If you CAN'T detect the noise level, the receiver's sensitivity may not be up to snuff.
Carry one into a shop with that problem, and the first thing they'll do is see if all the receiver's adjustment coils are peaked for max sensitivity. If someone was fooling around inside, watching the wattmeter, some of these could be turned randomly, and no longer be set to a proper "peak" position. Generic term for this procedure is "alignment". It's a sufficiently common problem, most shops will check this first, and then see how sensitive the receiver is, and how much increased sensitivity the radio will now deliver, if any of the adjustment slugs were NOT already set to the proper peak.
Not a simple thing to try at home with no tools.
If noise is the problem, and you have a high S-meter reading on noise alone, flip the ANL/NB switch all the way up, and see if it makes the meter reading fall.
The noise blanker in that radio is pretty effective, but has two tuning slugs that have to be peaked for best blanking action. If the meter's noise level doesn't fall when the blanker is turned on, it will limit who you can hear.
Have you considered a preamp? They are only useful if your local noise level is too low to kick the S-meter. If you have a noise level higher than 1 or 2 S-units, the preamp will only make the noise louder, most of the time. Better yet, if you know somebody who has a preamp sitting on the shelf, borrow it to try. See if it gives you any improvement. And if it just makes the noise level larger, you didn't waste real money to find out. And you'll know why HE had it on the shelf, and NOT in line with the radio.
More than once, I have seen a big improvement in the receiver by raising the antenna. If you are using it as a base, this can make a large difference.
If you're using it mobile, odds are that what you can hear is already limited by the noise level.
73