I don’t think I’ve ever been a fan of any “Battle of the Bands” setup, but I’ve been a judge for a couple of them. People asked, and it was something to do.
After one such outing, a band that didn’t win was curious as to what had prevented them from reaching the top of the podium. Having conferred with one another, they had identified at least one potential “deal breaking” problem – and they asked about it:
“Do we need better equipment?”
The answer that day was “no.” The answer for most bands on most days is “no.”
What they had failed to do was to play as a team, and that made their perfectly adequate gear SEEM like a problem area. (To be specific, you couldn’t hear anything the fiddle player was doing, because nobody would give the poor guy any space.) So, of course, the answer is to spend money on a bigger, fancier amp for the fiddle player, along with some extra doodads and geegaws to fight the inevitable feedback that results from trying to make a fiddle SCREAMING LOUD…
Their gear wasn’t fancy, but it was adequate and working. The only upgrade they needed was teamwork.
Now, yes, there’s a point where instruments, amplifiers, and their associated accoutrements just can’t do the job. However, that point is best identified as an “absolute:” The setup just sounds terrible, or it’s constantly breaking down, or it’s too hard to use. If that isn’t the case, though, then it’s very likely you’re facing some sort of issue with working together properly.
If your band doesn’t sound right, but everything seems to be working decently for everyone individually, you most likely need to put your wallet away. Before you spend any money on stuff, spend time on becoming a team.