Reduce the amount of plugins. Check your theme for memory intense stuff or lots of queries.
Add this line to your footer or hook it to the shutdown hook to see some basic information:
<!-- Time needed to print this page: <?php timer_stop( 0, 3 ); ?> Number of queries needed to process this request: <?php get_num_queries(); ?> -->
Then take a look at your site through source code and at the bottom you’ll find the html comment containing this basic data. Then start disabling single plugins to see the difference and their impact on performance.
Furthermore I’d say the max user restriction is not by wp, but by your shared hosting account.
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