Speed and connection problems on webserver

We have a Wordpress website using Woocommerce running on Cloudways hosting (Digital Ocean London). It is a small ecommerce site with around 50 products and receives about 300 - 350 hits per day. Our server is 50GB HD and 2 GB RAM. We get constant connection errors and the wbsite is extremely slow in the wp-admin area. Cloudways support tell us we need to upgrade the server but we suspect, as this is such a small site, that there is another problem that they are not addressing.

We need someone to analyse the problem and tell us if we have a problem with Wordpress or a pluging a plugin or is it indeed a case of upgrading the server.