In smaller leagues, you need strength at all positions, as each position will have plenty of "decent" players. This throws typical "value" drafting out the window. You should tier each position, and target one of the first two tiers for your starter at ALL positions (often in value drafting you settle for a third/fourth tier starter at TE, WR and/or QB). For ALL starters, you should be targeting a top 12 player. A great draft with an 8 teamer would have you with (tough to do, but it can happen):
QB1: top 5
RB1: top 5 (not usually possible if you have the 6th - 8th pick)
RB2: top 12 (not usually possible if you have one of the first 2 draft picks)
WR1: top 5
WR2: top 12
Flex: top 25 (of RB's/WR's combined)
TE: top 5
DEF: top 8
K: top 8
QB2: top 12
RB3: top 20
RB4: top 25
WR4: top 20
WR5: top 25
This type of drafting usually requires going RB/RB/WR/QB/WR/TE/RB/WR... or something similar. Typical value drafting will have your bench full of great players, that you can't start!
Another thing to do is to look at the drafting history of the league (especially if it has been the same 8 guys for awhile). Then plot the number of players for each position that have been taken each round. Often you can have a great idea where the WR, QB and TE runs will take place, and can adjust your drafting accordingly. I have a similar league, and over the past 4 years our averages by round look something like this:
RD1: 7 RBs, 1 WR, 0 QB
RD2: 6 RBs, 1 WR, 2 QB
RD3: 4 RBs, 3 WR, 1 QB
RD4: 1 RB, 4 WR, 2 QB, 1 TE
RD5: 1 RB, 5 WR, 2 QB
RD6: 2 RB, 3 WR, 2 QB, 1 TE
RD7: 2 RB, 3 WR, 0 QB, 2 TE
RD8: 2 RB, 2 WR, 1 QB, 3 TE
TOTAL after 8 rounds: 25 RB's; 22 WR's 10 QB's; 7 TE's Gone.
As you can see there is still a ton of talent left, but the really strong players at all positions have been taken. You can work on a solid bench from here forward, but should make sure that after 8 rounds, you have 3 RB's, 3 WR's, 1 QB, and 1 TE; and want to maximize when you get them (i.e., for our league, you had better take WR 2 Round 5 or earlier, as there is typically a run on WR's during this round.
Hope this helps!
~Liquor