If I were you I would loose the bow right off the bat lol...that being said. If you could find a way to lower the waist line it would probably be more flattering. You could consider using the scraps from taking it in to lower it or possibly make it wider, the fullness in the skirt seems like it sits to far above your hips making your torso look short, I could be totally wrong though considering I can't see the rest of you in the picture.
If you want to keep the waist line were it is you might want to let out some of the gathering in it. It seems like its doing a strange weird big in the waist and gets smaller towards your knees, that could also just be the angle of the photo too.
I think it would be super cute if you could find some way to bustle up the skirt of it, and throw some leggings on underneath that. Not exactly casual look though.
Whatever you do it's probably going to be tricky, looks like it's got some chiffon like something overlay. I never really know what to call that fabric...it always reminds me of curtains.
Maybe there's way to give it kind of a summery look, that would probably compliment the rouching (?/sp?) in the back.
O O ooo. Since its too big you could just say never mind to keeping it a dress and turn it into a skirt. Leave the bow and turn it all around backwards to the bow is in the back. You may have to shorten it and add in some other seams to counter the seam in the front (if you were to turn it around) I can't tell if there's one in the back. Dango you could pair it with a plain-ish corset and rock it super awesome style.
Hope that helps.