It’s difficult to give you a concrete advice, because many factors are involved. Not knowing details about your system - setup, SQL tweaking, workflow habits etc etc I can only advice to search forum, we have here great amount of threads about performance issues.
Hardware part looks OK, only ~20 users and (correctly !) done mods should not cause any problems either.
Was the system slow from the beginning or is it slowing down over time? Total hanging for a couple of minutes indicate DB locking problems, solution for such cases both by MSSQL tweaking and NAV setup changes can be found searching the forum…
Well, degraded Performance could have many reasons - thus there are plenty possible Solutions.
Without a detailed assessment it’s hard to tell what’s wrong; usually it’s a mix of bad configuration, expensive queries and blocks …
Examples:
One of our customers says that e.g. operation “calculation of interest” is much much faster than before (NAV 4 Native).
But to post a (=one) salesorder is “pain-in-the-arse-slow”.
When they tried batch-posting salesorders the said that posting 20 orders is as time-consuming as posting one single order.