Hey there, i've been playing with this dwarf list for a little while now but i was wondering if anyone had any pointers to increase it's effectiveness.

It is pretty much all the dwarves i own but i might be getting some more soon and i'd like to get something that could be useful for me. Anyway onto the list:

Balin with Durin's Axe
2 Vault Warden teams
4 Khazad Guard
4 Iron Guard

Dwarf King
2 Khazad Guard
2 Iron Guard
4 Warriors with Shields
4 Warriors with Bows

Captain with a Shield
2 Khazad Guard
4 Warriors with Shields
4 Warriors with Bows

597 points
7 might
8 bows

Any advice is appreciated. Thanks in advance.

Looks pretty decent to me.
Would highly suggest getting hold of a banner for the army. Shield Bearers are also quite nice though you do lose a might point by including one.
Aside from that maybe increase your archer count if possible? Giving them shields will also help them stick around in combat as even without the defence benefit they can keep enemies at bay via shielding.
Just my thoughts

It's definitely a solid list. And if that's all you own then by all means use it. I really like Vault Wardens but many people don't seem to understand how to use them effectively so be careful with them.
If you are wondering what to get next I'd say more regular Dwarves (especially with axe and shield), the aforementioned banner, and either Gimli, Dain, or the Kings Champion. Shield Bearers are mediocre IMO I always prefer the captain

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if anything, I'd go with a banner, the extra roll will help when fighting troops with 2 attacks suck as Berserkers. That said, you'd need to drop a couple of dudes to fit the banner in, so it may be counter productive.

Love the list, will have to try that sometime! If you were looking for new things to get a dwarf ranger warband fairs pretty well against low armour opponents. Over the course of the battle throwing axe rangers tend to make the points back rather well. Alternatively some extra heroes to throw into the mix would be cool, personally think Murin and Drar are great additions if you can squeeze them into a list haha.

Thanks for the suggestions! I think a banner will have to be purchased soon since it'll allow me take on spear supported models in combat with confidence. I had also not thought of giving the archers shields so thank you Gondorian Captain.

@JamesR I really like the vault wardens as well, they are great when one part of your battle line just has to hold out.