Luckily, in my opinion, there isn't a whole lot more to do to make the game ready for Beta 2.
Well, to answer that fully you have to look at what their goals are for Beta 1. To get the foundations of basic gameplay mechanics. To make sure it's stable and running on as wide a range of systems as possible, and to make sure it just plain works.
For a "Game Mechanics" perspective, with what they wanted to accomplish with Beta 1, IMO, that part is ready.
Stability though, No, that part isn't ready.
Before we can proceed with a Proper Multiplayer Beta the game needs to be stable. We can't have it locking up and freezing during someone's turn. If they are going to allow Save Games to be made in the middle of multiplayer games then the saving and loading features need to work perfectly, which for some people they don't.
So when it comes to the final decision, if any of the goals of Beta 1 have not been met, then there's no choice but to say it's not ready.
When the stability issues have all been ironed out Then I think we'll be ready to head to the next step, Beta 2, the Multiplayer Beta.