iOS 11 and higher: drag the song title up or down to reorder
 
Older iOS devices
- Tap on the playlist you would like to edit
- Tap the Edit button 
- Drag the handle on the far right up or down to change the order of the songs
 

Sort

To sort the songs alphabetically, tap the Sort icon (up and down arrow) in the lower right corner.
 
Use the Share button in the middle to send it to your bandmates.