I think the straight-on POV makes the piece look flat. A 3/4 view would be more interesting visually. And I feel like the photo should be taller - I want to see more of the monster in the depths, to really get a sense of his size. I think it would help if we saw the head and tentacles connected, it would add weight to the bottom of the piece and perhaps draw the eye back up to the kid.
Take a look at this example of a huge thing in the water:
We get a lot of detail about how massive this monster is in comparison to the fox on the shore. The two subjects are looking at each other, giving us a connection. More storytelling can be found in their expressions. There's a definite fore, mid and background for depth.