Entrepreneurs are hardwired to look forward, and chase the next win. This constant looking ahead can create a costly strategic blind spot. When you rush past December’s data to write January’s plan, you run the risk of missing the critical lessons already paid for in time, money, and stress.

A comprehensive review gives you the opportunity to pinpoint previous issues and create solid strategies for growth. Without this backward glance, your resolutions become a wishlist disconnected from operational reality. The key is turning reflection into a data-driven process, not a feelings-based one. Before you look for your new year’s resolutions, it’s therefore wise to sit down and answer these five precise questions.

1. Which goals did we actually achieve last year, and what specific behaviours drove those wins?

The most common mistake in goal review is simply ticking boxes. You hit the revenue target – great. But why? While hitting a financial benchmark is great, understanding which tactics got you there is the real win.

Instead of simply analysing KPIs, you should compare your initial goals with your final metrics. Analyse the data to understand what’s working and what isn’t. Was the goal achieved because a specific marketing campaign worked, or did an unexpected market event carry the result?

By identifying the exact steps, processes, or resource allocations that delivered the win you can prevent yourself from inadvertently eliminating a high-performing strategy in the new year or, worse still, believing a non-repeatable outcome is a sustainable strategy.

2. Where did we waste the most resources?

This question requires an honest, non-emotional audit of your financial and calendar commitments. It’s a review of efficiency, not just income. Beyond the simple rand amount, evaluate the return on investment for projects and tasks.

As your accountants we can help by examining your cash flow, expenses, and budget adherence. Which recurring expense failed to generate its expected value? Is there enough money coming in, and are you staying within budget?

The next step is to look at which project delivered disappointing results compared to the time and effort it consumed. By identifying the single biggest time waster of the year for you and your key staff, you can cut inefficiencies and free up resources for genuinely productive initiatives.

3. What did the customer or market teach us that changes our fundamental approach?

Growth depends on staying relevant and competitive. Your business exists to solve a customer problem, and that problem and the best way to solve it changes constantly. The information you need to adapt is already in your email inboxes, support tickets, and sales reports.

First analyse your customer feedback. By looking for common themes of satisfaction and dissatisfaction you can open up areas for new services and pinpoint areas where your process is disappointing your biggest clients. Follow this up with a thorough audit of the latest industry trends and competitor actions. This will help you keep abreast of market shifts.

Your biggest revelation for the new year often lies in the data points you tried to ignore because they conflicted with your original plan. Use this insight to adapt your business model and strategies proactively.

4. What project or initiative did we start but fail to finish?

Every entrepreneur has a graveyard of half-finished projects. These are not just lines on a to-do list; they are sunk costs that continue to absorb cognitive load and drain mental bandwidth. You must address them before you plan the next project.

Reflect on ideas that were shelved, dropped, or simply allowed to drift. Was the goal too ambitious, did you lose interest, or did more pressing tasks take priority? The reason often lies in poor prioritization or a fear of letting go.

Look at the list of unfinished items and make a binary decision for each:

• Revive: Commit to a concrete, time-bound plan for completion, complete with allocated resources.
• Kill: Officially terminate the project. Archive the files, inform the team, and close the loop.

Letting go of an unfulfilled goal removes operational and mental clutter. Avoid the trap of carrying dead weight into January.

5. What is the single recurring bottleneck we must fix before setting new goals?

Do not confuse a bottleneck with a challenge. A challenge is unique; a bottleneck is the same hurdle that surfaces repeatedly, slowing down every initiative. This could be a lack of standard operating procedures (SOPs), a poor communication structure, or an outdated software system.

The first step to eliminating a bottleneck is pinpointing the area that constantly holds up progress and causes stress. For example: “Our hiring process is inconsistent.” Or: “Data collection for client reports takes two full days.” Setting aggressive new goals on top of a broken system guarantees failure. Address the system first. If your resolution is to double output, but your internal approval process is the issue, a goal to fix the process is the only resolution that matters.

Moving from reflection to resolution

The purpose of these five questions is to clean the slate. By identifying proven wins, cutting wasted resources, integrating market lessons, clearing unfinished projects, and fixing critical bottlenecks, you can transition from hopeful resolution to strategic certainty.