End of Year Business Review. How to Reflect, Refocus and Set Goals.

You’ve made it. Let’s be real 2025 was a rough one.

Across both New Zealand and Australia, business failure rates hit their highest levels in years:

• • • 🇳🇿 In NZ, company liquidations rose 20–30 %, with 597 liquidator appointments in Q1 2025, which is a 18.9 % jump from the year before (Companies Office NZ, Waterstone Insolvency).
    • 🇦🇺 In Australia, insolvencies surged 47 %, with over 14,000 businesses going under in the year to June 2025, this was the worst year on record (The Australian).

So if you’re still operating – that’s massive.

You navigated high interest rates, slower spending, and a shaky economy. That’s not “just getting by”  that’s resilience.

But before you start dreaming about a drinks on the beach and soaking up the sub, there’s one powerful thing you can do to set yourself up for a better year ahead:

👉 A proper end-of-year business review.

Not a quick scroll through your bank account.
Not a “yeah, that was a good/bad year” chat over beers.
A real, intentional review, the kind that helps you see what’s actually working, what’s quietly holding you back, and what needs to change.

Never done one before – let’s break it down step by step:

Step 1: Create the Space

First things first, don’t do this half-distracted between jobs or emails.
Book the time. Block it out. Grab your notebook, laptop, or whiteboard (whatever gets your brain ticking) and head somewhere you can think clearly.

This is about reflection, not reaction. You can’t reflect while you’re knee-deep in the day-to-day.

Step 2: Look at the Facts, Not Just the Feels

We love a good gut check, but this part’s about data.

Pull up your key numbers:

• • • Revenue: What did you make this year, month by month?
    • Profit: Not turnover, profit after deductions. What did you actually keep?
    • Cashflow: Were there months you were gasping for air? Why?
    • Projects / Jobs: Which ones were most and least profitable?
    • Team: Who lifted the business up? Who drained energy or time?
    • Time: Where did your time actually go, and what results did it create?

Patterns tell stories.
Did your best months have anything in common, like the type of work, client, price point, or season?
That’s your clue for next year.

Step 3: Review the Goals You Actually Set

If you set goals in January, pull them out.
(Don’t worry, most people can’t even remember what they wrote, so you’re not alone.)

For each goal, ask:

• • • Did I hit it?
    • If yes, what helped me do it?
    • If no, what got in the way? Time? People? Clarity? Systems?

You’re not grading yourself.
You’re looking for patterns of success so you can double down on what works and shift the habits that don’t.

Step 4: Reflect on the Wins and Reset Your Mindset

Numbers are important, but they don’t tell the whole story.
Some of the biggest wins in business never show up on a spreadsheet. They’re the quiet ones behind the scenes.

What did you learn, fix, or finally do differently this year?

• • • Did you hire someone great who lifted the load?
    • Say “no” to the wrong clients (even when it was hard)?
    • Finally take a week off without the wheels falling off?
    • Hit a mindset shift that changed everything?

These moments matter. Write them down. Celebrate them. You earned every one.

At Change State, we call this the “Gap vs Gain” mindset. Instead of obsessing over what’s missing (the gap), focus on how far you’ve already come (the gain).

Gain thinking is about progress, not perfection.
Even if you’re not “there” yet, you’re still 1 % further ahead than you were yesterday, and that’s what builds real, sustainable momentum.

Before you rush into planning for 2026, take time to recognise all the progress you’ve made this year, the big wins, the small steps, the lessons learnt, and the growth you didn’t even realise was happening.

You can’t grow your business without growing you, and when your mindset is anchored in progress, every step forward counts.

Step 5: Learn the Lessons

Every year in business gives you feedback if you’re willing to look for it.

Ask yourself: What’s the lesson from this year?

• • • Maybe your pricing’s too low.
    • Maybe you realised you’re the bottleneck.
    • Maybe your team needs clearer systems.
    • Or maybe you need to stop doing everything yourself.

The best business owners aren’t the ones who avoid mistakes.
They’re the ones who learn faster from them.

Step 6: Stop, Start, Continue

Here’s a simple way to turn reflection into action.

Grab a fresh page or whiteboard and create three columns labelled Stop, Start, and Continue.

STOP:

What’s no longer serving you? Think time-wasters, energy drains, or habits that are holding you back.
Maybe it’s unnecessary admin, underpriced jobs, or trying to do everything yourself.

START:

What new habits, systems, or actions will move your business forward in 2026?
Perhaps it’s building a sales pipeline, improving communication with your team, or outsourcing something that’s not your strength.

CONTINUE:

What’s already working well and needs to keep going (or even grow)?
Protect those wins and do more of what gets results.

This exercise keeps things simple and practical, so you can see at a glance what needs to change, what to keep doing, and what to let go of.

Step 7: Turn Reflection into Action and Set Goals for 2026

Reflection without action is just journaling, and you don’t need another notebook of good intentions.

Now that you’ve reviewed what worked (and what didn’t), it’s time to turn insight into direction.

Convert Reflection into Action

Pick three things you’ll do differently next year. Be clear, realistic, and measurable:

• • • Raise prices by 10 % on new clients.
    • Block out a monthly CEO day.
    • Hire an admin to free up five hours a week.

Simple, focused, and actionable. That’s how change sticks.

Set Business Goals for 2026

Zoom out and set your direction for the next 12 months.
Your 2026 goals should build on everything you’ve learnt, the wins, the wobbles, and the lessons.

Use this framework:

• • • Big-Picture Vision: Where do you want your business and life to be by this time next year?
    • Key Targets: Money 💰 · Time ⏰ · Team 👥 · Systems ⚙️ · Growth 📈.
    • Action Plan: For each goal, write the first three steps you’ll take in January.

And remember, don’t set goals just to fill space. Be clear on your why.
Set goals that matter, the ones that align with your values, your vision, and your version of success.

A goal without structure is just a wish. Tie it to a plan, track it, and review it quarterly. That’s how you turn momentum into growth.

Step 8: Close the Chapter

Pause. Reflect. Celebrate.
Running a business in 2025 was no small feat.

If you’re still standing, still showing up, and still believing, that’s worth recognising.
You can’t move forward with clarity until you’ve honoured how far you’ve come.

Your End-of-Year Review Cheat Sheet

Grab a pen and answer these:

1. 1. 1. My biggest wins this year were …
      2. The toughest lessons I learned were …
      3. What will I Stop, Start, and Continue in 2026?
      4. What worked really well and why?
      5. What didn’t work, and what will I do differently?
      6. My top three business goals for 2026 are …
      7. My word or theme for 2026 is …

Final Thought

You don’t need to rebuild your business every year.
You just need to review, refine, and realign.

That’s how good businesses become great, and great businesses stay sustainable.

So block that time in. Make it a ritual.
Your future self (and your business) will thank you for it.