The end of the year — and the looming beginning of the next — often inspires thoughts of resolutions and goals. However, before considering what you want to achieve in 2015, think about the progress your practice has made in the past 12 months, says April Lynn Levitt, a Toronto-based coach with the Personal Coach.

Take stock of the current year’s accomplishments, Levitt advises, in order to create a stronger plan for the new year. Here are five areas to consider when looking back on 2014:

1. Finances
Note this year’s revenue and any recurring revenue you expect to continue into 2015.

Many financial advisors don’t know the amount of recurring earnings they can depend on from fee-based clients or trailer fees, Levitt says. But recurring revenue is an important factor, as it will help determine how much additional revenue is needed to fulfill 2015’s goals.

Another key financial factor to note is your expenses for 2014. In which areas did you focus your funds and what can you expect your expenses to be next year?

2. Marketing
Ask yourself where your new clients came from, Levitt says. The answer to this question will indicate whether certain marketing initiatives are worthwhile allocations of time and money.

For example, you spend a significant portion of your marketing budget on newspaper ads. When you examine how you connected with new clients this year, you realize the majority came from referrals. You might take this as a sign to decrease your advertising budget in 2015 and focus more on developing your current relationships.

3. Client Feedback
Take stock of any comments clients have made throughout the year regarding your business. You can use positive feedback to add to your value proposition and consider using them as testimonials in your marketing materials.

These responses will also indicate what areas you might decide to build upon in 2015, Levitt says, and what areas need improvement.

For example, clients have mentioned they look forward to your newsletters. This feedback shows that part of your marketing plan is successful and you should not look to make dramatic changes to that communication tool.

4. Time away from the practice
Advisors are often surprised when Levitt asks them about the amount of time they have spent away from their business. But this detail is important in determining whether you are spending enough time at the office — or whether you are overworking yourself.

Taking time to study for designations and to attend conferences can benefit your practice. But if it means too much time away from the office, Levitt says, your business can suffer.

“On the flip side,” she says, “[some] advisors are not taking enough holidays, and that can result in burnout.”

5. Overall goals
Look at the big projects you wanted to accomplish this year. Did you succeed or are they still on your to-do list? If a particular task remains incomplete, was that a new goal for 2014 or is it a leftover from previous years?

Determine whether those goals you put on every to-do list deserve to be there —or must be let go.

For example, “networking with local chamber of commerce members” makes the list every year but you have yet to attend one meeting. You should either plan on attending a set number of meetings in 2015 or you forget about that goal altogether.

This is the first part in a two-part series on yearend activities. Next: setting goals and making them achievable.