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Here’s what most small business owners do in the last two weeks of December: they open a fresh notebook (or a shiny new app, or a color-coded spreadsheet), and they start writing goals. Big ones. Ambitious ones. “This is the year we hit seven figures” ones.
And honestly? Good for them. Goals are great.
But there’s one question almost nobody asks first. And skipping it is the reason those same goals end up looking suspiciously similar to last year’s goals... which looked a lot like the year before that.
The question is this: What actually worked this year, and why?
That’s it. That’s the whole thing. But don’t let the simplicity fool you — this question has teeth.
Why “what worked” matters more than “what’s next”
We are wired to look forward. Especially as small business owners — you’re optimistic, you’re scrappy, you’re always moving. Looking backward can feel like slowing down. Like weakness, even.
It’s not. It’s data.
When you skip the review and go straight to goal-setting, you’re essentially throwing darts in the dark. You might hit something. But you’re just as likely to pour energy into things that have never actually moved the needle for your business... because you never stopped to check.
Asking “what worked” forces you to be honest. Not spin-the-best-story honest. Actually honest.
Did that social media strategy bring in customers, or did it bring in likes? Different things. Did that networking event generate revenue, or did it just feel productive? Also different things.
What “what worked” really means
Here’s where it gets interesting. “Worked” doesn’t just mean “made money.” It means: what brought in the right customers, created the most momentum, and felt sustainable enough that you could actually keep doing it?
Because if something made money but burned you out or attracted nightmare clients... did it really work? (Ask me how I know.)
Think about your marketing from this year across a few lenses:
What brought in new customers? And were they the right ones? What kept existing customers coming back? Don’t skip this one. What felt easy and natural? Not every marketing effort should be a grind. What got you the best results relative to the time and money you put in?
Write it down. All of it. Be specific. “Email marketing worked” is less useful than “the email I sent in March about our spring sale had a 40% open rate and sold out our inventory in 48 hours.”
Why “what didn’t work” is scarier but more valuable
Okay, here’s the part where most people stop reading. Or they skim it, nod politely, and skip straight to Q1 planning.
Don’t do that.
“What didn’t work” is where the gold is buried. It’s uncomfortable because it requires admitting that some of what you did this year was... not great. Or well-intentioned but ineffective. Or just plain wrong.
But here’s the thing: you already spent the money and the time. The only way to make it worth something now is to learn from it.
What marketing did you invest in this year that didn’t pay off? Where did you follow advice that sounded smart but didn’t fit your business? Where did you do something because everyone else was doing it, not because it made sense for you?
(Warning...incoming Gen X pop culture reference) You know that scene in Back to the Future where Doc Brown says “Roads? Where we’re going, we don’t need roads”? That’s the energy of skipping the year-end review. You just floor it into next year hoping the future looks different, with zero course correction.
The review is the flux capacitor. It’s what makes the time travel actually work.
How to take this into Q1 with intention
Once you’ve done the honest audit — both the wins and the losses — you’re ready to plan. And your plan looks different now. It’s not a wish list. It’s a strategy built on evidence.
Take the things that worked and ask: can I do more of this? Can I do it better? Can I systematize it so it doesn’t depend entirely on me having a good week?
Take the things that didn’t work and ask: do I stop entirely, or do I adjust? Sometimes something failed because of execution, not concept. Sometimes it was just a bad idea for your business specifically. Be honest about which is which.
Then build your Q1 priorities around the answers. Not around what you hope will work. Around what you know.
The action item before January 1st
Block one hour. Just one. Before the ball drops and the new year energy takes over, sit down and actually answer the question.
What worked this year? What didn’t? What are you carrying into Q1, and what are you leaving behind?
One hour. One honest conversation with yourself. It’ll change the way you plan everything else.
...and just like Doc Brown’s DeLorean, the destination only changes if you make the right adjustments before you hit 88 miles per hour.
Want more real talk about marketing strategies that actually work for small business owners? Come hang out on the Underestimated: The Small Business Advantage Podcast. Find it wherever you listen or at shawnasuckow.com.