1. Reels - I'm speaking about bait casting reels here, however spinning reels and others need similar care.
I start by getting all my reels out and stripping all the line off the spools. I like new line every year, which can get pricy, especially if you're using fluorocarbon. I leave about 50 yards or so of backing on the spools. You'll need to do this for braid but I use backing on all my reels. I feel like the it gives the line a better "bite" on the spool and it saves some money when you're spooling up ten reels with expensive line.
Second, I disassemble each reel one at a time to clean, oil, and grease. This isn't such a tough task. Most manufactures provide a grease port for the main gears. I use a Q-tip to clean the main gear, through the port, then to apply new grease. I clean the spool, brakes, line guide, and every other part I can reach with an old t-shirt or clean cloth. Then I move in with a Q-tip for the hard to reach spots. Make sure you get all the grass, moss, and grime off that you can. I don't use any cleaners on my reels, just elbow grease. Also, try not to leave any stray pieces of cotton from the Q-tip. Then lightly oil the main spool rod, the line guide gears, roller bearing and reassemble. Lastly, oil the handles. I suggest you use a high quality reel oil made specifically for reels. Don't use WD40 or some such. Most manufactures don't recommend that you completely disassemble the reel. But, if you must make sure you do this with plenty of light and over top of a clean white cloth so you can see all the tiny parts that you are going to drop. I have done many complete disassemblies in the past, most reels are never quite the same, some come through fine but these things are built to very tight specifications and it's difficult to keep them there. Use the built in port on the bottom side of your reel and clean them completely and most will give you years of great operation. If your reel isn't working quite right, take it back. Most companies have pretty good return policies. I recommend walking in playing dumb. "This don't work no more." Seems to work out OK most of the time, whatever you do don't get mad at the clerk or guy on the phone; then they won't help you.
This is also a great time to check your internal brakes and magnetic brakes, if your reel has them. I start by turning all my centrifugal brakes off and test casting and flipping. Depending on the application of the reel, I adjust the brakes for what I need. For example, my flipping/pitching reel has all the brakes off all the time and only a low setting on the magnetic brakes. My cranking reel has most of the brakes on with a much higher setting on the magnets. Experiment, see what works best for the way you fish.
2. Rods - I don't have the money or the sponsors to buy new rods each year so mine have to last.
Usually you know when your rod is failing you. You go to sent the hook on a 4 pound large mouth and it snaps in your hand. That's bad. There are however many other areas where your rod could be giving you problems and you may not know it.
First, I look at my rods very closely all over. I pay close attention to the reel seat, handle, and shaft. Make sure there are no visible cracks or chips. If your rod is chipped but it seems to only be cosmetic, use clear fingernail polish to cover the spot. this will water proof it and get you some more time out of it before retirement. Cracks are a bigger problem and are usually not able to be repaired. Send your rod back to the manufacture if possible.
Second, I use a magic eraser to clean the handles on all my rods, whether cork or EVA foam. This really cleans them up quickly and easily. It will give you and your buddies the impression that you have all new equipment and its only a three dollar investment.
Lastly, and perhaps most importantly check each and every guide on every rod you've got. I use a clean t-shirt with some WD-40 or dish soap like Dawn on it. You can also take a Q-tip to these. If the rod guide is nicked or cracked, even a microscopic bit, it can really hurt your line. Cast after cast, making your line weaker and weaker. Using the Q-tip will help you spot guides that need to be replaced. The bad spot on the guide will catch the tiny cotton hairs on the Q-tip. If you see some left on your guide, replace it. Rod tip repair kits are easy to find and easy to use for the most part. If you find a bad guide in the middle of your rod, you're going to have to order a kit from BassPro or some other supply store. Most local places just don't carry them, at least that's been my experience. These take a little more effort to replace but once complete you've got a good rod again.
3. Organize - I'm a stickler for organized tackle. Everything has a place in my boat and a place in each of my 370 boxes, which is what I keep almost all my lures in, including plastics. Everything goes in a 370 box with the exceptions of scents, spinnerbaits, and some other items that are too big for it.
This is perhaps my favorite part of getting ready. I spread out everything in a big room and take a quick inventory of everything I've got. I make sure all my 370 boxes are in good shape and don't need to be retired as well. I also have a labeling system for each box. I organize hard lures by the depth of water they cover. Topwater, shallow/med, med/med-deep, then deep. I place everything in each box so to limit hook tangles, if that's possible. Plastics are organized by the type of lure they are. Creature baits in one box, worms in another, stick baits, flukes, etc.. I then organize by color within each box. Dark colors toward the top or hinge of the box and progressively lighter colors toward the bottom. When I'm on the water I can get to exactly what I'm looking for quickly. I also know that my hard lures are in the left hand storage box and soft plastics are in the right of my boat.
Once you have a good idea of your inventory, you can make a good list of what you need to get. I like to support my local tackle shops when possible but I have to be able to afford it. I generally get half of my tackle from online retailers and half from local shops.
This are the big three things on my to do list. It may help put of few more fish in the boat. If not, I still have a great time getting ready.
