To 'take stock of' something means to consider a situation carefully in order to decide what to do next or to appreciate how far you have come or what you have achieved. When you 'take stock' you have a moment of reflection or consideration before moving on. Similar in meaning to 'regroup', 'review' or 'weigh up'.

1. A birthday is always a good time to stop, reflect, and take stock of how things are going in your life.

1. Taking stock of the current political climate, the politician realized that his Bill had no chance of succeeding and so he decided to withdraw it.
2. I think the Minister has made the decision to increase taxes without taking stock of the struggling middle classes.

1. I think we should schedule a meeting so that we can take stock of the situation, and figure out what our next move should be.
2. At this time of the year, it's good to take stock of the achievements of the outgoing board and welcome the new one.