Hi Rachel,
What has changed between then and now?
Both off site and on site? Have there been any changes?
have you added new content or is the content static?
have you lost backlinks or have your competitors all gained links?
What is the quality of your link profile? are your links "spammy"?
Is your social engagement on going or "ok we got a twitter account, now what?"
are you adding links faster than you are losing links?
There are just so many variables but these are just a few questions to ask yourself.
Word to the wise, keep tabs on your competitors, how many links are they adding on a monthly basis? are you actively competiing and beating their link building efforts? How often are they adding content? are you?
You know the joke about out running a bear or out running your friend? Well, same mentiality applies.
In SEO you don't have to beat the system, just your competitors. Whatever they do, you do, just do it better, faster, harder and with more quality and care.