As a small business owner, it is also time to reflect on what you've been able to achieve during the year. While it may not be the start of a new financial year for you, it is a great time to put things in perspective. Having said that, it is critical to consider having a new year financial checkup. Here are some tips to help you out.

Reflect on Previous Financial Goals

Before anything else, it is important to reflect. Think about whether you've been able to meet your previous financial goals. If this is your first year in business, start by checking if your strategies worked so far. But, if your business has been around longer, you need to look at whether your business has:

• Made any profits
• Succeeded in current marketing strategies
• Met your ROI goals

Looking into these aspects of your business helps you have more clarity. And with that, you can set the tone for what you need to improve as the new year starts.

Managing Debt

The fastest way to kill your business is by amassing bad debt. This is a standard truth that applies to small and large businesses alike. Financial growth comes when you are able to reduce, restructure or pay off your debt. If you are struggling with debt, this might be the time to think about:

• Hiring a professional financial advisor
• Negotiating terms with your creditors
• Working to increase your revenue

It is important to note that not all debt is bad. If you are stuck and you have been wanting to scale, you need to consider working on how to do it effectively. As long as you have a plan on how to scale with the borrowed money, you are likely to make more profit in the long run.

Come up With an Emergency Fund

Your business finance is comparable to personal finance in many ways. You should always have some funds tucked away for a rainy day. And even then, it is important to subdivide the emergency funds. That way, you can use your funds responsibly. If 2020 has taught us anything, it's that one can't be sure of what a year is likely to look like. This makes planning ahead even more important. An emergency fund could determine if your business stays open or closes down.

Investing in the Right Technology

Time is money, and even though you cannot get more than 24 hours, you can make the most of it with the right tech. Look at which aspects of your business take a toll on your time. It could be in budgeting, tracking sales and inventory, or even marketing. Today, there's software for almost any action needed in your business. Once you uncover where to automate your business, do your research and find the best software for it.

Moving Forward: Take Actionable Steps

Information is power--that's what most people say. But, such information is only potential power. Now that you've done your financial checkup, you need to take actionable steps towards improving your business' finances. It's easy to write down a resolution. But, following it up with actions is where the magic happens.