A new year means new goals and opportunities for your business. But no big goal can be achieved without a steady financial foundation to carry you through these next 12 months. Before you go full speed ahead toward your 2024 business goals, take a moment to reflect on these key financial factors.

Review your balance sheet

Studying your business’ financials is a surefire way to set yourself up for success in the new year. The better you understand the fine details of your cash flow and expenses, the more empowered you are to make decisions that will improve your profitability in the coming months. If you’re struggling to find the best path to financial success for your business, you may want to recruit the assistance of a financial advisor can help you get there.

Evaluate your vendor relationships

There’s no better time to evaluate where you stand with your vendors and suppliers than at the start of a new year. Consider reflecting on their pricing compared to the quality of the service or product they provide. Depending on your relationship, you may be able to square away a deal with your current vendor. But if you aren’t so satisfied with your relationship – it may not be a bad idea to consider trying out a new vendor who might meet your business’ needs for a better rate.

Assess your equipment

If your business is dependent on any equipment or machinery, it may be a good idea to check in on its functionality at the beginning of the year, before you get too caught up in your day-to-day operations. Calculate the cost of any new equipment purchases or repairs and ensure you have the capability to finance it when the time comes for you to make the investment. This is especially critical if your business cannot function without a particular piece of equipment.

Consider your employees and their needs

As a small business owner, investment in your team is essential to your success. And there are many ways for you to support them. Maybe your business has grown over the last year and you need a few extra helping hands. Or perhaps you’d like to grow the skillset of your current employees even further through a development program. No matter how you go about it, dedicating some dollars to strengthening your team of employees will only benefit your business in the long run.

The premise of growth and success for your small business is an exciting one – but it’s important to establish a financial plan that can get you there. By reviewing these tactics at the beginning of the year, you’ll be well on your way to achieving each of your goals.

The content of this page is for informational purposes only. It is not designed or intended to provide financial, tax, legal, investment, accounting, or other professional advice since such advice always requires consideration of individual circumstances. Please consult with the professionals of your choice to discuss your situation.