(BPT) - A challenge for any entrepreneur is getting access to capital. If you’re like many, you’re constantly looking for ways to reduce expenses and free up cash flow so you can be ready for anything, whether it’s a slow season or an opportunity to expand.

When tax season rolls around, you’re already taking a deep dive into your expenses and income for the past year. Don’t stop when you file. With all that information at your fingertips (and fresh in your mind), it’s a great opportunity to take a big-picture look at the health of your business and make sure it’s running as efficiently as possible.

Use the following tips to take your tax preparation efforts a step further and boost your cash flow in the upcoming year.

Dust off your business plan: No doubt when you started out in business, you were eager to put your vision to paper. Most entrepreneurs get busy with the day-to-day pressures of deadlines, and that vision can recede into the background. Schedule some time with your board members or business partners to revisit and update the business plan. Now that you understand the realities of your market, you should have plenty of ideas on creating the 2.0 version of your enterprise. When finished, it’s important to not allow it to gather dust again. Set goals and schedule check-in meetings with your team to make sure everything’s on track.

Update your budget: The nature of entrepreneurship is being agile in the face of change. Market trends, price changes from vendors and suppliers, effects of new laws and ordinances, even road construction are variable forces that can send anyone’s budget into a new direction. That’s why your budget isn’t ever going to be a spot-on prediction. Think of it as a plan. If you stay on top of it, you can spot the trends early and make adjustments right away so you can reap the full advantage — or head off problems before they become unmanageable.

Check your credit score: If you’re planning to raise capital to expand or make improvements in the next year, checking in on your credit score is an important first step you can take several months before you apply for the loan. Even if you have a business credit score, certain business loans still require a look at your personal credit score, especially if you’re a sole proprietorship. Visit Your.VantageScore.com to find free resources to learn your credit score. There’s also helpful information on what factors influence your score and things you can do that can help increase it over the coming months to help you get the best rate possible.

Create a tax strategy: The tax break Congress passed in December will save small business owners 20 percent on their tax bill this year. In the coming year, small business owners have many opportunities to capture more tax savings with the right plan and strategy. For example, if you’re planning a large equipment purchase, you may find yourself in a better tax bracket in 2019 if you time it before Dec. 31, rather than waiting until the following year as planned. Have a meeting with your accountant to discover more ideas.

Pay down debt: One way to use the windfall of your 20 percent tax savings is to pay down revolving loan debt. Doing so is a great way to raise access to working capital should you need it down the line. Depending on the source of credit, reducing your credit-to-balance ratio is one factor that could raise your credit score. Before you do so, make sure you have enough cash flow to meet your expenses.

Improve accounts receivable: If your business extends lines of credit to your customers, it may be worthwhile to implement a credit check policy on all new customers. Knowing they’re creditworthy before the fact can help you create the appropriate plan for them and protect your business. Credit reporting is also an effective way for even a small business owner to let customers know they are serious about collecting what’s owed. In the end, you’ll get paid faster and increase cash flow.

The life of an entrepreneur means things can change drastically on a dime. A thorough check-in with your finances can put you in the best position for success. To learn more about the tools and solutions offered by VantageScore, visit Your.VantageScore.com.

(BPT) - The average tax refund in 2015 was approximately $2,800 according to the IRS, and similar refunds are expected in 2016. For those getting a refund, there are many options to consider in deciding what to do with this unexpected income. The big question is what is the smartest option?

While you may want to splurge with your refund, careful management for the majority of the funds is a smart financial move. A tax refund or any unexpected income can be used to help reach your financial goals without impacting your current standard of living.

Massachusetts Mutual Life Insurance Company (MassMutual) suggests three things to consider for this year's tax refund:

1. Pay down debt. Take a look at your current debt. Find out which have the highest interest rates and consider paying those down first to help prevent interest from continuing to add up. Another common strategy is to pay off your smallest debt first, then work your way up to the larger ones.

2. Build an emergency fund. Consider using at least a portion of your tax refund to give your emergency fund a boost. Make a goal to stash away three to six months' worth of expenses in cash in an emergency fund you can easily access if you need to, such as a savings account, and use your refund to work toward that goal.

3. Pay the future forward. The positive news is that Americans are living longer. The challenge is that their health may change with aging, and people are now faced with saving for a retirement period of up to 30 years. So if you haven't started to save or want to boost your retirement savings, consider putting your refund in a retirement savings plan. You may also consider taking a portion of your refund for higher education - whether for yourself, a child or grandchild. Or, if you haven't considered life insurance or disability income insurance yet or need to revisit your plans, now's a good time to talk to a financial professional.

A tax refund is money you've worked hard for, and it is OK to do something fun with it. Just make sure you consider committing at least a portion toward your short-term and long-term financial needs and goals.

To learn more about establishing healthy financial goals or to locate a financial professional near you, visit massmutual.com.