- Use the “how to” articles listed on the previous page.
- Imagine that you have been running your own small business for six months. (If you have already worked through the IENT101 and/or IENT102 courses, use the same business idea that you developed for that course.) For this business, create the three financial statements we have discussed in this learning pathway, covering the first six months of operation. You will need to estimate the figures. If you prepared a business plan for IENT102, you will find it useful to refer back to this, to find out what sort of costs you are likely to incur and what sources of income you are expecting. Try to make sensible estimates, but do not spend too long working out precise figures – the most important thing is to understand what needs to be included in each statement and where.
- Review each of these statements and consider what information each one gives you about the state of your business after six months of operation.
- Based on these statements, is your business financially sound? Explain your thinking.
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