This section introduces the tools required to prepare a financial plan for your business's development, including the following:

• Basic Financial Statements - the Balance Sheet and Statement of Income

• Ratio Analysis - a means by which individual business performance is compared to similar businesses in the same category
• The Pro Forma Statement of Income - a method used to forecast future profitability
• Break-Even Analysis - a method allowing the small business person to calculate the sales level at which a business recovers all its costs or expenses
• The Cash Flow Statement - also known as the Budget identifies the flow of cash into and out of the business
• Pricing formulas and policies - used to calculate profitable selling prices for products and services
• Types and sources of capital available to finance business operations
• Short- and long-term planning considerations necessary to maximize profits

The business owner/manager who understands these concepts and uses them effectively to control the evolution of the business is practicing sound financial management thereby increasing the likelihood of success.

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