Maura Mitchell, Managing Director of Entrepreneurial Services Division II and Director of the Illinois Small Business Development Center, addresses the importance of financial literacy and provides some useful tips for new business owners on how to prepare their projected income statement.
Whether you are just starting to think about a new business venture or you’re already in the midst of launching it, the development of your financial projections is a critical step in making your new business or product launch a success. Once prepared, financial projections can help you attract investors, satisfy the needs of your lenders, and monitor your business’ growth. While there are several types of financial documents you must prepare as a business owner, for this blog we will focus specifically on your projected income statement.
Read the full blog here.