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Everyday Entrepreneurs: A Sugar-free, Dragon-slaying start-up guide for the simple small business by Ken Horn

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14. PROFIT AND LOSS

piechart.psd

ONE OF THE AREAS THAT MOST STRIKES FEAR INTO the hearts of new businesses is finance and forecasting. Unfortunately, the task is not made any easier by the professionals – i.e. accountants – who, a bit like lawyers, take your information, translate it into their own language and then charge you to translate it back again.

Fortunately, as you are about to find out, it is not as confusing or complicated as you think.

To make further sense of this weird and wonderful world, I’m going to use a range of standard tools typically used when developing financial forecasts for your business. These include the profit and loss statement, ...

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