Glossary

Balance sheet:

A balance sheet is a summary of what your business is worth (assets) versus what your company owes (liabilities). Assets include cash, accounts receivables, inventory, and equipment. Liabilities include debts to creditors, loans to banks, accounts payable, and income taxes.

Business plan:

Consider a business plan as your road map for plotting out how you will manage, market, finance, plan, and set future goals for your business.