It’s challenging to make a great thing out of something small and not so attractive, such as a small shop, but it can be done. Management, presentation of wares, and a welcoming environment are a start. During my time in business there were two situations in which such was faced. The first was a baby shop in an out-of-the-way location while the second was a flower and plant shop next to a railway station.

In the first case the shop was housed in an old building, the toilet was around the back requiring the door to be closed for attendance, and it was a fair way from the shopping drag. With practically no finance to start and doing it mostly on credit and with the help of my father the shop opened after some 3 weeks of signing the lease.

There was no money for advertising and the trade was expected to come from the movie theatre opposite and the milk bar next door. Those attending the first would often cross the road to buy things at the second. On the way they had to pass my premises. The bus route also passed the door.

My chance of attracting the attention of passers-by was through the display in the two windows. It meant leaving them illuminated overnight and putting the best of my stock into it. Setting one up as a nursery with a cradle and other furniture was a good start. The other was dressed with babies clothing.

After two years and with a second shop in the main shopping centre of the town both were sold for a profit. It wasn’t a huge gain but the main thing is that they never made a loss.

In my next venture which began when landscape designing gave me an income it was a different story. The premises were in a prime location and my efforts in attracting customers through the landscaping business paid dividends. The shop had a set of stairs up from the street and lining them with flowers made a fabulous display.

The staff numbers of 20 carried out garden maintenance tasks as well as completing the designs from plans and run the shop. The crux of it was presentation. Unlike the first shop’s location this one had everything. The smell of the flowers welcomed people. It was also the passageway to the very popular Chinese Restaurant above. Some famous people who easily opened their wallets were regular buyers.

The bottom line for any business is location while presentation and customer attraction will always see it do better.

Norma Holt has knowledge that enables her to understand many issues. Political, social and behavioural problems are usually on her list for discussion as well as anything to do with the Spirit of the Universe and reincarnation, which she experienced. She is happy to hear from any of her readers.

Financial Statement Basics: The Balance Sheet

The Canadian Balance Sheet shows the financial position of an entity which is why this statement is commonly referred to as ‘The Statement of Financial Position.” The first key point to note is that the balance sheet is prepared to show the company’s position at a specified single point in time (Example, as of December 31st, 20xx) whereas other financial statements such as the Income Statement are reported to show the company’s operational performance for a specified length of time such as, “for the year ended December 31st, 20xx.” In this example, the income statement is said to cover an entire year from January 1st – December 31st which is also known as a calendar year-end.

Furthermore, the balance sheet consists of three important elements to consider. It reports the balances of all assets, liabilities and equity accounts for the company. It is critical to understand the fundamental accounting equation in the preparation and presentation of the balance sheet where Assets = Liabilities + Equity.

Assets: contains all resources that the company owns at the balance sheet date. This includes both current and non-current assets that the company utilizes in order to generate future economic benefits. The most common current assets listed on the balance sheet includes cash, accounts receivable and inventory which are resources that are anticipated by management to be converted into cash within a year or the entity’s operating cycle, whichever is longer. Accounts receivable is simply the amount of money owed to the company by its customers which is generated from the sale of goods and services on account. Non-current assets, therefore, contains all resources owned by the company that have a useful life of more than one year. These assets are often referred to as Capital Assets which include equipment, buildings and land. Notice that all assets mentioned thus far whether current or non-current can be classified as Tangible Assets which contain physical substance. However, the balance sheet also presents Intangible Assets which are reported as non-current capital assets as well, since they have a useful life of more than one year but do not have any physical substance such as goodwill and patents. The sum of the current and non-current assets will equate to and be reported on the balance sheet as Total Assets of the company.
Liabilities: represents the claims against the company’s assets that have not been paid at the balance sheet date. Therefore, they are obligations to the company’s creditors. Just like assets, liabilities are subdivided into current and non-current. Accounts Payable is a frequent account that can be seen on the balance sheet and is essentially the direct opposite of the accounts receivable balance. While accounts receivable are amounts owed to the company from a customer sale on account, accounts payable are amounts owed by the company to its creditors arising from purchases on account both of which are either expected to be collected or paid typically within 30 days. Non-current liabilities represent obligations that will not be settled for more than one year or the company’s operating cycle, whichever is longer. Long-term liabilities (non-current) found on the balance sheet include long-term bank loans and notes payable. The creditor’s claims against the assets can be seen by examining the fundamental accounting equation stated above where the entity’s assets equal the creditors’ claim which represents liabilities plus the owner’s claim of the assets representing the company’s equity.
Equity: according to the fundamental accounting equation if we rearrange this to solve for equity, one can conclude that Equity = Assets – Liabilities. Upon closer examination, it can be clearly seen that equity represents the value of a business after liabilities have been reduced from the company’s assets. Often equity is referred to as the residual interest of a company. Also, it is important to note that the creditors’ claims to the assets are always settled first before the owner’s claim can be realized.
Presentation Example for the Statement of Financial Position

ABC Company (COMPANY NAME)

Statement of Financial Position

As at December 31st, 20xx

ASSETS

Current assets:

Cash $2,000

Accounts Receivable 1,000

Inventory 3,500

Supplies 500

Total Current assets $7,000

Non-Current assets:

Building $75,000

Equipment 7,000

Total Non-Current assets $82,000

TOTAL ASSETS $89,000

LIABILITIES

Current liabilities:

Accounts Payable $3,000

Wages Payable 1,500

Total Current Liabilities $4,500

Non-Current liabilities:

Lease liability 1,000

TOTAL LIABILITIES $5,500

OWNER’S EQUITY

OWNER’S NAME, Capital 83,5000

TOTAL LIABILITIES AND $89,000

OWNER’S EQUITY

The above illustrated example for the statement of financial position shows various key features. The heading indicates the name of the company, clearly indicates what type of financial statement is shown and what period it is covering. Furthermore, the statement of financial position is visual a representation of the fundamental accounting equation. The left side of the statement represents assets which is also the left side of the equation. The right side of the statement represents liabilities and owner’s equity which in turn captures the right side of the equation. As a result, the statement of financial position is perfectly balanced only when total assets equals total liabilities and owner’s equity.

After examining the above illustrated equity section of the balance sheet and noting the name of the company reporting the statement, it is important to recognize that the form of organization in this example is that of a proprietorship and not a corporation. The difference in the balance sheet reported by a proprietorship and by a corporation lies primarily within the equity section. In a proprietorship, the owner’s capital includes the initial investment in the business, net income (profits) or net loss (losses) and is reduced by any drawings (withdrawals made by the owner for personal use). However, in a corporation, these amounts are split up into two common accounts: Contributed Capital and Retained Earnings. Contributed capital also known as share capital represents the investments made by the shareholders’ of the corporation. Retained Earnings is the cumulative income/loss amounts of the corporation since inception and also includes all dividends paid out to the shareholders. Dividends are similar to drawings in that they both reduce the equity account since they are distribution of equity payments to the shareholders’ or the owner respectively.

True or false? “You can’t change the past!”

This statement is made by many who have experienced painful things in their past. The pain may have been experienced in childhood, in a previous or current marriage, or in some other kind of relationship altogether. Analogous to the “Get-out-of-jail-free” card in Monopoly, this partly-true saying serves as a “Get-out-of-difficult-emotional-work” card for many walking wounded.

The statement is true in part, but not fully. That we cannot change the facts of the past is obvious. What happened – whatever happened – happened. We cannot undo what was done, no matter how desperately we might want to. The funds embezzled by the business partner and squandered on drugs are unrecoverable. The lover who left has not even looked back. The deceased loved one is gone. The fact that you were sexually violated is as irreversible as it is horrible. Indeed, we cannot change what happened.

We don’t live with the facts of damaging life-events alone. We carry away from those events some things that are not immutable. What do we carry away besides the facts? We walk away with our understanding or interpretation of the facts. We carry our conclusions about ourselves and others based on our – sometimes faulty – interpretation of our experiences. We also carry our decisions about how to live in light of our understanding of those facts. Recognizing this difference between the facts and our understanding of them and choices based on our misunderstanding of them is invaluable. The facts are immutable; but many things associated with the facts can be changed, and should be changed.

When we are unable to recognize the difference between the changeable and the unchangeable things, we are set up for one of two serious problems: unnecessary misery or unnecessary exhaustion. The famous Serenity Prayer addresses our situation eloquently: “God grant me the serenity to accept the things I cannot change, the courage to change the things I can and the wisdom to know the difference.”

Consider three essential issues in this prayer. First, we must find peace (serenity) regarding certain unchangeable things – things about which we desperately desire change. Indeed, we need God’s help (grace) to find that serene place of acceptance of what feels absolutely unacceptable. Second, we need courage (perhaps more accurately stated, God’s power released in us) to change even the changeable. Sometimes the “doable” is only done with the help of God and others. That which falls into the category of “changeable” is sometimes terribly difficult and/or frightening; thus, we need courage to do what must be done to effect the change desired. Finally, the prayer affirms our need for God’s wisdom to know the difference between these two – the changeable and the unchangeable. It is not obvious. Our minds can trick us; we can be deceived. We may imagine that we can change the “unchangeable” if only we try harder, manipulate more craftily, or beg more intensely. Of course, this results in our unnecessary exhaustion – physically, emotionally, and spiritually. On the other hand, when we file things in the “unchangeable” category which are in fact changeable, we can live many years in misery unnecessarily, and even with unnecessary levels of misery. If only we had realized that courage and effort would have paid off in time… This prayer for “wisdom to know the difference,” prayed until it is fully answered, can keep us from unnecessary misery or unnecessary exhaustion.

We can agree that the facts of the past cannot be changed. What then can be changed? Sandra Wilson, in her excellent book Hurt People Hurt People, identifies four things that can and must be changed, if I am to be changed. They are:

1. My perceptions of my experiences.
2. My conclusions about my experiences.
3. My choices in response to my experiences.
4. The life patterns I have formed as a result of my experiences.

All of these are indeed changeable, but not necessarily obviously changeable, nor easily changed, and rarely changed over-night.

Much of the family dysfunction in our culture is rooted in these very issues. Wounded people, instead of finding healing, pretend to be well. It may not be too difficult to keep up the pretense in public, but at home we are found out. We are not as well as we want people to think.

If you’ve had painful experiences in the past, and you’ve concluded, “nothing can be done about it,” please consider this “second opinion.” If an honest assessment of your life indicates that your past is showing up in the present, seek the help needed. If disproportionate anger, distrust, suspicion, or defensiveness is evident in present relationships, this may be a sign that your past is pathologically present.

You can “be transformed by the renewing of your mind” (Romans 12:2). This is true Christianity. Jesus accepts us just as we are, but He never intended that we stay just as we are. He wants to transform us. And the “Good News” of His Gospel is that no one is so badly broken as to be beyond the power of His change; and conversely, no one is so good as to be beyond need of it. Not only will you benefit in this transformation Jesus will bring to you, but those closest to you will be blessed, too. You will probably need help in this transformation – help from books, lectures, and specific relationships. Seek until you find all the resources God has for you.

If you would consider a professional counseling relationship, you might provide a potential helper with a copy of this article. Request that he or she read it and tell you if they think they could help you sort out these issues and effect change in your life. Finally, don’t resist investing money in this process. Most of us readily invest money in education to make a better living; too few invest in counseling to make a better life. Proverbs 4:7 says, “Though it cost all you have, get wisdom, get understanding.” Even in this point – especially in this point, I would encourage prayerful wisdom in making such investments. Invite God to lead you to put the past in the past.

When one wants to find out about something there is a strong chance that they will look for someone who has an understanding of what they want of know. They could believe that the most important thing is to find someone who has the right qualifications.

And once this has taken place, they will be able to listen to what they have to say. It is then as if one needs to tick off a box, and once this box has been ticked, they will be able to open their mind.

Closed

Therefore, unless one is able to find someone who has the right qualifications, their mind is not going to open. Based on this, it could be said that one needs someone to give them the all clear.

This would then show that one is not going to think for themselves and that they want someone else to do it for them. One way of looking at this would be to say that one has a sensible approach.

For Example

If one had a physical problem, it will be important for them to get the right diagnosis, and once they know what is wrong with them, it will allow them to get the right support. The alternative might be for one to ask a friend and to end up being given the wrong advice.

By paying a visit to health care practitioner, they will be with someone who knows what they are talking about. And the reason they know this is because they have the right qualifications.

The Next Step

So when one’s appointment has come to an end, they will be able to walk away knowing that they have received the right advice. What they do to their body is likely to be the result of what they have been told to do.

However, while this approach could be seen as the right one when it comes to physical problems, it doesn’t mean that it is always the best option. It could be said that in most cases, the best approach will be for one to think for themselves.

Half and Half

Now, this is not to say that one shouldn’t pay attention to what other people have to say; what it means is that they should take the time to reflect on what they hear from others. One is then playing an actively role in their life as opposed to allowing other people to define it for them.

For one thing, human beings are not infallible, and this means that there are times when they get things wrong. They can then be completely convinced that they are right, but this could be far from the truth.

Deception

Along with this, there are also people in the world who have an ulterior motive, and this means that they don’t have other people’s best interests at heart. The image they present is then not in alignment with their true agenda.

When one is in a position where they only pay attention to people that have the right qualifications, they could believe that it is only normal people who are out to deceive others. The people who haven’t got the right credentials are then going to be the ones that need to be watched.

Wide Open

Through being this way, one can question (or ignore) what is expressed by someone who is not qualified to say what they are saying, and they can accept everything that is expressed by someone who is. One could say that as these people know what they are talking about, there is no reason for them to question (or ignore) what they present.

What will add to this is that there are likely to be plenty of people around them who have the same approach. So as it is human nature to look towards others when it comes to how to behave in any given moment, it could be said that it is to be expected that one won’t feel the need to change their behaviour.

Authority Figures

One is then doing what other people are doing and they will continue to look towards authority figures to inform them on anything and everything. It could be said that the reason one sees authority figures as having all the answers is because of what took place during their early years and their time in the education system.

During these years, one would have been taught up trust other peoples judgement and to overlook their own. They might not have even been shown how to think for themselves; with the focus being on what to think and not how to think.

Worthless

And through placing these people on a pedestal, it can then be normal for one to dismiss the information that is presented by people who don’t have the ‘right’ qualifications. What they offer can be seen as having no value, and while they could believe that this is the best option, there are going to be times when they will be limiting themselves.

While these people won’t have initials after their name, for instance, what they will have is the freedom to form their own conclusions. Whereas when it comes to the people who are part of the system, they often have less control, and they may also lack the ability to think for themselves.

Approval

At the beginning of their lives, they may have had to jump through all kinds of hoops in order to get to where they are. But through doing the right thing, they would have been able to rise to a position of authority.

Yet even though they have been able to rise up, it doesn’t mean that their hands are not tied. This is because there is a strong chance that they still have to please others people, and if they don’t do or say the right thing, they could soon lose their position.

There is also the chance that being in a position of power allows them to compensate for their own lack of self worth. Being seen as someone who has all the answers is then something that stops them from having to embrace how they truly feel.

Conclusion

What this emphasis is how important it is for one to think for themselves, and through doing this; it will be a lot easier for them to make the right decisions. If they don’t do this, they will be setting themselves up to be taken advantage of.