A good wedding ceremony is designed for you to make the promises that will live into in marriage and to invite your community to witness those vows. Witnessing is an active rather than a passive verb. It doesn’t just mean seeing or hearing in this instance, it means understanding the importance of and being willing to support and celebrate.

As you’re planning your Statement of Support for your community, you want to make sure that you say to them exactly why you’re asking them to be your witnesses. It’s so easy (and frustrating) that in the push for fabulous weddings that we often forget why you’re having a wedding and why you’re inviting guests. It’s not because you needed to have a party to impress people. It’s because marriage needs all the support and celebration it can get!

It’s well proven that marriages that are part of well-established communities do better. Part of it is that there are folks to talk about issues with. Part of it is that there are models to emulate. Part of it, I’m sure is that no one wants to be embarrassed by calling it quits when things go wrong. And hey, if embarrassment gets you through some of the hard parts, that’s all right!

In your Statement of Support, you want to explain to your community why they are the ones who were important to be here today as witnesses and why they will be helpful to you in the time ahead.

• They’ve always supported you and they’ve always been honest and helpful. These are the people who came ran your Boy Scout Troop, were members of your church group or sorority, who work with you. They have either known you your entire life, or they’ve known you as you were becoming who you are.

• They have good marriages. Why wouldn’t you want people who are good role models around you? Marriage is not easy. Why not have people around who have gotten it right. There may well be people who have made peace with their marriages that aren’t marriages you’d be particularly happy to be in. But even from them, you have stuff to learn.
• They know and respect one another and will form a good community around you. Although you’re going to want to spend some blissful time together celebrating your marriage and your newly made wedding vows, you’re also going to get to a point where talking about all the wonderful things that happened at the wedding and the wonderful ways you felt in the midst of the wedding ceremony will be enough. You’re going to want to invite people over for thanksgiving, or the ball game, or a tough game of trivia. Establishing a rhythm of alone time and community time will give your year markers. These fun community events tie you to your marriage. They help your friends become friends. And that’s a good thing.

So tell your friends and family how excited you are to have them with you as you make your wedding vows and celebrate your love. And remind them that you will always want them around. Your marriage will be the better for it. And so will you!

Creating a business plan for your beauty salon presents the perfect opportunity for you to create a functioning cash flow statement (sometimes called the statement of cash flows). This will allow you to make key decisions about cash flow going forward.

Creating the Cash Flow Statement

It is highly recommended to start with an Excel template or financial model example of some kind for your salon’s cash flow statement. It need not be an model specifically tailored towards a beauty salon, but should be for a similar business (i.e., one that makes revenues through services and product sales, pays rent for a location, etc) so that minimal customization is required. Starting with a template can save a great deal of time in the creation of the statement.

Three Sections of a Cash Flow Statement

This will describe cash inflows and outflows in three areas: operating activities, investing activities, and financing activities.

Operating activities include cash brought in from customers in the form of sales and cash paid out for operating expenses. This will generally represent the highest inflows and outflows on the cash flow statement and should result in a positive number each month for a profitable company.

Investing activities do not mean the company’s purchase of stocks or bonds (although this kind of rare activity would be included here). They are generally activities where the salon invests in itself. Whenever a capital purchase of an asset is made (equipment, leasehold improvements to the salon, furniture, etc.) the payments made will represent a cash outflow. If these assets are ever sold off, the money brought in will represent a cash inflow here. Generally, a functioning company will have negative cash flow in the investing area.

Financing activities are related to the funding of the company by investors and lenders. When funders put money into the company in the form of equity or debt capital, this represents a cash inflow here. When dividends are paid out, shares are bought back from equity investors, or lenders are paid back their loan principal, financing shows cash outflows. Note that paying interest on loans represents an operating activity in the United States.

Cash Reserves

By seeing how low the ending cash balance each quarter, month, or week drops to, you can determine what size cash reserves the company will need. Make sure that cash reserves cover all negative balances as well as at least thousands of dollars more as a cushion to prepare for cost overruns or revenue shortfalls.

There are several guidelines to follow when you are creating the perfect affirmation for yourself. One key thing to remember is length. Typically, affirmations are supposed to be short and sweet. Your statement shouldn’t be drawn out into paragraphs. One sentence packed with power will more than suffice. I will post a couple of examples so you can see the difference.

Good Length

I am so happy and grateful now that I am earning over $100,000 a year.

Bad Length

I am happily earning over $100,000 a year. My business is successful. We have world class clients who are happy with their service. Our products are flying off the shelves. I feel on top of the world.

Good Length

I look and feel amazing thanks to my new healthy lifestyle.

Bad Length

I am so happy to be full of energy. My metabolism is high helping me keep my weight under control. My sugar, blood pressure and cholesterol are all normal. Exercise is the joy of my day and I love to wake up and move. I am fit and healthy and feel amazing!

Which statements above will cause you to feel the most power when stated? For most people, the shorter statement wins every time. The longer statements may be expressing how you feel. But the power comes when your statement is short and to the point. “I look and feel amazing thanks to my new healthy lifestyle.” You cannot say that statement a hundred times without feeling powerful and unstoppable! You just cant. However, the bad length examples are so long, its virtually impossible to ever get yourself into a rhythm.

Developing a rhythm when stating your affirmations is important because you are implanting the idea into your mind. The sequence and power used will help the affirmation become real to your mind. If you are consistent, you will notice the day when your brain has accepted your statement as fact. And when that happens, any struggles disappear. Your new healthy lifestyle is no longer a goal you have to get yourself to follow through with. It becomes so real to you that living a healthy lifestyle becomes second nature for you.

Affirmation length is important. If your statement is too long, you lose power. You never get into a rhythm and so on. I cannot say your statement should consist of twenty words or less. But definitely, the shorter the better.

 Resume objective is a very important section in the marketing resume. It informs the employer about the specific post that you wish to apply for. You can also include information about your career goals in it.

This section should be a short paragraph. It should not be more than two to three sentences. It should include a powerful statement informing the employer about the specific post that wish to apply for.

The benefits of including an objective in a resume are assisting the recruiter to easily match your resume with the jobs quickly and also inform the employer that you are totally focused in a particular field. If this section is not included in the resume, then the employer may feel that the candidate doesn’t have any career goals and will create a wrong impression.

An objective for marketing resume can be written in many different ways. They are described as follows:

• Skill listing objective: This type of marketing objective is included to grab the attention of the employer. It should contain information about any special skill that you have developed in your marketing career.
• Entry level objective: This type of objective statement should be utilized in the beginning of your career. It is essential to keep the statement simple and focused to the post applied for. It should inform that you are qualified to work in the marketing field. Avoid including entry level position in your objective statement.
• Experience listing objective: You should include information about your experience in the objective statement. You can also include information about the duration and growth in the company. Make sure to include only unique information which will highlight your strength and abilities.

The most important section in the entry level resume is the objective statement. Here, we provide you some useful tips which will help you to produce entry level marketing resume objective in a very short span:

• Research and collect information about writing an effective objective for marketing resume. You can also refer to the sample objectives given in different websites and draft you own powerful career statement.
• It has to be concise and clear. Read carefully the job requirements of the employer and draft it accordingly. If your resume doesn’t have a specific career objective in an entry level resume then it will not create the right impression. Hence, it is necessary to be focused on the specific post that you wish to apply for and grab the attention of the employer.
• It should market your skills and include the keywords related to the field of marketing.
• It is necessary to proof read the contents in the resume. This will help to identify the mistakes and correct them.
• It should be written in the style which complements the rest of the resume. The information in this section should be accurate.

For whatever reason, the United States does things their own way sometimes, even if the rest of the world does not do the same. The accounting method in the US (GAAP) is different from what most of the rest of the world uses (IFRS). There are many key differences between GAAP and IFRS. Some of the major differences come in the way they calculate the statement of income, how inventory is calculated, and what financial statements are required. The first major difference is how the income statement is constructed and what it consists of.

Most of the differences in the income statement are formatting variations. In a GAAP there are two main formats: a single step and a multistep. In the single step, all expenses are classified and subtracted to find the income before tax. With the multistep, the costs of goods sold (COGS) is deducted from sales to show gross profit. Next, other expenses or gains are totaled and subtracted from gross profit to find income before taxes. In IFRS there is no set format. However, there are several items that need to be provided on the income statement. These items include revenue, finance costs, how much profit or losses associates and joint ventures accounted for using the equity method, the method used, tax expense, post tax profit or loss because of disposal of assets or discontinued operation, and profit or loss. One of the differences that should be mentioned is that extraordinary items are not allowed on an IFRS income statement. While they are not usual and very rare on a GAAP income statement they sometimes appear there and must be duly noted. There are also several differences in the way inventory needs to be recorded between GAAP and IFRS.

In GAAP, accountants can value inventory several ways. Last in last out (LIFO), first in first out (FIFO), and weighted average are all acceptable ways to account for inventory. However, when using IFRS, weighted average and FIFO are required, while LIFO, which is used extensively in the United States, is not allowed. The reason LIFO is used so often in the United States, and not allowed under IFRS, is because LIFO is used for better accounting, whereas FIFO gives better and more accurate financial information. Another difference in the inventory valuing between GAAP and IFRS is that while inventory can be valued down in both, it can only be valued up to its cost in IFRS. For example, if the economy is down and costs for a company’s inventory decrease, the inventory can be written down to the lower cost of market in both GAAP and IFRS. The difference is that if the economy bounces back, only under IFRS can the inventory be valued back up to its current cost. Another big difference between GAAP and IFRS are the required financial statements.

There is an extra financial required by GAAP and that is the statement of comprehensive income. This statement of comprehensive income may also be included in the income statement. The statement of comprehensive income is just what it says it is — a comprehensive look at the income a company receives during the financial period. Even though IFRS does not require a specific statement of comprehensive income, all the items on it can be found in the other financial statements. For the most part, IFRS is much less demanding and has fewer formats. They both get the job done and it is hard to make a strong case that one is better than the other. So this brings up some questions: If both guidelines get to the same place, will the US ever switch to IFRS? Or should they switch? An article from the Accounting Horizons journal entitled “Potential Adoption of IFRS by the United States: A Critical View”, by Devrimi Kaya and Julian A. Pillhofer, takes a good hard look at those questions. Their conclusion, “The hazard of political pressures and the IASB’s inability to ensure the proper implementation and enforcement of IFRS signiï¬ cantly impair the global convergence in accounting standards. Therefore, the SEC should move cautiously toward incorporation of IFRS in the US” (Kaya and Pillhofer 294). Basically, from their findings, they believe the US should move to IFRS because of how difficult it is to know and go back and forth between GAAP to IFRS. In that quote they also mention IASB, which is the codification for the United States GAAP. Another online article by David Albrecht concluded the following: “In conclusion, it isn’t in the best interest of the United States to switch to IFRS. The initial economic damage it would do to companies by having to institute new regulations and the long-term affects it would have on our economy because less capital would be available for US investment projects would be devastating. Further, the negative impact it would have on the accounting profession, in terms of retraining and the adaptation of college curriculums, and the jobs lost to international workers more skilled in IFRS would be equally harmful”. He raises some great points as to how it would affect the US economy. Many companies would have to learn the new system and hire new accountants. This would also result in people have to go back to school to learn the new system and it would force colleges to change what they teach. It would basically set off a big chain reaction in the accounting world.

While people may have different views on whether or not the United States should change to IFRS and abandon GAAP one thing remains the same; they are different and difficult to interchange. Main differences include they way they calculate income, the rules for calculating inventory, and what financial statements are required. There are countless other differences between IFRS and GAAP, far too many to name here. Maybe one day the United States will switch to IFRS but for now it would appear as if GAAP will remain.

Balance sheet, or Statement of Financial Position, forms one of the financial statements (the others being Income Statement, Statement of Cash Flows, and Statement of Stockholders’ Equity with Notes accompanying them) that shows the position of business at one particular point of time its assets and liabilities as well as the capital. It gives the figures for assets including current and fixed assets, liabilities including current and fixed, and equity or the amount contributed by shareholders plus retained earnings (or losses, as the case may be).

Unlike income statement, another of financial statements, which shows the fiscal performance over a period of time, balance sheet, is a picture of one particular period of time. While both can be prepared for any duration (or for any time), normally they are made at the end of the financial year. It is obligatory to do so as decreed by legal requirements, including submission to tax authorities. Accounting standards also require that balance sheet is prepared that accurately reflects the financial position of the business.

The balance sheet is the last of the statements to be made; the steps in accounting after this are its interpretation by the management. While this alone does not suffice, information’s, ranging from the addition of (or reduction of) working capital – in case current assets is lower than current liabilities (or vice versa), knowing the net worth of the business, determining future sustainability, calculating dividends to be distributed to the shareholders. Employees can also be adjusted according to the decision generated.

It has other users in addition to tax authorities and the management; public as well as investors and creditors who have no other document to rely on, can assess the health of the business, its liquidity through its perusal. They can see whether the business can meet its obligations by what it owns. The issue of to or not to invest in the business can be solved with a look into it.

Of course, there are notes accompanying the financial statements. Moreover, these too should be consulted in case there are any financial information relevant to existing and prospective investors, as well as lenders, and other creditors to help decide about resources of the entity. Accounting applications help in making balance sheet. The process follows from the earlier stages of journal entries that are made, a ledger that is prepared and trial balance that is tallied. In all the stages, the accuracy of entry is ensured so that there is no hassle while preparing it. This also helps in reducing employees needed to prepare it, thus freeing the manpower to do other important issues.

Management can see the financial position of business without having to wait for the end of the financial year thanks to a feature in apps that can swiftly show the state of business at an instance of time with some giving option of the real-time balance sheet. Comparison of past years’ (or past period) record is also made easier when using applications.

Bohemian eclectic decor is an unique personal statement deriving inspiration from a variety of cultures and a broad spectrum of vintage spaces. A curated space that is based purely on true imagination that knows no boundaries and seeks no approval is truly eclectic boho style. Antiques and furniture that are art, unique artisan crafted statement furniture livens up each room as you travel through the house.

Eclectic mix of colors and textures seen in antique doors from India and the carved barn doors instantly brighten up a space that was earlier dull and boring. Embellished tapesteries and sheer sari curtains, mix various patterns and textures in a bold eclectic bohemian statement. The distressed aged wood cabinets, studded with metals, and old door sideboard media consoles give the free spirited vibes to the home.

Bohemian style is not for those who like neutral tones. Vibrant colors of the turquoise coffee tables or the ochre yellow carved cabinet must be added to your space. Mix brightly colored Indian carved barndoors of Krishna and Ganesha adding the old world charm, connecting with old traditions and energies. Each corner of the room is vibrant with love and color and the level of energy in the room is exuberant with happiness.

A beautiful handcarved swing sits in the living room under high ceilings, surrounded by tall plants. Design as you would with energies that take you beyond the normal. Arches and custom carved doors give bold statement to the doorways. Make a picture collage with your favorite items and frame it with an old window carved eleborately and intricately in paisleys and florals. The haveli door with horse shoes and a beautiful carved header with fishes and chakra is the masterpiece statement architectural design that leads into the library. Create an eclectic bohemian statement with all of your family pictures hung in a custom carved wall frame.

Canopies made from sari curtains and patchwork accent plllows energize the bedroom. Play around with the custom made kamasutra headboard in different colors, and textures adding layers of depth with fabrics. Crystals and plants along with larger carved wood cabinets in hues of soft green and peach give the room a masterful touch of bohemian charm. Your home is a paradise of eclectic curated art and architecture vibrating with your personal style.

Fall in love with the Jaipur Om door and build a room around it, taking what it offers, all the time and people it has seen and experienced, bringing it all together to add a new dimension of energy. Bonding with the temple sculpture of Shiva Parvati, a tremendously spectacular sculpture sitting inside the huge Shekhawati arch, there is a magnetic attraction to the ancient energy it represents. Eclectic bohemian decor has no boundaries and is as free spirited as you are.

Introduction:

The Financial Accounting Standards Board (FASB) on August, 17, 2010 released their “exposure draft” requiring companies to record nearly all leases on their balance sheets as a “right to use” asset, and a corresponding “future lease payment – liability”.  What does this mean to your business in layman terms?  This proposal in essence does away with operating leases; all leases (unless immaterial) would be capitalized using the present value of the minimum lease payments.  Therefore, businesses who in the past had off-balance sheet lease obligations, must now record these obligations on their balance sheet.

A key point to consider with regards to the proposed lease accounting changes is that, in all likelihood, existing operating leases, signed prior to the implementation of the new rules, will require reclassification as capital leases that must be accounted for on the balance sheet. This means that real estate professionals must immediately consider the effect that existing and planned leases will have on financial statements once the proposed rules are implemented. Since operating lease obligations can represent a larger liability than all balance sheet assets combined, lease reclassification can significantly alter the businesses balance sheet.

The impact of recording these lease obligations on the balance sheet can have multiple impacts, such as: businesses needing to alert their lenders as they will now be non-compliant with their loan covenants, negotiating new loan covenants with the lenders due to the restated financial statements, ratios used to evaluate a businesses potential of credit will be adversely impacted and the restatement of a lessee’s financial statement once the change takes effect may result in a lower equity balance, and changes to various accounting ratios

The conceptual basis for lease accounting would change from determining when “substantially all the benefits and risks of ownership” have been transferred, to recognizing “right to use” as an asset and apportioning assets (and obligations) between the lessee and the lessor.

As part of FASB’s announcement, the Board stated that in their view “the current accounting in this area does not clearly portray the resources and obligations arising from lease transactions.” This suggests that the final result will likely require more leasing activity to be reflected on the balance sheet than is currently the case. In other words, many, perhaps virtually all, leases now considered operating are likely to be considered capital under the new standards. Thus, many companies with large operating lease portfolios are likely to see a material change on their corporate financial statements.

Part of the purpose for this is to coordinate lease accounting standards with the International Accounting Standards Board (IASB), which sets accounting standards for Europe and many other countries. The IASB and FASB currently have substantial differences in their treatment of leases; particularly notable is that the “bright line” tests of FAS 13 (whether the lease term is 75% or more of the economic life, and whether the present value of the rents is 90% or more of the fair value) are not used by the IASB, which prefers a “facts and circumstances” approach that entails more judgment calls. Both, however, have the concept of capital (or finance) and operating leases, however the dividing line is drawn between such leases.

The FASB will accept public comments on this proposed change through December 15, 2010.  If FASB makes a final decision in 2011 regarding this proposed change to lease accounting, the new rules will go into effect in 2013.

Additionally, the staff of the Securities and Exchange Commission reported in a report mandated under Sarbanes-Oxley, that the amount of operating leases which are kept off the balance sheet is estimated at $1.25 trillion that would be transferred to corporate balance sheets if this proposed accounting change is adopted.

Commercial Real Estate:

The impact on the Commercial Real Estate market would be substantial and will have a significant impact on commercial tenants and landlords.  David Nebiker, Managing Partner of ProTenant (a commercial real estate firm that focuses on assisting Denver and regional companies to strategize, develop, and implement long-term, comprehensive facility solutions) added “this proposed change not only effects the tenants and landlords, but brokers as it increases the complexity of lease agreements and provides a strong impetus for tenants to execute shorter term leases”.  

The shorter term leases create financing issues for property owners as lenders and investors prefer longer term leases to secure their investment.  Therefore, landlords should secure financing for purchase or refinance prior to the implementation of this regulation, as financing will be considerably more difficult the future. 

This accounting change will increase the administrative burden on companies and the leasing premium for single tenant buildings will effectively be eliminated.  John McAslan an Associate at ProTenant added “the impact of this proposed change will have a significant impact on leasing behavior. Lessors of single tenant buildings will ask themselves why not just own the building, if I have to record it on my financial statements anyway?” 

Under the proposed rules, tenants would have to capitalize the present value of virtually all “likely” lease obligations on the corporate balance sheets.  FASB views leasing essentially as a form of financing in which the landlord is letting a tenant use a capital asset, in exchange for a lease payment that includes the principal and interest, similar to a mortgage.

David Nebiker said “the regulators have missed the point of why most businesses lease and that is for flexibility as their workforce expands and contracts, as location needs change, and businesses would rather invest their cash in producing revenue growth, rather than owning real estate.”

The proposed accounting changes will also impact landlords, especially business that are publicly traded or have public debt with audited financial statements.  Mall owners and trusts will required to perform analysis for each tenant located in their buildings or malls, analyzing the terms of occupancy and contingent lease rates.

Proactive landlords, tenants and brokers need to familiarize themselves with the proposed standards that could take effect in 2013 and begin to negotiate leases accordingly.

Conclusion:

The end result of this proposed lease accounting change is a greater compliance burden for the lessee as all leases will have a deferred tax component, will be carried on the balance sheet, will require periodic reassessment and may require more detailed financial statement disclosure.

Therefore, lessors need to know how to structure and sell transactions that will be desirable to lessees in the future. Many lessees will realize that the new rules take away the off balance sheet benefits FASB 13 afforded them in the past, and will determine leasing to be a less beneficial option. They may also see the new standards as being more cumbersome and complicated to account for and disclose. Finally, it will become a challenge for every lessor and commercial real estate broker to find a new approach for marketing commercial real estate leases that make them more attractive than owning.

However, this proposed accounting change to FAS 13 could potentially stimulate a lack luster commercial real estate market in 2011 and 2012 as businesses decided to purchase property rather than deal with the administrative issues of leasing in 2013 and beyond.

In conclusion, it is recommended that landlords and tenants begin preparing for this change by reviewing their leases with their commercial real estate broker and discussing the financial ramifications with their CFO, outside accountant and tax accountant to avoid potential financial surprises if/when the accounting changes are adopted. 

Both David Nebiker and John McAslan of ProTenant indicated their entire corporate team are continually educating themselves and advising their clients about these potential changes on a pro-active basis.  

Addendum – Definition of Capital and Operating Leases:

The basic concept of lease accounting is that some leases are merely rentals, whereas others are effectively purchases. As an example, if a company rents office space for a year, the space is worth nearly as much at the end of the year as when the lease started; the company is simply using it for a short period of time, and this is an example of an operating lease. 

However, if a company leases a computer for five years, and at the end of the lease the computer is nearly worthless. The lessor (the company who receives the lease payments) anticipates this, and charges the lessee (the company who uses the asset) a lease payment that will recover all of the lease’s costs, including a profit.  This transaction is called a capital lease, however it is essentially a purchase with a loan, as such an asset and liability must be recorded on the lessee’s financial statements. Essentially, the capital lease payments are considered repayments of a loan; depreciation and interest expense, rather than lease expense, are then recorded on the income statement.

Operating leases do not normally affect a company’s balance sheet. There is, however, one exception. If a lease has scheduled changes in the lease payment (for instance, a planned increase for inflation, or a lease holiday for the first six months), the rent expense is to be recognized on an equal basis over the life of the lease. The difference between the lease expense recognized and the lease actually paid is considered a deferred liability (for the lessee, if the leases are increasing) or asset (if decreasing).

Whether capital or operating, the future minimum lease commitments must also be disclosed as a footnote in the financial statements. The lease commitment must be broken out by year for the first five years, and then all remaining rents are combined.

 A lease is capital if any one of the following four tests is met:

 1) The lease conveys ownership to the lessee at the end of the lease term;

 2) The lessee has an option to purchase the asset at a bargain price at the end of the lease term

 3) The term of the lease is 75% or more of the economic life of the asset.

 4) The present value of the rents, using the lessee’s incremental borrowing rate, is 90% or more of the fair market value of the asset.

Each of these criteria, and their components, are described in more detail in FAS 13 (codified as section L10 of the FASB Current Text or ASC 840 of the Codification).

As one of his conditions of membership, he is required to have passed an examination in accounting and related fields of study. The recognised company should also as have the power to exclude from membership those persons found guilty of negligence in the performance of their duties or of conduct that is discreditable to their profession.

The accounting officer is required to: determine whether the financial statement are in accordance with the accounting records, determine the accounting policies applied in the preparation of the financial statement and report to members on the above matters.

When the accounting officer is a member or employee of a corporation, he must state this fact in his report. In performing his duties the accounting officer has, in accordance with the Close Corporations Act, right of access to the accounting records and other information of the corporation and is entitled to obtain any necessary explanations from members. If, during the performance of his duties, an accounting officer becomes aware on any contravention of a provision of the Close Corporations Act, he must describe the nature of the contravention in his report, irrespective of whether the contravention is material.

If the accounting officer becomes aware during the performance of his duties that any change in the particulars of the founding statement have not been registered, or that the financial statements indicate that as at the end of the financial year concerned the corporation’s liabilities exceed its assets he must report forthwith, by registered post to the Registrar. If the accounting officer at any time knows, or has reason to believe, that the corporation is not carrying on business and has no intention of resuming operations in the foreseeable future, he must immediately report same to the Registrar.

An accounting officer who resigns or who is removed from office must immediately inform every member of the corporation thereof in writing and must send a copy of his letter to the registered office of the corporation. An accounting officer who is removed from office must consider the reasons for his removal. If he considers that he was removed for invalid reasons, he must immediately inform the Registrar and send a copy of his letter to every member in the corporation.

At the end of the day it is the responsibility of the members to ensure that the accounting officer has prepared the financial statements to fairly represent the affairs of the corporation and that are prepared in accordance with generally accepted accounting practice suitable to the business of the corporation. If the members and or the accounting officer fail to comply with this responsibility, they can be guilty of mismanagement.

During delivery of team building trainings it was very surprising to discover that many employees and sometimes even managers and supervisors don’t know the company’s mission and vision. As a retail owner or manager what do you do in order to deliver this important message? How do you support your company’s vision and mission every day? Is it written on the board? Do you talk about it during meetings? Do you display it on the company webpage? Can your customers see it? How do you empower employees to fulfill that vision and mission?

Another confusing aspect is that company’s leaders often mix up mission and vision statements. Sometimes mission/vision statements blend together. Many companies have only mission or vision statement. I also know some companies without any vision and mission!

Why it is important to identify it? Because it is essential to understand where you are going, where your company is going to be in the future (vision) and how to get there (vision). You also want your stakeholders, employees and customers to know, understand and share it.

What comes first? If you just start new company (store), then the vision will guide the mission statement. If you have an established business where the mission is established, then many times, the mission guides the vision statement.

Vision

A vision statement defines the desired or intended future state of company. Vision is a long-term view, it is the source of inspiration. It is how to make a difference to customers, to the community, and to the world.

Your vision could project a compelling story about the future. When Steve Jobs, the Apple founder, said “An Apple on every desk,” it was his vision of the company.

Vision statement should include:

• Vivid and clear picture

• Description of a bright future

• Memorable and engaging wording

• Realistic aspirations

• Alignment with organizational values and culture

Apple Vision Statement: “To make a contribution to the world by making tools for the mind that advance humankind.”

CVS (Retail Pharmacy) Vision Statement: “We strive to improve the quality of human life.”

Mission

Mission is a formal, short, written statement purpose of an organization or a team. The company’s mission statement tells why and for what purpose the company was formed, what services, goods and ideas it offers the public, and what its standards are. It should distinguish the company from all others and be stated clearly, be brief and simple so that it is understood by all (employees and customers).

A Mission Statement should answer three questions:

1. What do we do?

• A summary of your products and services

Dollar Store Mission: “Brighter, cleaner stores, professionally merchandized, offering you MORE selection, MORE value and a lot MORE FUN!”

2. How do we do it?

• A statement regards commitment and unique approach to business

Staples Mission: “What’s Staples Soul? Staples Soul reflects our commitment to corporate responsibility. It’s a holistic approach to business that recognizes the close connection between our financial success and our desire to make a positive impact on our associates, communities, and the planet by joining together the following areas: diversity, the environment, our community, and ethics. It’s how we do business – that’s Staples Soul.”

Best Buy Mission: “Our formula is simple: we’re a growth company focused on better solving the unmet needs of our customers-and we rely on our employees to solve those puzzles. Thanks for stopping.”

• A statement summarizing your company’s aspirations

“We strive to be the leaders in our region within the Men’s Wear Industry.”

3. For whom do we do it?

• A statement regards to customers

“Apple is committed to bringing the best personal computing experience to students, educators, creative professionals and consumers around the world through its innovative hardware, software and Internet offerings.”

• A statement in regards to customer service, product knowledge

BC Liquor Stores Mission: “To be a customer focused, profitable retailer of beverage alcohol, dedicated to innovation, exemplary service, helpful product knowledge and social responsibility.”

Target Mission: “Our mission is to make Target the preferred shopping destination for our guests by delivering outstanding value, continuous innovation and an exceptional guest experience by consistently fulfilling our Expect More. Pay Less.® brand promise.”

• A statement in regards to your employees

“We are committed to the growth and career development of our employees. They are what makes our company great.”

Values

Value statement is an expression of a company’s core beliefs. Values drive an organization’s culture and priorities. Companies write the value statement to identify and connect with the consumer. Additionally, this statement allows for the company’s staff to be aware of the priorities and goals of the company.

Best Buy Value Statement:

We have four values that guide our actions:

* Have fun while being the best.

* Learn from challenge and change.

* Show respect, humility and integrity.

* Unleash the power of our people.