Financial Statement


A financial statement is a snapshot taken of your business at a given time. Usually this picture is taken at a month end. It will tell you what the business owns, what it owes, your capital and equity in the business, what the sales were, what it cost to make those sales, what the business overhead was, and how much profit (or loss) the business made.

A financial statement follows a set format, consisting following sections:

  • Notice to reader or review engagement report
  • Balance sheet
  • Statement of retained earnings (if incorporated)
  • Statement of income and expenses
  • Notes to financial statements
  • Statement of changes in financial position.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Global Sourcing & Operating Guidelines


Levi Strauss & Company developed the following policy to guide the firm through the maze of international business and maintain its high standard of ethical integrity. Levi Strauss & Co., has a heritage of conducting business in a manner that reflects its values. Because the company sources in many countries with diverse cultures, it must take special care in selecting business partners and countries whose practices are not incompatible with its values. Otherwise, its sourcing decisions have the potential of undermining this heritage, damaging the image of its brands and threatening its commercial success.

Business Partner Terms of Engagement

Terms of Engagement address issues that are substantially controllable by our individual business partners.

We have defined business partners as contractors and subcontractors who manufacture or finish our products and suppliers who provide material (including fabric, sundries, chemicals and/or stones) utilized in the manufacturing and finishing of our products.

i.            Environmental Requirements: We will only do business with partners who share our commitment to the environment and who conduct their business in a way that is consistent with Levi Strauss & Co.’s Environmental Philosophy and Guiding Principles.

ii.            Ethical Standards: We will seek to identify and utilize business partners who aspire as individuals and in the conduct of all their businesses to a set of ethical standards not incompatible with our own.

iii.            Legal Requirements: we expect our business partners to be law abiding as individuals and to comply with legal requirements relevant to the conduct of all their businesses.

iv.            Employment Practices: We will only do business partners whose workers are in all cases present voluntarily, not put at risk of physical harm, fairly compensated, allowed the right of free association and not exploited in any way. In addition . . . . specific guidelines [are provided in the areas of]: wages and benefits, . . . . working hours, . . . . . child labor, . . . . prison labor/forced labor, . . . . health and safety, . . . . discrimination, [and] . . . . disciplinary practices.

v.            Community Involvement: We will favor business partners who share our commitment to contribute to the betterment of community conditions.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, and my Lectures.

Communication, Business and You


Organizations bend over backward to see that communication both inside and outside the company are open, honest, and clear. Your ability to communicate increases productivity both yours and your organization’s. it shapes the impressions you make on your colleagues, employees, supervisors, investors, and customers. It allows you to perceive the needs of these stakeholders (the various groups you interact with), and it helps you respond to those needs. Whether you run your own business, work for an employer, invest in a company, buy or sell products, design computer chips, run for public office, or raise money for charities, your communication skills determine your success.

Good communication skills are vital because every member of an organization is a link in the information chain. The flow of information along that chain is a steady stream of messages, whether from inside the organization (staff meetings, progress reports, project proposals, research results, employee surveys, and persuasive interviews) or from outside the organization (loan applications, purchasing agreements, help-wanted ads, distribution contracts, product advertisements, and sales calls). Your ability to receive, evaluate, use, and pass on information affects your and your company’s effectiveness. 

Within the company, you and your co-workers use the information you obtain from one another and from outsiders to guide your activities. The work of the organization is divided into tasks and assigned to various organizational units, each reporting to a manager who directs and coordinates the effort. This division of labor and delegation of responsibility depends on the constant flow of information up, down, and across the organization. So by feeding information to your boss and peers, you help them do their jobs, and vice versa.

 If you are a manager, your day consists of a never-ending series of meetings, casual conversations, speaking engagements, and phone calls, interspersed with occasional periods set aside for reading or writing. From these sources, you cull important points and then pass them on to the right people. In turn, you rely on your employees to provide you with useful data and to interpret, transmit, and act on the messages you send them.

 If you are relatively a junior employee, you are likely to find yourself on the perimeter of the communication network. Oddly enough, this situation puts you in an important position in the information chain. Although span of influence may be limited, you are in a position to observe firsthand things that your supervisors and co-workers cannot see: a customer’s immediate reaction to a product display, a supplier’s momentary hesitation before agreeing to a delivery date, an odd whirring noise in a piece of equipment, or a slowdown in the flow of customers. These are the little gems of information that managers and co-workers need to do their jobs. If you don’t pass that information along, nobody will know about it—because nobody else knows. Such an exchange of information within an organization is called internal communication.

My Consultancy–Asif J. Mir – Management Consultant–transforms organizations where people have the freedom to be creative, a place that brings out the best in everybody–an open, fair place where people have a sense that what they do matters. For details please visit www.asifjmir.com, Line of Sight