Going Concern Concept - From Business to Life
When I look around and observe people’s behavior, I am often reminded of something I learnt during my correspondence course in Accounting. That is, the Going Concern Concept, which supposes that a company will continue to operate indefinitely, and not go out of business and liquidate its assets.
Accounting is not my favourite subject at all, not even one of them, so I do not remember most of what I have learnt of it. Yet I remember this one concept because I am able to relate it to life and understand life (read people’s behavior) – at least sometimes.
When applied to life, the Going Concern Concept simply means assuming that life will go on endlessly without any need to make the slightest change or let go totally. See what I mean? All of a sudden, several thoughts arise, and I am compelled to see both the good and the not-so-good sides of the Concept.
Going Concern Concept applied to life is the reason -
* Why we keep our efforts going even in difficult situations. It is the prime fuel for the fire in the belly when we take on challenges with the hope that we will overcome them and emerge victorious someday.
* Why we are urged to plan for our future. Be it investing into education and acquiring degrees, putting money into a new savings scheme, training for the next marathon or beginning a new diet, we do it because life seems permanent and predictable, atleast to a certain extent.
Sadly, the same Concept applied to life is also the reason -
* Why many mindlessly chase their dreams even at the cost of their own health, peace and joy. The ‘I-me-myself’ attitude that is so evident these days, is bound to corrode into the quality of one’s life sooner or later, and make it difficult for those around also. This is futile, for, very soon, the going stops and everything hankered after is left behind when the person is gone. The Ambassador car was once ‘Road King’ and a status symbol for those who owned it, but is it now?
* Why some even put off their responsibilities. When asked about her saving habits despite earning a good salary, a 20-something lady boldly said that she spends all her earnings because “life is to be enjoyed”. As for savings, she opined that anyway her salary would keep increasing and she would start saving when she really had surplus funds to save.
I know a few well-educated and affluent people who put off making a will vowing to do it someday – so much for their confidence in that ‘someday’ which may never come their way.
* For the hesitation behind doing good deeds. Different people refrain from registering their organs for donation for different reasons – superstitions, fear of the unknown and so on. One stands out in my memory because she said she would considering registering as a donor when she grew old.
One of my dear colleagues plans to volunteer in old age homes after her retirement – another case of ‘someday’ planning.
Notwithstanding the various diligent efforts we indulge in to keep ill-health and other adversities from affecting the quality of our life, or cutting it short abruptly, we do not know when exactly our end will come.
Hence, it is for our own good that we build our plans and aspirations around the unfailing reality of life and its mortality, and live meaningfully and fruitfully. Needless to say, we have but one life to live, which is different from a business concern which can be wound up and a new one begun.