Safeguard your business
Small business is all about relationships. But when these go wrong, it is devastating.
Ensure you have the systems in place to routinely look at where your money’s going in order to safeguard your business and your relationships.
Being able to trust your team is gold standard but introducing a few simple processes ensures that is much harder for someone to abuse your trust.
Think about these tips to safeguard your business and keep your trusted relationships strong.
Good systems make it easy to understand and hard to hide things. If you have a system, make sure it’s documented. They don’t have to be complicated. For instance, when you refund a customer, make sure it’s signed off by a manager or yourself and recorded somewhere central. Checklists can make a system easier for staff to understand and work with too.
Have systems in place to routinely look at where your money’s going or that require you to sign off on key transactions.
Do you have regular reporting? Things to look for are unusual customer refunds or credits, a spike in new suppliers or payments to existing ones. Do your sales look right? Is there a dip in cash sales?
Know what benchmarks other businesses in your industry are hitting. Compare your profit to overhead ratios with theirs and question inconsistencies.
Conduct an annual risk assessment of your business to make sure your systems and monitoring are still relevant and in place.