While we extol the many virtues of promoting and marketing your business, we would be remiss if we did not take a moment to remind and prepare small business owners of the dangers that may lie within their own organization.
A recent study showed that internal company crimes cost small business owners tens of thousands of dollars, on average. And the culprit may surprise you. The study pointed to office managers and bookkeepers as the most likely criminals, positions that control the purse strings and those you are likely to trust the most.
How can you best protect your livelihood and that of your hard-working, valued employees?
- Do your due diligence.
The smallest of small businesses should be spared of insider trouble. If you’re a two-person shop and the other employee is your sister-in-law, chances are good your business will be fine. But if you are larger than four or five people, take the time to learn more about who you are hiring.
- Call references and delve into background checks.
Companies that find themselves growing and hiring from the outside, should require references before offering a job. Ask for at least three references and call them all (don’t stop when the first person gives a glowing review; wouldn’t you put your biggest fan at the top of the list?).
- Require drug testing.
Although this involves additional expense on your part, requiring a drug test could be a very wise investment, especially if your small business deals with heavy machinery, transportation, or complex equipment.
Protect your small business further by reviewing your insurance coverage closely with your broker. Is your coverage current and adequate? Not all property policies will get into the finer details of covering embezzlement and inside theft. For that, you should ask about crime insurance.
By closely reviewing who you hire and how you protect your small business, you will be well positioned for success in the long run.
We’re with you every step of the way. Contact Biz2Credit for all your small business refinancing at (800) 200-5678, or visit us at www.biz2credit.com.