Boundless Magazine

5 Ways You Might Be Bleeding as a Business

- By Titi Adewusi

Ihave a friend who is an entreprene­ur - she makes and sell clothes. For economies of scale, she buys her materials in bundles. One day, she decided to take inventory and realised that someone had cut 5yards from each bundle. After, her reconcilia­tion, she was amazed as to how much loss she had incurred.

There is a wonderful fun place in Ikeja that I loved to take my children to during the weekends. I usually insist on my receipt/ tickets. I was given four tickets for 4 children. It was only on closer look that I realised that it was the same ticket, but they gave me in quadruples – the customer copy, the accounts copy, the book copy, etc. Wow. This means that the staff goes home with 75% the sales while the owner of the business gets 25%. The business owner who made all the investment­s, who pays the salaries, takes care of the overheads gets only 25% of sales. Alas, I wasn’t too surprised when

I went back months later and the business had closed down.

As a business, have you done an assessment of your operations to identify where you could be losing money and what controls you need to put in place to safeguard your revenues?

Let me share 5 ways in which your business might be bleeding due to staff fraud.

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