5 Ways You Might Be Bleed­ing as a Busi­ness

Boundless Magazine - - Contents - 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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