Erosion of profit is by far the greatest risk to any business. It is often difficult to see or quantify. BUSINESS OWNERS OFTEN FIND IT HARD TO TALK ABOUT and yet, the success or failure of your business may well depend on your ability to manage it.
During my career I’m saddened to say I’ve seen over 70 people lose their job because of theft or embezzlement. That would average 2.5 per year but the reality is that the frequency has increased in recent years.
Given opportunity, need and a motive many normally honest people are tempted over to the dark side. It is often the staff that you least expect that steal from you. The old adage of “look after your staff and they will look after you” no longer applies and the only way in which you can minimise the damage is by having good control systems combined with audit and compliance monitoring.
If you would like a hilarious account of just some of the ways in which I have encountered theft, embezzlement and misuse of company property then book me now for your next risk management session.
