HOW TO REDUCE STEALING IN YOUR BUSINESS.

Stealing is an unfortunate reality that exists in our businesses. 

We may overlook it sometimes, but N2000 lost everyday in one year is N730,000 which can be part of your profit or pay people someone salary in a year. 

Here are a few tips to help you reduce stealing in your business. 

1. TAKE STOCK as frequently as possible: You want to know what you actually have in your store. 

You may not be able to do it by yourself, but make sure it is done often. 

2. KEEP EFFECTIVE ACCOUNTING: Clear records of all your expenses, sales, debts, etc must be kept and audited from time to time. 

3. ELIMINATE CASH AS MUCH AS POSSIBLE: This may be difficult but do what you can. 

If you have to do cash, the person you receives cash shouldn't be the person making sales. 

4. REVIEW EXPENSES FREQUENTLY: Again, you don't have to do this personally. 

Someone else can do it and send you reports to review. 

Ask questions. 

Know what money is being spent on. 

5. CREATE CHECKS AND DOUBLE CHECKS: Nobody should have total control. 

Each person should be monitored. 

Certain decisions should only be made by collaboration between two people. 

This means more than one person will be held responsible if something happens. 

6. CCTV HELPS: If you have a physical store with a lot of products, get CCTV. 

People tend to behave better when they know there's a camera around. 

7. PAY YOUR STAFF WELL. 

Money is tempting. 

It doesn't help your business to be making a lot of money, and your employees are hungry. 

Pay then a decent salary, and attach some benefits and performance bonuses. 

8. HIRE EFFECTIVELY: Hire well. 

Hire people who provide references and guarantors. 

People who have some history. 

Make sure all your staff submit signed Guarantor's forms. 

These Guarantor's should be spoken to to confirm the identity of the staff before you hire them. 

9. SET THE TONE IN YOUR BUSINESS: You also need to make sure you aren't the one showing your staff how to steal. 

Don't spend on your personal needs from your business money. 

Don't cover expenses for the business directly from sales. 

All moneys should go to the bank. 

Create a budget and spend from that budget in expenses. 

Lead by example. 

Finally, I suggest that you STRUCTURE YOUR BUSINESS. 

With a business structure, you won't be the one doing all these. 

The systems in place will handle all the above without stress to you. 

If you need help with structuring your business my team and I can help you. 

Call 09048543101