I was recently interviewed by CBS Small Business Pulse, in which I discussed eight important things to know when owning a small business.
“Fraud can be difficult to navigate with small businesses since the owner cannot oversee every detail even though each piece of information is important and must be accounted. Background checks for employees, internal check systems and written training manuals can help secure that the businesses owners have enough implementations in place to keep themselves further away from these potential liabilities.”
“Identify when the small business needs legal help and seek guidance from a specialized professional. If an issue has already escalated, there is still time to work with an attorney to begin the reparative process step by step.”
“For small businesses that work with sensitive or confidential information, small business owners need to do everything in their power to keep that information protected. It is their responsibility to ensure clients and customers feel like they can trust the business.”
“When it comes to hiring for small businesses, owners should do everything to find employees that are the right fit. Conduct background checks and schedule multiple interviews to get a good understanding of character and work ethic.”
“A common instance of fraud that occurs within small businesses has to do with employees succumbing to outside influences or allowing their emotions to get the better of them. For example, if a business relies on just one person to manage credit cards, that person could easily have access to commit fraud.”
“Recognize activity or behavior that may appear illegal, and be proactive about meeting with an attorney before a minor issue becomes a devastating legal situation.”
“Cybersecurity is crucial, especially when it comes to passwords. Do a thorough inspection of where extensive security measures are necessary. Small businesses do not always possess an inside department or outside company that manages their online security, but that does not mean their content and data is any less important to the success of their business.”
“Trust is a key component for running any business successfully, but for a small business owner, being able to trust and oversee all employees just isn’t realistic. By hiring proactive and experienced management, small business owners will have less to oversee individually and more qualified professionals to help keep track of everyone’s actions.”
