Attention small business owner; there may be a thief inside your business. Do you know that small businesses experience fraud at a 100 times higher rate than large companies? This is an alarming rate that must be taken seriously. Several reasons are implied for this higher existence of fraud in smaller businesses. First of all, the highest rate of fraud is committed by the accounting personnel. The small business may have one accounting professional who is given complete trust in dealing with all financial matters. Another reason why there is higher fraud in small firms is because of the lack of internal controls. Small businesses rarely hire an outside source to audit or review their accounts and to hold the accounting professional accountable. The difficult thing about fraud is the fact that fraudulent people look like you and me. They are usually not criminals, but instead our friends, co-workers, and family. Since the person who commits fraud can be a close acquaintance we may tend to overlook or be in denial that they may actually be stealing from our business.
Instead of focusing entirely on why fraud happens in a small firm I want to give some tips to preventing fraud from happening in your small business. Many times fraud occurs due to blurry boundaries, lack of supervision, or lack of respect of the leaders in the company. Fraud can be best prevented by creating an ethical environment; one of integrity and respect. The first step in fraud prevention is the implementation of a fraud policy. If a fraud policy is in place, there will be no room for misinterpretation. An employee should be well aware of the rules, regulations, and punishments pertaining to fraudulent activity. The second step is to have high moral conduct when it comes to dealing with customers and suppliers. This example being set forth will elevate the morality in the other employees. Thirdly, establish a place of social unity and respect amongst the employees. Happy and connected employees will not want to steal from the company they enjoy working for. The forth step is to allow no exceptions to the rules. That way there is no gray area in what is right and what is wrong. The last step in preventing fraud is to always screen your potential employees. This means you check references, get background and credit check, and interview them with proven techniques. Many businesses do not take the hiring process seriously enough. It is the first and foremost step in preventing fraud. If that fraudulent person does not get hired they will not have a chance to steal from you.
I hope that you have gathered some new information about fraud and how it affects a small business. As the entrepreneur, you are the one who is responsible for the health of your business. If you do not take precautionary measures against fraud then I can almost guarantee that it will occur in your business. Please begin a plan against fraud now if you have not already done so.
Entrepreneurs are always looking for new and innovative ways to reach their customers. A colorful medium that one can use is the art of public speaking. Public speaking can consist of workshops, conferences, and seminars. The platform for public speaking is endless. Opportunities can manifest through professional industry boards, business associations, schools, colleges, community centers, chambers of commerce, and online webinars. Entrepreneurs can appeal to potential customers through speaking about their passion and expertise in their industry. After all, today’s society thirsts for information and sees it as an item for consumption.
Entrepreneurs should approach the presentation process in the same way as they implemented their business venture. The initial stepping stone for a presentation should be the vision behind it. The entrepreneur should ask themselves, “What do I want to gain from presenting and what do I want my audience to gain?” These two questions will foreshadow the rest of the process. An example of a vision would be to gain more recognition in the community and at the same time bring in new customers.
The entrepreneur should see the audience as a target market. Will the target market be comprised of peers in the industry or the general public? This is important to decipher before planning for the presentation. It is essential to know what information is appropriate based on the audience’s competency and needs. An example of a target audience might be community college students who only need a basic understanding of the entrepreneur’s business industry. Another example could be a professional conference amongst peers that would entail more specific and original information.
Once the audience is confirmed, it is now time to pick the subject for the presentation. The entrepreneur should write a list of topics to cover and have a formula for easy comprehension. The outline should be the bones of the presentation. The entrepreneur should then flesh out their ideas and decide how the information will be presented. The format can be a lecture, visual presentation, demonstrations, or collaborative. The entrepreneur should reflect on their own strengths when it pertains to presenting. For instance, they might be skilled at presenting orally but not with computer technology. The entrepreneur must use their intuition to know what will keep their audience entertained. It is important to give an invigorating and informative presentation or else the reason for presenting in the first place may return void.
The last step to making a presentation successful is advertising it. Similar to a business venture, the entrepreneur must market the speaking engagement to reach the target audience. It is important to assess the demographics and psychographics of the customers in order to choose the most efficient form of advertisement. The venue in which the presentation will take place should also be taken into consideration, because it determines the capacity and accessibility for audience members. An example of a choice in venue could be an auditorium at a local college campus which would be convenient for students who are already on the grounds. Another venue could be a hotel conference room that would appeal more to business professionals.
Public speaking has a tremendous amount of benefits for the entrepreneur. It allows the entrepreneur to be recognized as a leader and expert in their field. They are able to share their knowledge and fervor to their audience. They should not use their platform to make a sales pitch, but instead create a sense of necessity for the product or service they offer. The entrepreneur also benefits from presenting, because it keeps them up to date in their field. Many times the entrepreneur will learn just as much through preparation and speaking as their audience will. The audience will frequently feel a sense of connection and appreciation to the entrepreneur for the presentation. This could result in the audience members becoming new customers and referring the business to others.
Public speaking is a powerful tool in the business world. It is a secret weapon to some of the most successful business men and women. They are recognized not only for their products or services, but also creating a sense of credibility to their venture.
