Why Business Owners Should Embrace Effective Internal Controls

Internal controls are the backbone of any small business, whether it’s a doctor’s office or a retail operation. Without them, your business cannot function effectively or profitably.

Here’s what the Association of Certified Fraud Examiners (ACFE) found in their 2014 Report to the Nation on Occupational Fraud & Abuse:

  • The median loss caused by fraud was $145,000
  • 22% of cases lost at least $1 million
  • 85% of cases dealt with asset misappropriations
  • 39% of cases were corruption schemes
  • 9% of cases dealt with financial statement fraud

Additionally, the ACFE noted that smaller businesses (less than 100 employees) tend to suffer disproportionately large losses compared to larger companies. Employees committed 42 percent of frauds. Collusion – more than one perpetrator – resulted in the largest losses.

The good news is that organizations with internal controls fair better than those without. Here are three ways to ensure internal controls are effective in your small business. 

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4 Exciting Ways to Grow Your Business

Instead of spending a lot of time (and much needed capital) on uncovering new ways to grow your business, focus your investment on streamlining your current model. Empower your staff to work more effectively at meeting the customer’s needs. Give your clients a reason to take another look at what you have to offer! Here’s what you can do differently!

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How to Grow Your Business With Pinterest

You’re a savvy business owner who works social networking sites like a pro. You’re tweeting, liking and posting like nobody’s business, but are you pinning? If you want to boost your sales and get your products in front of a wider audience, Pinterest is the way to go. No matter what you may have heard, pinners aren’t just for the DIY crowd or homeschooling parents. Pinterest is the perfect social networking site for sharing eye-catching photos. Follow these steps and learn how to grow your business with this cool website.

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How to Grow Your Business While You Sleep

It’s the question business owners constantly ask themselves, “How can I grow my business?” Unfortunately, there are only 24 hours in a day and you can’t work all the time. Yet, smart entrepreneurs are making money, even when they aren’t walking the warehouse floor or sitting at their desk. You need to learn how to grow your business while you sleep. Make sure that your profit-making plans include these methods.

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Grow Your Business: Tips for Creating a Strong Online Presence

Today’s society thrives on digital information. If you do not have a digital presence, you are non-existent to the general public. Having a strong online presence can increase your customer base and thus help you to grow your business. The first step toward creating an online presence is to plan.

Your plan should include a few key features to promote your business with a strong online presence. Elements that will boost the face of your business online include: content, design, usability, and value. Your online presence starts with your content and builds its way up from there. Think of each element as the fundamental building blocks that will propel your business toward positive growth and success.

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Grow Your Business by Connecting with your Community

When was the last time you took off work on a Saturday morning to walk through your neighborhood to the local farmer’s market in town? Maybe you grab your spouse and even put the kids in the stroller to join you for a leisurely jaunt to buy some fresh cut flowers, meat straight off the butcher’s block, maybe a parcel full of those homegrown vegetables, a dozen eggs hatched only a few hours earlier and of course, a baker’s dozen of those sugared donuts hot out of the oven.

So if you were not hungry before you started reading, you should be by now! However, that is not the objective of this blog. Instead, think about what goes on at your local farmer’s market or city bazaar or other similar marketplace on a weekend.

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Physically Protect your Business Information

To maintain its competitive advantage, your business must keep all kinds of information confidential. This information includes customer credit card numbers, employee Social Security numbers, and vendor contracts. You can protect your data through complex security software. You can also use the following simple tips to physically protect your information.

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Grow Your Business by Unleashing Your Creativity

Creativity. The very word perks up the ears of experienced executives who know they need to think creatively and surround themselves with others that do the same. Today’s market often values innovation over experience and navigating the waters of running a successful business has always required a good foundation in creative thinking.

Unfortunately, many myths about creativity are still commonly accepted as the truth. These myths cause people to limit themselves unnecessarily and their businesses ultimately suffer or fall short of their full potential because of it. What are these myths? Here are a few.

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How to Grow Your Business by Looking to the Past

Small and medium-size businesses use a number of marketing tactics to increase business. Advertising, a presence on the web, and earned media are all tactics that you can use to establish your brand and grow your business.

While these tactics are part of an effective overall marketing campaign, one key source of new business is left out. Previous clients can be a rich source of new business, if they are approached in the right way.

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5 Myths About How to Grow Your Business

How much misinformation surrounds learning how to grow your business? With these five common myths, apparently there’s plenty. There’s no arguing that a small business is like a living thing–it needs a few things to grow. However, many small business owners aren’t sure what the magic formula for high growth is or how to apply those factors to their specific companies.

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