Fraud-Busting Ways to Protect Your Business

Being the victim of fraud can be devastating for individuals and companies alike, which is why you will want to do everything you can to stop this from happening to your business. Threats are evolving all the time as scam artists find new ways to gather personal information and deprive your company of its hard-earned cash. So, you should be doing everything that you can to ensure that your company is not swindled. Here are just a few of the best ways that you can achieve this goal.

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Understand the Different Types of Fraud

Before you do anything else, you need to understand what the different types of fraud that can affect your business are. Some of the most common include identity theft, mail fraud, employment fraud, wire fraud, and bankruptcy fraud. There is plenty of information online which details many of the different methods that hackers use to get access to your vital business files, as well as some common prevention methods.

Prevent Employee Fraud Losses to Your Business

Once you understand the threats you are facing, you can start to take steps to prevent the fraud losses to your business. To start off with, you can implement a system of background checks for new employees, and particularly those who have financial responsibilities of any kind. You could look at getting an ID verification service to help out in your mission. Next up, you could separate financial duties so that no one is responsible for everything.

Review Your Invoices

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You should get into a habit of reviewing your invoices, accounts payable, and purchase orders on a regular basis to make sure that they are all from real vendors. You should also check the items that you are receiving against the invoices to make sure that your suppliers are fulfilling their end of the bargain. If you handle all your accounts alone, it is very easy for something to get missed and you could end up missing out.

Deal with Cybercrime

Many of the biggest fraudulent threats facing businesses today exist in the world of the internet. First of all, you need to have your antivirus software and firewalls kept updated. You should also be wary of the details that you give out online – particularly if you have not dealt with the individual or company in the past. If anything does happen to go wrong, it is essential that all your files are backed up in a secure location.

Prevent Cash and Inventory Losses

If you run a shop or business of any kind that isn’t online, you should take extra steps to prevent cash and inventory losses. Train your employees on the art of spotting counterfeit money and stolen credit cards. Set up inventory control policies which help you to keep track of all your supplies.

Fraud is one of the most frustrating and potentially devastating negative events which can impact your business. Use these methods as a way of reducing the risks that you face.

3 Ways Introducing Loyalty Programs Can Improve Your Small Business’ Bottom Line

If you are new to the small business world, the chances are that one of your top aims for the next financial year is to improve your business’ returns. One of the most effective ways that come to mind? Well it begins and ends with your customers. With the rise and globalisation of ecommerce, businesses have seen their reach extend beyond borders. On the other hand, they have also seen a rise in competition on a worldwide scale. In addition to building great employee relationships and securing any financial risks to your business, it is incredibly important that you focus on both attracting potential customers to your new small business and of course, retaining them.

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It Can Cut Your Costs

Customer loyalty schemes and programs are a great way to help your business achieve this. It is also one option that many businesses are increasingly embracing. There is a great rationale behind this as well. It can cost businesses between 2 and 5 times more to attract new customers than it would cost to retain them. The amount of funds to be spent on advertising campaigns and market research to specifically target new customers along with introductory discounts can add up to a sizeable amount at the end of the financial year.  With the reduced spend on marketing and the increased repeat sales benefits of a successful loyalty program, you can see increased profits in no time. In the end, a low customer turnover is much more cost efficient than repeatedly attracting new customers every day.

You may have seen major corporations advertising their alternatives to this customer retention tool but it can also be applied to smaller businesses across the UK and worldwide. This goes beyond incentives such as discounts for repeat purchases and extends into your customer service as well. One thing to be noted is that loyalty programs are no longer effective being structured as they were a decade ago. In Deloitte’s 2017 Customer Loyalty survey, over 54 percent of people still valued a points based system but an increasing 32 percent of them would prefer to be given rewards that are better suited to their lifestyles and interests. So when you are considering the different customer loyalty programs to incorporate into your business, take the time to understand your customers’ expectations and your business goals.

It Can Help You Attract New Customers

It may seem counteractive but yes, focusing on retention tools can also help your business to attract new customers. Customers in the UK are increasingly loyal compared to their worldwide counterparts with65 percent considering themselves as loyal shoppersin 2017. It is therefore increasingly important to get customers to make first time purchases and have the chance to win their loyalty. A customer loyalty program can help you do this. In a study by Deloitte in 2017, over a quarter of the respondents said that a customer loyalty program would be a factor in them remaining loyal to that business or brand.

The benefits offered by the loyalty program are attractive to new customers. The idea of their purchase being rewarded every time they shop can be quite alluring to not only keeping customers but getting them in the door initially. Why choose a competitor and be rewarded for their support? Be aware that the relevance of your loyalty program is paramount. The rewards should be something your customers would appreciate and be happy with.

It Can Act Be A Great PR Tool To Build Your Brand

Great marketing and promotion can play a huge part in your income generation as a business. Using a well tailored loyalty program can improve the communication channels between you and your customers. In addition, you are able to better tailor this communication to your customers’ needs and interests including through emails and follow up offers. By recognising your customers individually, you are building a great foundation for customer satisfaction. In the end,customers will feel valued, differentiated and appreciatedfor their choice in shopping with your business.

Happy customers are a significant aim for all business  regardless of size. Positive word of mouth from satisfied customers is one the most powerful marketing tools a business can employ. Positive messages can improve a business’ market share by up to 20 percent in two years. On the other hand, a dissatisfied or unappreciated customer can tell up to 15 people about their experience. This tackles both aims of attracting new customers through word of mouth and also keeping current customers happy to encourage repeat business.

There are a variety of strategies you can adapt to achieve a better bottom line for your business. These three ways are great examples of why a customer loyalty program would be an essential strategy to include in your plans for business and profit growth. Customers are a key part of any business and encouraging their loyalty should be a priority.

Money Drains In Every Small Business

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Whether you are a business owner yourself or helping your children kick off their own startups, it’s important to understand that there is many different money drains that can have a significant impact on profits. It’s important to remember that the best way to boost your business profits is to plug up these money drains and cut costs – without affecting quality. With this in mind, let’s take a look at those biggest small business financial drains and explore what you can do to improve them.

Employee turnover

If your small business has a high employee turnover, you are wasting a lot of money. The hiring process is expensive – advertising for available positions; setting aside time and resources for checking resumes and holding interviews, and training up new staff all costs cold, hard cash. If you want to plug this particular gap, focus on training current employees, so they are up to speed, offer them a fantastic working environment, and ensure they are happy – it is a far more cost-efficient way of working than continually hiring new people.

Process inefficiencies

How tight are your business operations? While small businesses tend to be leaner and more flexible than their bigger competitors, many suffer from inefficient processes, which, ultimately, cost you a lot of money. It could be stumbling blocks in your marketing that mean you are focusing too much on cold prospects rather than warm ones. It might be that a particular team in your business is using programs or software that is far too complicated and cumbersome than needs be. As a business leader, you need to be proactive in finding these inefficiencies and productivity drains if you want to save money.

Contract issues

There is a huge range of issues that can occur with contracts – or the lack of contracts. You have to make sure that your contracts are as tight as possible, or the likelihood is that you will face problems in the future. As https://www.meadowbrookdirect.com/ points out, you could counteract any issues with contractors that break the law by looking at surety bonds. And you should also consider including indemnity clauses in every contract you make, whether with a customer, supplier, or employee.

Poor customer service

Treat a client well, and they will be more likely to come shopping again. Treat them poorly, however, and they will never come back – and, even worse, they will also tell up to ten of their associates about their experience. According to https://www.snapsurveys.com/, bad customer service is a huge money drain for small businesses, and if you want to survive – and thrive – you will need to have a long, hard look at your service provision if you want to turn things around. Don’t forget, finding new customers costs six times more than selling to new and old customers alike. That’s a lot of money that you won’t need to spend if you can provide first-class service each and every time.

As you can see, there are many areas of your business that can lose a considerable amount of money. Plugging those gaps is essential if you want to get your business finances in good shape.