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FRAUD

FRAUD - IS YOUR BUSINESS EXPOSED?

10 Important things, small business clients say:

1. “Don’t let one employee do all the accounting and bookkeeping”

2. “Keep business and personal banking separate”

3. “Maintain robust internal controls and processes”

4. “Watch your business bank accounts like a hawk”

5. “Make sure you audit high-risk areas often”

6. “Train your employees to prevent fraud”

7. “Protect your business’s credit card information”

8. “Know who your business partners are”

9. “Check into every case – no matter how small”

10. “Get expert help if things don’t add up”

Fraud prevention starts with a conversation

Small business owners consistently underestimate the threat of fraud – yet studies show they face the greatest risk. If they feel awkward about introducing fraud prevention measures with trusted staff – you’ll have to play the ‘bad cop’. They can tell their staff it’s all your idea.

As a bonus to your client, many of these strategies – such as dividing responsibilities and getting two sets of eyes on the books – also help with quality control. Encourage them to get started today.

Source: xero.com (summarised)

DISRUPTION

DISRUPTION - Embracing Disruptive Innovation: Why it's important to your business 

“Disruption” is a popular buzzword, but if you stop and think about it, experiencing disruption is not something we, as people, enjoy. Disruption is massive, rapid, and most likely permanent change, and that can be difficult to go through. But disruptive innovation is important to stay vital, and any business needs to embrace innovation technology and the turbulence that goes with it.

Defining “Disruptive Innovation”

A good rule of thumb about innovation can be summed up by Facebook’s guiding principle: “If we don’t invent the thing that will kill Facebook, someone else will.” Being complacent in any industry is a good way to ultimately be blindsided by another company. Don’t forget, for example, that Netflix, early on in its life, went to Blockbuster and offered itself for sale. Blockbuster didn’t see any reason to embrace Netflix’s movies-by-mail, and now it’s little more than a footnote in an industry it once controlled.

Disruptive innovation is something that alters your product lines, services, or business model in fundamental ways. Think of the shifts of cabs from per-mile charges dispatched by radio to Uber-like models where cabs are called by app. So, how do you spot areas you should shake up, and how should you do it?

Killing The Sacred Cow

It’s a common experience: Somebody new brings up a customer-requested feature and gets the response, “That’s just not workable.” The problem with this statement is that there are a host of assumptions behind it that nobody ever questions. It may not have been workable a year ago, or even quite literally impossible a year ago. But more and more, what’s impossible just a year ago is not only possible now, somebody is working on it.

So, when something is dismissed this way, it’s worth asking why and seeing if those reasons still hold up. If not, it’s time to make it happen.

Disruption can happen with shocking speed.

Look At Competitors

Many in business like to use the metaphor of a jungle to say the bigger you are, the stronger you are, and the easier it is to squish the little guy. But this metaphor tends to forget the little guy is still around because he learned how to survive, whether by being faster than the big guys or a lot tougher than he looks. So look closely at small, scrappy competitors in your industry, and what they’re offering. You might see a disruption coming before it hits.

Scan The Horizon

Finally, you should constantly be scanning the horizon for new technology. It’s easy to forget that many innovations find their ultimate use well away from what was intended. All the technology NASA pioneered in the process of getting to the moon and traveling further into space has wound up in your kitchen, on your feet, in your car, in your pocket, and in thousands of other places you’d never expect. Looking outside your industry, at the raw materials you use, at the technologies that underlie your business, and elsewhere, can help you spot enormous change before it rolls through.

Innovation technology can be surprising in how it changes your business, but you should be ready to innovate no matter what. If you’re ready to innovate and find the future of your industry, IdeaScale can help: download our disruptive innovation infographic today. 

Extract - Jessica Day

Human Resources

Employees - WHY HAPPINESS INCREASES PRODUCTIVITY

Having happy employees is extremely important for the survival and performance of any organisation. Happier employees work harder, work better together in teams and are generally more productive. But why is that happiness increases productivity? 
So why exactly are happy employees more productive?

Happy employees give a damn more
Happy employees are typically the ones who care about the company and are driven to make it achieve its goals, they are the only ones who even bother to find out these goals in the first place. When employees are happy, they feel invested in the organisation’s goals and are more compelled to work.

Happy employees are more loyal
Happy employees are more also resilient and are more likely to stay with their employers for the long term. A lowered turnover means less time and money spent on hiring and training new employees as well as fewer breaks or slowdowns in productivity to induct them.

Happy employees are healthier
Work-related mental disorders (also known as psychological injuries) not only negatively affect the immune systems of individual employees, but also bleed out the company with costs associated with the frequent and/or long periods away from work that such employees typically have to take.

Happiness breeds like rabbits
Happiness is of a multiplying nature – when watered it can grow all over the entire company. More happy employees means more happy bosses means more happy employees, and the cycle continues.

Happy employees take more risks
Innovation is the lifeblood of any business, and it is only happy employees that are inspired enough to think outside the box and come up with the creative solutions your organisation needs.

Extracted from 6Q Blog