Blog Archives
Fraud happens……but your business does not have to be one of its victims!
Stealing, embezzlement, misappropriation funds…as an owner of a business these are words you never want to hear. Unfortunately, fraud happens in the work place much more often than we want to believe. In a 2010 study by Chubb Group Insurance 54% of business owners and executives questioned believed that employees would steal company funds, equipment, inventory, or merchandise in a 12 month period. Only 7 years ago less than 30% of the companies surveyed expected to see such thefts in the workplace.
So, who are these nefarious characters committing these crimes? Often times we find it’s the most trusted long-standing employees. Those individuals you would never suspect. So, why does it happen? What turns these relatively nice people into fraudsters? To decipher this let’s first look at what famed criminologist Donald Cressey coined as the “Fraud Triangle”. In most situations when a fraud is committed there are three factors – hence the triangle – that are usually present for the ordinary person to commit fraud. They are Pressure, Rationalization, and Opportunity.
Pressure – individual(s) may find themselves in a financial burden due to gambling or other addictive habits; or they just enjoy the thrill of being able to “get away with something”.
Rationalization – Individual(s) look for justifications such as being underpaid, or they’ll pay back what they take, or they see the boss taking cash for various reason so they should be allowed to do the same.
Opportunity – this usually happens when there is a breakdown or weakness in internal controls. Individual(s) have control of funds (or other resources) and they have the means to conceal the theft. Perhaps they are the bookkeeper, loading dock supervisor, etc.
Whatever the reasoning, when these three points are connected there are potentials for huge losses. According to the Association of Certified Fraud Examiners business will likely average fraud losses of 6% of revenue – in a $1,000,000 business that equates to a $60,000 loss. Not many of us can afford that type of loss year over year.
So, as a business owner, what can you do to prevent fraud? There are a few different steps you can take:
· Work with your CPA to develop strong internal controls
· Perform criminal background and credit checks on all new employees
· Lead by example
· Develop a “whistle blower” policy
· Restrict signature authority
· Have your CPA conduct surprise audits
If you suspect fraud has occurred or is currently occurring in your business, take the following steps:
- Admit that it has happened
- Document, document, document
- Journal the facts
- Contact an attorney and a forensic accountant
- Be discreet – do not discuss with your employees, especially the suspect
It’s hard enough to own and run a business, having to deal with a host of others challenges in today’s tough economic and competitive environment, including fraud, makes that job even more difficult. And, although no company can be completely safe from employee theft, hopefully some of the information I’ve outlined will help you become more aware of the financial component of your business.
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Business Development Director Morey, Nee, Buck & Oswald, LLC – Accountants and Advisor Morey, Nee, Buck & Oswlad, LLC is a CPA firm with offices in Bethlhem, PA; Spring House, PA; and Bridgewater, NJ. Our accountants are focused on enhancing the wealth and prosperity of individual and business owners through practical tax planning, accounting, and business consulting. Phone: 610.882.1000 Email: mrusso@moreycpa.com“what makes you rich!”
Please welcome and enjoy the content shared by Rich Price. I trust you will learn a lot and not only be able to apply this in your business, but also be eager to learn more from Rich!
I have learned many valuable lessons in my business career and there is nothing more clear for me than helping others succeed in Network Marketing. It gives hope to people in need and brings new light to people that want more out of life than what they have.
I possess over 21 years of experience being self-employed in a small business and have had numerous successes and failures that will be forever etched in my memory. These lessons enable me to help others. Lessons are often learned more from failures but can also be learned from successes. However, the ultimate lesson learned is what makes you rich!
The formula for the Rich and Famous is simple, “Leverage yourself with people or money” but don’t get caught up in the trap of doing everything yourself. What happens is that your time is actually taken away from the true aspect of time freedom and ‘trying to do everything yourself’ is a trap where Small Business owners often get caught.
Although my goal is to help millions of people worldwide, I can’t do it alone and, if I want that kind of life, I must be willing to duplicate myself.
Lesson Learned #1: If you want to become rich, you must leverage yourself with people or money.
In most cases, individuals just getting started don’t have any money so they must start with people. Helping people learn leverage is what networking is all about, it builds trust, team work and a powerful business called Network Marketing.
“If people want to become rich, they must learn the power found in Networks” – Robert Kiyosaki (Author of Rich dad Poor Dad)
Lesson Learned #2: To become a leader, you must be willing to teach people what you know in a simple duplicable way.
Leaders are born every day. It’s the ones that decide to learn more and give more that become the people that leave legacies that will always be remembered.
“Leaders must learn to discipline their disappointments. It is not what happens to us, it is what we choose to do about what happens that makes the difference in how our lives turn out.” – Jim Rohn (America’s leading business authority on success)
Lesson Learned #3: Building a Network Marketing business is not about branding the company you join, it’s about branding you.
You are the business and people must believe in you before they join and that is where your knowledge and leadership come in. You must take each new recruit you sponsor by the hand and teach them the system so they can teach it to others. You don’t need very many recruits to become successful when you’re a good teacher and you make the system simple to duplicate.
To become successful in Network Marketing, you must believe in the business model, be coachable and learn to follow a simple system that has already been created for you. As soon as you get started, the lesson will begin and you will learn real world business skills that will prepare you in your quest to live the good life
Rich price
http://www.richprice.com
949-795-8020
Welcome Long-term Guest Blogger for week 3…..Caryn Starr-Gates
Keep Your Online Communication Clean
We’ve all seen them—the sniping remarks, the nasty comments, the basement-level communication in social network comment boxes or responses to posts. People behave very badly online in terms of their verbal communication and this is especially troubling when it happens among so-called professionals—especially those in the communications fields.
One would think that people who make their livings through words would think twice about what they post or would read their vituperous responses before hitting “submit” but it appears they don’t. Why is it that people feel their level of communication over the internet may sink to new lows and that’s OK? Why do they think this will not reflect badly on them in the marketplace or cyberspace?
The hostile, negative remarks and offensive insults people hurl at each other online cannot be undone, even after the perpetrator deletes them; they’ve been read, they’re out there, and they become a permanent part of someone’s reputation in a bad way. These people are their own worst public relations nightmares!
As someone who writes for a living, and helps business owners and entrepreneurs spit-shine their image and their marketing message, this trend horrifies me. Professional marketers and creatives would never sign off on written communication for a client, company, or brand that purposely insulted, that was snide or persnickety, or that picked a fight with readers. This would surely be committing death by communication.
However, it appears the social networks bring out the worst in people, and give them a free pass to engage in uncensored, rude repartee. Is it because people feel they can somehow hide behind the online veil? That veil is quite transparent, folks. Just because you are not talking to someone in person doesn’t mean you are not communicating, and the words you choose will affect your online reputation in an instant.
Do you provide thoughtful responses to group discussions and questions, and try to be a helpful voice in the social media wilderness? Or do you rouse the rabble and foment revolution? Do you publicly mock someone for expressing a contrary opinion or do you reply privately and work out your differences away from others’ eyes?
To those who must be reminded that their communication standards make a difference: social networks are for sharing ideas, resources, and opinions that will make a positive difference for others. Your communication is a marketing tool and should be used wisely and well. Please take your nasty, petty, childish screeds offline and spare the rest of us innocent bystanders who must now delete these so-called discussions.
Words can hurt your reputation or they can work in your favor. How you respond to something will either lose you followers or build your connections. Which side do you want to be on?
Caryn Starr-Gates, owner
StarrGates Business Communications
Caryn Starr-Gates is a professional freelance copywriter whose career spans more than 30 years. Working in advertising, marketing, and public relations, she creates promotional copy for print and online ads, marketing materials, newsletter columns, articles, press releases, radio and TV spots, and website and social media content. Caryn writes copy for her clients and for those of the advertising, marketing, and public relations agencies with whom she works.Her experience includes writing retail fashion copy for regional and national department stores; promoting the launch of CNN; ads and TV and radio spots for Anheuser-Busch, Ralston-Purina and ABC Television; ad campaigns and new product concepts for a diverse array of packaged goods products (including kids’ cereals, alcoholic beverages, soft drinks, dog food), banks and Turner Broadcasting. In recent years Caryn has written extensively for lifestyle, education, life safety, food service, financial, retail, and professional services clients.
Caryn is an active member of the New Jersey Association of Women Business Owners (Bergen chapter 2010 Business Woman of the Year), the Business Marketing Association-NJ, Association of Women in Communications/NJ, and NJ Creatives. She volunteers for several non-profit organizations and has been recognized for her volunteer activities by the organizations she works with.
Caryn Starr-Gates
StarrGates Business Communications
Sparkling copy that markets your message!
Blog: http://thecopyblock.blogspot.com
Twitter: @StellarCopy
LinkedIn: http://www.linkedin.com/in/carynstarr
Facebook: http://www.facebook.com/StarrGatesBusinessCommunications
Educational Monday! Spring into Success!!
It’s Spring time….a time for new growth. Find out about some great growth ideas for your current business, new business, or a second business.
10 ways to grow your business by 10% (or 20% or 50%) in 12 months
Anneli Knight
If your business is not green and growing then it’s ripe and rotting, says serial entrepreneur Creel Price.
Price is accomplished at the growth phase of business, having launched ten enterprises before he was 21 and then co-founding a start-up with $5000 capital and selling it ten years later for more than $100 million.
Striving for growth is something that should underlie all aspects of business, says Price, whose current business, Accelerate Global, trains entrepreneurs.
“It’s got to pervade the DNA of their company,” he says.
Sales become easier for a growing company as it secures a strong reputation, and a growing business is also more enjoyable, Price says.
“Business becomes a lot more fun when you start to get a bigger team all striving towards the one goal – when you start to see the business grow from more than just your efforts.”
Here are Creel Price’s 10 tips on how to grow your business:
1. Spend more time in sales – The first strategy is to ensure that the business owner or entrepreneur is spending as much time selling or managing the sales process as possible.
This is particularly important at the early stages of business. No one can match you in terms of knowledge and passion for your business – and this is what sells.
Write down a goal of how much time you should be spending in sales and compare it to how much time you are actually spending selling.
If there is a big discrepancy implement strategies to free up your time and ensure you are focused on sales such as outsourcing everything but your core.
2. Be a niche player – Don’t try to be everything to everyone – select a niche market that plays to your strengths and build your products, processes and reputation around being the undisputed leader for this target market.
Yet because this strategy takes time many entrepreneurs lose patience and have a tendency to launch brand new initiatives in new markets – a habit I call the entrepreneur’s curse.
This distraction means you spread yourself too thin and don’t achieve anything except a myriad of unfinished ideas.
Business success is about being an expert in one core field for one core target market before expanding products, locations and prospect types. This will help ensure you generate more leads, close more sales and can charge higher prices.
3. Launch a lead generation campaign – proactive marketing is one of the best ways to grow your business fast.
Don’t wait for customers to contact you, go out and find them using one of numerous direct marketing campaigns open to you. These might include direct mail, e-marketing, telesales, seminars or person to person sales.
Beware though that it is not all about closing the sale on the first contact – it often takes up to seven contacts before a customer is ready to buy so mix your communication up and ensure you are only selling to the right customers at the right time.
For the rest you need to work out how to build their needs and have your company at the top of their list when they are ready to buy.
4. Revamp your unique selling proposition (USP’s) – Competition is increasing at an alarming yet exciting rate. If you don’t constantly revise the benefits for why your customers should choose your company you are in danger of being left behind.
Think of the two or three things that you are great at and elevate these in your selling proposition and marketing material – they will revolve around some of these six attributes, namely your product or service is Faster, Cheaper, Superior, Easier, Scarcer or Greater (defined as bigger or more compact).
By having clearly articulated USP’s you will sell to more customers more often.
5. Build your reputation – Whilst reputation and public relations (PR) rarely result in immediate leads they are essential for any business wanting to build long-term value and goodwill in their brand.
A leading reputation is also essential if you want to convert more of your leads to sales. You can pro-actively work on your reputation by becoming a thought leader in your field, for example, write a book, get an article published or speak at a conference.
You could ask your existing customers for written or video testimonials. Or you could have other peers, staff and clients endorse your services on Linkedin or other social media.
6. Get connected – If business is about who you know, not what you know then you need to ensure you are connected. Social media such as LinkedIn, Facebook and Twitter offer a myriad of opportunities to build your network.
However a word of warning: make sure you build connection with value not sales in mind. Ask the question “How can I add value or help my connections?” rather than “How I can sell them something?”.
You will be surprised by how quickly that help and effort will turn into referrals back to you. If electronic networking is not your thing then make sure you are building your connections through networking at conferences and other events.
7. Build an alliance – Whether or not you have the right database of prospective clients to grow your business, someone else does.
You need to identify these companies and work out how you can help them achieve their goals so that you can achieve yours.
The internet has seen a proliferation of alliances so you will unlikely be breaking new ground. Ensure the company shares your values and is as equally committed to building a sustainable business as you or else you might be tainted with an image not of your choosing.
You could seek alliance relationships with customers, suppliers, industry bodies, companies that sell non-competing products to your target market, or companies that have similar products in different geographic locations.
8. Increase your price – Increasing your price by ensuring you give more value to your customers can often be the quickest way to generate more revenue.
Remember that every 10 per cent increase in price contributes more than the same 10 per cent increase in sales without all of the effort.
For instance if your profit margin is say 20 per cent then every 10 per cent increase in your price is equal to a 5 times that increase in new sales.
You might be surprised that your customers are either not as sensitive to price as you think or would appreciate the added value you could give them for only a small increase in price.
9. Be competitive – As a counter to increasing your price, ensure that you keep on top of the escalating increases in your cost base.
Ensure that you renegotiate with your suppliers regularly and remove unproductive people, products or processes.
The lower your cost base will either mean you make more profit that can be re-invested into growth strategies or be used to offer something more competitive to your target market.
Start a competition with your team to see how much you can shave off your expenses.
10. Align Outcomes – Your team, whether employees or not, give you the greatest leverage to grow your business.
Share your goals and aspirations for your business and incentivise them on the outcomes. Incentives might include cash bonuses, responsibilities, promotions, equity, profit sharing or non-cash rewards.
Also don’t under estimate the power of incentives based on helping charities or other feel good pursuits.
* Creel Price’s book, The one thing to win at the game of business, was released this month by Wiley. www.accelerateglobal.com
Happy Over-the-Hump Wednesday!!
I ask you…is it realistic to believe that EVERYONE has what it takes to build a business? It is not an easy task and I can attest to that. Talk about facing fear in the face and laughing, but not just any laugh. I’m talking about that hearty, confident, arms crossed, undeterred facial expression kind of laugh. That’s the armor needed to become and succeed as an entrepreneur. As I read the article in Forbes entitled, “Entrepreneurship: Do You Qualify For The Ride of Your Life? The 8 Point Test”, and it equated building a business to taking a ride in a supersonic F16 jet fighter, I quickly saw the assimilation. As the article reads, everyone of us has entrepreneurial characteristics, but not all of us embody the full armor of the entrepreneurial spirit needed to build a business and have it be a success. This same question reverberated through my mind over and over again as I embraced the challenge of becoming an entrepreneur and traveled the sometimes smooth, often times bumpy, sometimes straight, often times curvy path through entrepreneurship to success.
As I read the 8 point test, I found it to be “spot on” in the questions that were posed for thoughtful review of anyone considering entrepreneurship or business owners questioning their decision. I want to share these 8 points with you as it is hump day…or as I refer to it here at thebradwayblog….over-the-hump day!!
Take the test! Let’s see how you do. I don’t need to know the answers…..only YOU do.
1. Successful entrepreneurs have an overwhelming desire to succeed.
Without doubt, distinguished entrepreneurs have a passion to build a flourishing enterprise. They think about it constantly. They are obsessed with a dream and pursue it unflaggingly.
2. Business builders possess fortitude.
They are courageous and they exhibit true grit. They have an indomitable spirit that drives them to reach beyond themselves. They are fearless.
3. Award winning founders are willing and able to take a risk.
They understand the cost/ benefits of engaging in what’s unknown. They have a peculiar faith to try, no matter the odds.
4. Successful entrepreneurs are highly resilient.
These individuals are flexible and can pivot as needed. They can stay motivated and fulfilled even with the deep lows and euphoric highs of starting and growing a fluctuating business.
5. They are persistent.
These overachievers never give up. They overcome every barrier. Quitting is not an option for them. When the going gets tough, the tough get going.
6. They are prepared and have organized their efforts.
They can spend a sufficient amount of time marshaling the required resources to complete every task. They have the skills to carefully manage the components that lead to the achievement of goals.
7. They have a clear and thoughtful plan.
Great entrepreneurs know what they want to achieve and a roadmap to follow. They have every detail carefully outlined and they have a precise checklist.
8. They enjoy support from others.
Successful founders have support from family, investors, vendors, employees and customers. They are able to nurture critical relationships with people who are willing to provide the assistance they need.
As you read this list of characteristics, can you answer yes to each point? If so, there is a very high chance that you, too, may be the next great innovator with a high flying business.
Happy Over-the-Hump Day!
Until tomorrow……
Be a Go-Giver!
I have always been the type of person that lives by the golden rule….do unto others as you would like them to do unto you. And I have carried that rule into the running of my business. When I found out about the book, The Go-Giver, by Bob Burg, I just HAD to get the book and I DID! I think I read it in two, maybe three sittings. Upon reading the last few sentences and closing the book I immediately began strategizing and brainstorming on the different ways that I could begin applying the key “ingredients” discussed in the book. I began to see the positive impact it had on both my relationship with existing clients and my approach to prospective clients. People were receptive, not defensive; trusting, not skeptical; appreciative, not annoyed. My take away from the book, and the results I witnessed when I applied the key “ingredients” discussed in the book, told me that people don’t want to buy what you have to sell them. Instead, people want to be sold on what you have to give them. Just think about that for a minute….then check out The Go-Giver book Short Video Synopsis…..think on that for a minute……then read the book and apply it to your business.
The Go-Giver book Short Video Synopsis
Until tomorrow………
Happy Monday!
Happy Monday Everyone!
As I read an article by Jim Price, a startup maven who loves the entrepreneurship craft, entitled “The Best Business Advice I Ever Received”, I found the responses shared were very insightful and so I wanted to share them with you! Everyone can use some insight….and on a Monday….that goes two-fold.
“What is the single best piece of advice you received — or wish you’d received — when you were just starting out as an entrepreneur?”
Planning & Strategy
“Paraphrasing Thomas Edison: Focus on how the end-user customers perceive the impact of your innovation – rather than on how you, the innovators, perceive it.”
—Taylor, San Diego, CA
“Startup success is not about the product, or the technology, or even the management. It is about picking the right market at the right time – and then having the product, technology and management to ride the market wave. Time is everything in life, and in entrepreneurship.”
—Allen, Portland, OR
“Getting your business launched and your first product onto the market will take you twice as long, and cost you twice as much, as you think it will.”
—Dave, Toronto, ON
“Eisenhower’s observation about preparing for battle applies remarkably well for us as entrepreneurs: “’I have always found plans are useless, but planning is indispensable.’”
—Alejandra, San Juan, PR
Management & Decision-Making
“Never confuse activity with progress.”
—Ty, Boston, MA
“If you don’t like the rules, change them.”
—Michelle, Ann Arbor, MI
“Focus. It’s so easy to say, ‘With our fantastic new approach or technology, we can solve problems everywhere.’ But if you do that, your efforts will be diluted. Instead, by first focusing on a market niche you can become truly great at addressing, your startup has the best shot at success.”
—Jan, Durham, NC
“Cash is more important than your mother.”
—Grace, Shanghai, China
“The customer is always right—even when they’re wrong. As entrepreneurs, we’re agents of change. And we inevitably learn more about a particular market space than many of our customers, and feel that it’s appropriate for us to explain to our target customers what’s best for them and how they should behave. But what we think doesn’t matter. The only thing that matters is what customers say – even if we, as entrepreneurs, think they’re dead wrong.”
—Kurt, San Francisco, CA
“A company defines itself by what it says ‘no’ to. Translation: A startup’s success, and its very character, are defined by the clarity and focus of its mission, and then by how well the business’s leaders stay true to that focus and steer clear of distractions. Corollary: The devil always arrives carrying cash. Translation: The things that can distract startups away from their originally-intended mission are often business deals that tempt the management team with short-term cash.”
—Miguel, Albuquerque, NM
Mentorship, Coaching & Support
“The best advice I received when I bought my first company was: Get lots of advice. Surround yourself with great advisors, and a great network. Don’t be afraid to ask lots of questions, and be willing to pay for good advice.”
—Rick, Seattle, WA
“Wear your ignorance on your sleeve. It’s the easiest place from which to brush it off.”
—Cristina, Miami, FL
“Hire a great attorney from the beginning – someone who knows how to set up your company correctly. Also engage a startup-savvy accountant, and team up with a banker who understands early-stage businesses. Early on, these are the three people you need to rely on and trust the most.”
—Ben, Rochester, NY
“The most telling coaching I received while trying to finance my first restaurant was from my spouse, who repeatedly reassured me, ‘It is not a question of if [you achieve your goal], it is simply a question of when.’”
—Ed, San Rafael, CA
“As a first-time CEO, I was advised by a seasoned entrepreneur, ‘Never ask your Board of Directors to help you solve a problem. Instead, always articulate your plan to solve a pending issue, and then listen to their reactions and advice.” This advice has worked well over the years, and helped avoid tons of distracting conversations, while at the same time helping me demonstrate leadership.
—Charlotte, New York, NY
Building a Winning Team
“Always look for people smarter than you, and surround yourself with people who can challenge and inspire you.”
—Doug, Redwood City, CA
“When you’re hiring key outside contractors for your support team – a lawyer, an accountant, a marketing agency, a PR agency, and so on – look for individuals and firms for whom your business will be extremely important. Don’t go for the big-name firms, because your little startup won’t represent big billings to them and once they’ve landed your account, the partner will disappear and you’ll be assigned to a junior associate who’s under pressure to maximize billings. ”
—Steve, Boston, MA
“Do you trust – really trust – your prospective business partners and cofounders?”
—Rafael, Sacramento, CA
“Hire slowly. Fire quickly.”
—Jenny, Seattle
“You’re better off having a great team with a lousy idea than a mediocre team with a great idea.”
—Sunil, Washington, D.C.
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Jim Price is a serial entrepreneur and Adjunct Lecturer of Entrepreneurial Studies at the Zell Lurie Institute at The University of Michigan Ross School of Business.
What’s happening this weekend?
Things to do this first weekend in March!!
Contact Information
Phone: | (717) 738-1490 |
Toll-free: | (888) 353-1490 |
Fax: | (717) 733-6929 |
Email: | Overnight Event Inquiries Day Event Inquiries Zip Line Canopy Tour |
Address: | 455 Camp Road Stevens, PA 17578 |
Stevens, PA 17578
- Opens March 2013
- 7 zip lines
- 3 sky bridges
- Over 3,500 ft long
- Surprise at the end
- Approx 2-3 hour duration
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Cardinal O’Hara Spring Craft Fair
WHEN: Saturday and Sunday, March 9 & 10, 2013 – 10AM to 4PM
WHERE: Cardinal O’Hara High School Cafeteria,
1701 South Sproul Road, Springfield PA 19061
(Delaware County Pennsylvania.)
DESCRIPTION: Annual Cardinal OHara Spring Band Craft Fair event with more than 80 vendors with handmade arts and crafts along with a daily 50/50, gift basket raffle, baked goods sale, and hot breakfast and lunch items for sale by the Band Parent Association.
Admission is free!
CONTACT: 610-544-3800 Ext. 1838 or “cohcraftfair @ aol.com”.
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Pet Photo Night w/the Easter Bunny
Bring your furry friend to Lehigh Valley Mall for his or her close up with the Easter Bunny. Cats and Dogs only. Please enter the mall via entrance A, between Barnes and Noble and Chick-fil-A.
Event Times:
- Mar 10, 2013 at 6:30 pm – 8:00 pm
Have a wonderful weekend Everyone!!
Until Monday…..