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Dangerous Fraud Types that Can Ruin Your Business

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Dangerous Fraud Types that Can Ruin Your Business

Being a victim of fraud is an unfortunate reality of many aspiring entrepreneurs. According to research, nearly 49.1% of respondents cited financial pressure as the biggest culprit for fraud increase. Due to fraudulent activities, businesses can lose from a couple of thousands of dollars to actual millions. The two most basic types of fraud are the misappropriation of assets by employees and fraudulent financial reporting by management. Both types often happen without the knowledge of employees or management. Let’s dig a bit deeper into different kinds of fraud.

Double check fraudDouble check fraud

Bookkeepers are perfectly capable of committing fraud and this fraud type is very difficult to spot. For example, every time your business needs to pay for something, a bookie can write two checks at the same time, addressing one of, say, $1,000 to the actual legitimate recipient and the other of $100 to themselves. They can code both checks in the accounting system under the name of the mentioned recipient. This kind of fraud is extremely sneaky for two reasons: firstly, it is the bookkeeper’s job to take note of a business’s finances and, more often than not, these experts aren’t under anyone’s watchful eye. Secondly, sending a seemingly duplicate check for a smaller amount of money doesn’t grab too much attention.
Being careful when hiring an accountant is pretty much the only way that you can make sure that your bookkeeper is to be trusted.

Over-ordering fraud

This mostly relates to those employees or office managers who are in charge of placing routine orders. The person in question can start over-ordering regular office supplies that the company doesn’t need and returning them in exchange for gift cards or for a full or partial refund.
Maintaining solid contact with your supplier can easily give you the telltale signs of an ongoing over-ordering fraud, seeing as how they will have a paper trail of sold/returned merchandise with all the details. Secondly, prevent this from happening to begin with by hiring good employees and by being good to them – disgruntled workers will consider stealing a righteous move.

Internal theftInternal theft

Fraud can be as simple as internal theft, which is basically when an employee starts taking office supplies and/or products that your company sells without paying for them. When a worker is surrounded by large quantities of the items that your company sells, it is easy for them to grow increasingly tempted and to finally start stealing your products. Keep an eye out for inventory shrinkage in order to spot this fraud type.

Payroll fraud

Payroll fraud can include either employees or management, or even the two groups working together. Here’s how it works: once a firm takes on a new client, their payroll account needs to be synced up with their time-keeping system. Without this, a cunning manager can round up a couple of workers and have them work massive hours while getting paid huge amounts of overtime. Essentially, this way, the employees can claim to be working on two separate construction projects at the same time, which is, of course, absolutely impossible and will cost you a ton.
It’s not a question of finding who’s responsible for obvious financial loss – the culprit(s) is bound to surface; it’s a question of not getting into this type of a situation to begin with, seeing as how once the money is gone, it’s gone for good. Not letting anything slip through the cracks is essential here as well as investigating any discrepancies. An expert opinion is always welcome, so opting for forensic accounting is an investment well worth the price.

Friendship fraudFriendship fraud

This is pretty much the worst fraud type as it directly affects a business owner’s personal and professional life. Good and trusting people are usually the victims of this kind of fraud. Although being backstabbed by the best friend is an absolutely realistic scenario, this usually happens when hiring your friend’s relative as a favor. While employing people that you know is in no way a mistake (knowing someone personally can give you an even clearer picture of how they might perform at work), doing this solely as a favor automatically implies that you might not have done so without knowing this individual prior to recruiting them.
Being able to switch between your business and personal “face” is a trait that many natural entrepreneurs have, but also a skill that is best learned from other people’s examples. Hiring someone solely because of friendship, family, obligation or sympathy is never a good idea.
Do not give your employees a reason for talking about nepotism and know when to socialize and when to show a cold-hearted business face.

Fraud can easily cause your finances to plummet and even destroy your business. Knowing the fraud types and how to spot them is essential in making sure that your business remains afloat.

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Business

6 Digital Marketing Ideas for Your Business

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According to some reports, 81% of customers use the web to look up the products or services they want to buy. Moreover, 94% of B2B buyers said they do the same. This makes it obvious that you simply can’t survive in the business world unless you promote your company online. However, not every digital marketing idea is worth investing in. If you’re looking to create a strong online presence for your business, here are six digital marketing ideas worth considering.

Improve your blogger outreach

The first thing you need to learn is how to make a great first impression in the blogosphere. First of all, everyone likes when their work gets noticed, which is why you need to study the person in question in order to check out their portfolio and identify their points of interest. Second, you need to make sure that you are professional and focused, as well as that you have a passion for the industry. Even if the blog does have fine domain authority, if it’s not related to your niche it just won’t seem organic enough. Another option is for you to look for specialized blogger outreach services and leave all of this to someone with more experience in the industry.

Rely on graphics

There’s no doubt that one of the most important factors in online marketing are graphics. Every business out there has to work with professional graphic designers who’ll provide them with visuals to use in their marketing campaigns. Graphics are needed absolutely everywhere from your website to your social media pages. Depending on the size of your business, you can choose to bring in an in-house graphic designer or start working with a graphic design company. No matter what you decide to do, having them design you a beautiful Facebook cover photo and interesting Instagram stories is a must.

Be transparent

People do enjoy browsing the web for stuff they need but that doesn’t mean they’ll turn to just anyone when they need a certain product or service. They’ll always look to do business with companies that are transparent enough and ready to provide them with all the info they need. A good way to make sure people trust your business is to upload the terms of use to your website and make your business look more credible. Grabbing other documents such as vendor contracts templates is also recommended.

Go mobile-friendly

As reported at the beginning of 2019, 62% of users accessed the web from their mobile devices. While PC users will still visit your website often, it’s also recommended that you make it as mobile-friendly as possible. Small screens and short texts require you to use your creativity to the fullest and make sure more and more mobile user notice your business. Fail to do this and chances are you’ll see most of your visitors leave as soon as they realize their experience won’t be the same as if they were browsing the web using a PC.

Use online networking sites

We’ve all heard about LinkedIn and there’s no doubt this platform can help you generate buzz about your business. Create a page for your business and don’t forget to manage it every now and then. Moreover, it’s also critical that you use LinkedIn and networking on a personal level. The best thing about this platform is that it’ll provide you with lists of your friends’ friends you can connect with and grow your career. Not to mention that there are groups on both LinkedIn and Facebook you can join and give your local presence a boost.

Create quality content

One of the biggest reasons why people use the internet so much is that they’re looking for information. And who are they going to listen to more than people who’ve been in the industry for some time? Use your knowledge and experience to create content and share it with people online. If you’re a gifted writer, creating content other people will like shouldn’t be tough. You can even take a look at your old content and see if there are any articles you can repurpose.

Final thoughts

Promoting your business online isn’t easy and with every company now getting on the web, it takes creativity and hard work to stand out from the crowd. Have these six ideas in mind and your company’s online presence will be guaranteed to get a boost.

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Business

5 Ways You Can Use Technology to Improve Customer Experience

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Customer experience is a collection of impressions that your audience gets from doing business with you or merely by interacting with your brand. Therefore, pinpointing what constitutes it may be quite difficult, due to the fact that different people get stimulated by different things. Still, this is a field where technology can be of immense help in more than one way. Here are five examples of how technology can be leveraged to improve customer experience.

1.      Using chatbots

The simplest way to show your audience that you do care about them is to provide them with an immediate response when they try to contact you. This is exactly what chatbots are there for. Other than this, chatbots can drastically cut down the volume and gravity of human error, providing for much better customer experience. This way, you also get to increase your customer base and grow your operations.

2.      Big data analytics

The biggest problem with interpreting the needs of your audience lies in the fact that there’s the subjective factor that you can never really predict or anticipate. With the help of big data analytics, such a thing might, at last, become a possibility. The bigger the number of your test subjects, the more reliable the results will be. Nonetheless, access to big data isn’t all that you need to focus on. What you also need to pay attention to is the right analytical tool. Some businesses even decide to go for business intelligence software, in order to help them turn this data into actionable information.

3.      Automating your feedback-gathering process

The biggest problem with feedback lies in the fact that the majority of your audience doesn’t leave any. They go to your site or e-store, complete a purchase and leave things at that, leaving you in the dark to wonder whether they’re content with the service they’ve received. Nevertheless, by collaborating with platforms that specialize in the art of creating an efficient customer satisfaction survey, you can overcome this obstacle with relative ease. Other than learning a thing or two about your customer service (from reliable and credible sources), this way, you also get some responses that are good enough to be used in testimonials. All in all, your options are quite numerous.

4.      Virtual reality (VR) and augmented reality (AR)

The very term experience is something highly subjective. However, what if you had the means to drastically increase the immersion of your customer’s interaction with your brand? VR and AR can help you do just that. First, it goes without saying that advertising and marketing will become more effective. Once you add one more dimension to your brand’s interaction with your customer base, you’ll be able to raise your customer experience to the next level.

5.      Internet of things

The biggest downside of the manufacturing process is the lack of understanding of how the items you produce are actually used. You make your items to serve one purpose, describe the way they should be used and leave tutorials and guidelines for your customers to follow but is there really a guarantee that these items will be used in this way? Of course not. With the help of internet of things (IoT), you might finally be able to get some insight into the life of your products once they leave your inventory. This insight alone will help you drastically improve their efficiency and, therefore, customer experience that comes from them.

Conclusion

The very last thing you need to keep in mind is the fact that customer experience isn’t a feature, but the overall impression that your customers have after interacting with your brand. Still, with the help of technology, you can gather data on what matters to them the most, as well as what works the best. Some tech trends offer additional features for your customer base to embrace, thus taking you one step further.

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Business

Reasons to Outsource Social Media Management

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Outsourcing has become very popular among modern companies. Having professionals take over part of your business process and not having to deal with it on a daily basis is a great option. Not to mention that you don’t have to hire a professional to do only one thing in your company, just opt to outsource it to someone who does only that and pay for the service, not the talent. There are numerous reasons why outsourcing social media management makes so much sense, and we are going to cover some of those reasons today.

When do you know you need a social media manager

Most companies do not realize how important the presence on social media is for obtaining new clients and maintaining old relationships. This is why hiring an inexperienced intern to take over this part, or having someone post something a few times a month. This is not a valid strategy and ends up costing your company a lot. Having consistency is essential. So if you are not certain you have the right people or tools to take this on it is essential that you outsource it to the best possible expert who will be able to handle the workload and ensure that there is a foolproof social media strategy in place to ensure the best possible results for your company. Taking into consideration that there are currently 3.397 billion active social media users this is a channel you cannot afford to overlook.

Having a strong social media presence can help establish your brand

And having an experienced social media manager who can take on this challenge is essential. They will know what are the best strategies for your company. You need to have a strong presence not only to attract possible customers but also to quality SEO lead generation as conducting outreach from LinkedIn, Facebook can be far more efficient if you have an established name and following on the selected social media platforms. Leads that you are contacting respond better to recognizable brand names and to companies they can research and read about directly from their customers.

Your social media manager will know which tools to use

This is one of the biggest benefits of outsourcing social media management. You won’t need to invest in all the latest tools and products needed for this section of the business process. The company or person you outsource it too has already all the necessary tools and the required knowledge of how to use them, making it the process itself far more efficient.  In addition, using the right tools for social media management can ensure that you get the desired results far more efficiently than if you did the whole process alone, step by step.

Saving both time and money

This is definitely the most important reason to outsource social media management. First of all, having an expert take over means that you won’t have to allocate your own time and resources to deal with this marketing aspect. Secondly, you will only have to make one single monthly payment and not think about additional investments into ads or tools that can be quite costly. Based on the social media management plan that you get from the company you have outsourced so you can get all the necessary information regarding what you are paying for and be able to monitor the desired progress.

There you have it, valid reasons why social media management outsourcing makes the most sense for both you and your company. All that is left is finding the perfect fit so that you can outsource it as soon as possible.

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