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Think You Are In Control? Think Again.

One of the steps business owners need to take as their companies grow is to regularly review the controls that are in place and should be in place protecting their money, inventory, databases, intellectual property and premises. Using outside experts like your CPA, commercial insurance agent, attorney and a professional investigator, you need to find the gaps and plug them. Not everyone is honest. Not every process is airtight. One of the principles of establishing good controls is to avoid creating situations that are tempting to people to circumvent. For example, do you let the people who generate the checks in your business also reconcile the checking accounts? Divide those duties and sometimes take a look at checks and invoices yourself. Do you have dual controls on the process that puts new employees on the payroll? Who is watching over your copyrighted or otherwise protected material and products to make sure they are not being compromised? Are your facilities safe and in compliance with ADA and OSHA requirements? As companies grow and become more successful, they have more to lose by not being in control as much as they should be. Talk with your outside professionals about establishing, maintaining and updating your controls on a regular basis.