Who Is Watching Over Your Small Business?

Those who own small businesses must feel like there should be 25 hours in a day, as it seems there is never enough time to complete all the work that must be done.

With that being said, one thing small business owners should not have to worry about is company theft, yet most know and understand that it can happen at anytime right under their noses.

Whether employees are stealing physical items from their bosses such as money or office equipment, or perhaps taking computer secrets and company personnel data, a crime is a crime. While taking a supply or two is not unheard of, stealing items of much greater value can be devastating to a small business.

In a report from the U.S. Chamber of Commerce, it is noted that three-out-four employees will steal this year from their employer. The report also points out that 75 percent of employee thefts will never be found out, while each employee nationwide can figure on paying $400 yearly to counter such business losses.

With those numbers in mind, how do you go about best protecting your small business?

If you’re not using some of these methods, consider them for 2013:

* Office security - While you may be trying to save some expenses on protecting your office, it just takes one major theft to rock your small business. If you decide that this is the year you shop for an office security system, be sure to get quotes and presentations from several providers. Look at the price, contract terms, customer service record, and the financial stability of the security provider. Just like in installing a security system for your residence, you want something that is not only economical, but also proven to work;

* Putting people in the right places - When you hire individuals for each available position within your company, do you think about how they can best serve you? Make sure those handling finances and other key positions in your company are best suited for those spots. If there is any question at all about the individual you have handling payroll, overseeing the office credit card etc., reconsider who heads up such positions. As for the person doing payroll, it never hurts to have yourself or someone else who is qualified to take a look at the books from time to time, checking to see if there are any red flags;

* Make a statement - Lastly, make sure each of your workers knows what can happen to them if they are caught stealing from you. Given the fact that one-in-three businesses go bankrupt due to employee theft, you have to hold the threat of prosecution up to any employees caught stealing (serious crimes like financial theft and major office equipment). While the threat of discipline or even loss of job may work for many employees, letting them know they could be charged and prosecuted should work as a serious deterrent.

If securing your small business hasn’t been on your radar screen before, make this the year you secure your company.