A man in Brownsville, Texas got 50 years in jail for stealing $1.2 million in fajitas. He worked for the jail and the jail didn’t even serve fajitas.
His comment: it started small, to fund his business, and it got out of hand.
Why should you care? The key is that no one was paying attention. That started the theft. He took a little, no one noticed. He took a little bit more, no one noticed. Then the greed set in. His entire business was soon funded by the citizens of Brownsville through their taxes!
The same thing can happen in your business. The thief takes a little – whether it is money, materials, or time. No one pays attention. The thief takes a little more…and gets away with it. Soon, it too can get out of hand. And, you don’t have the citizens of Brownsville, Texas to pay for the theft. It comes out of your profits, your pocket, and your cash. And, it could put you out of business.
Pay attention. Click Here to listen to my conversation with Kevin Price about this.
Here are seven easy procedures to put in place:
1. Use purchase orders. Many computer software packages include purchase ordering systems. But, if you don’t have one, go to an office supply store and buy pads of purchase orders.
2. No one buys anything without a purchase order.
3. Notify your vendors that you won’t accept invoices without purchase orders.
4. If materials are purchased, match the purchase orders to the packing slips showing the materials were received.
5. When you sign the checks to vendors, the back up should be a purchase order and an invoice. If materials were purchased, a packing slip should also be part of the backup.
6. Then watch what you sign.
7. Ask questions if things don’t look right. The thief will try it once and give you a flimsy excuse when you catch the theft. A brazen thief will try it again to see if you catch it twice. Assuming you do, the thief will probably quit…he/she realizes that he/she can’t steal from you and goes on to the next unsuspecting company.
Avoid getting stung by the thief who tries to steal your assets!
(Many more easy to implement procedures are in my book, The Ugly Truth about Cash. Get it on Amazon or click here for an autographed copy).