We study and train for the first one to two decades of our lives to be richly employed. However most of us will end up working an eight to five job for a big company or someone else. Having a business to yourself, which will bring in more returns than working a job, should indeed be one’s goal in life. Even if we manage to achieve it, how feasible is running a business as opposed to starting one?
Know the controls
While it is not very nice to ponder the bad side of a person, there is ample chance that you will find less than sincere employees at work. Fraud or losses happen not only due to employees, though. A person who doesn’t know what he is doing, may incur losses even if he doesn’t mean to. Therefore, you must remember where the controls are and activate them. Some think losses are simply financial losses, this is also not true. Also, auditors or an annual audit cannot “catch” the wrongdoings in an organisation or right the wrongs when it comes to losses. There are many paths to explore, however, the controls are always with the owners of a company rather than an external auditor or a human resource manager.
Where to start?
Obviously, if you have honest and hardworking employees in your company, there will be less reasons to worry about. Today, there is nothing called a “product” company. Even a manufacturing plant is activated by people, unless you run the whole operation by artificial intelligence or robots. First, you have to sit at the interviews and ensure that the best people are hired. Motivating them and keeping them happy is very important to have a successful company further. Sometimes financial losses can happen due to external stakeholders’ actions, such as suppliers. Therefore, it is important to know whom you are dealing with as well. If need be, you can hire the team at precise investigation to look in to these external parties prior to signing up with them.
Aim for the best outcome
The triple bottom line theory of business says that you need to have three things perfected when it comes to running one. Those are, economic, social and environmental bottom lines. This means it is not enough to have a business which brings in a sizable revenue, it has to be sustainable in social and environmental aspects as well. Hence it is up to you to work on an actionable and effective business plan which includes all these aspects while maintaining good relationship with all stakeholders.
A company is not only a machine which will give you money; you need to nourish and nurture it like a plant to reap the best benefits.