Always be on guard when running your business

[KiaKia]

I can remember how few people drained my parents of millions within six years of running their business, everything was going smoothly at first and slowly things started changing, it's been a long time now but I have learned that this same thing happened to many people too.

This is also happening to some businesses right now and the business owners don't know yet.

I read how few Coinbase co workers are responsible for some hidden sinister that's been making Coinbase lose face in the past months, I am against centralised exchange because of lack of privacy and this isn't a post about if you should trust them or not, it is just a awareness that people we bring in to work for us can also be responsible for bringing down our businesses.




The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

[maknyos]

We can't put 100% trust in others, and even our own families. In business, there's money involved, and we know that money is a very sensitive aspect of life. There's a saying that goes, "Money is the cruelest breaker of ties," and yes, it's true. It's not once or twice that I've heard of friendships falling apart just because of money, and even family ties can be severed.
What you experienced is a valuable lesson. It can be a lesson for everyone that in running a business, we shouldn't completely trust others.

[Alone055]

I agree with that because I have seen this happening to business in my locality, and a few of them were businesses owned by relatives. They didn't know what's happening until one day people started coming and asking for money the business owed them, and the owner was shocked. This is a story of a gold business where the owner had hired someone to manage the business while he was away, and that person used to take money or gold from people and don't write anything about them in the records and use it or personal expenses.

When the reality surfaced, the guy vanished and ran away to another city first, and then he went out of country because he knew he is being searched. However, the business couldn't survive, because the owner had to pay all the debt that the business owed to the customers, and obviously, they will ask for their money from the business owner as they trusted them thinking of their reputation, and they didn't know what's happening behind the scenes.

So it's true that when you hire people in your business, make sure you take care of the records yourself and always ask for everything at the end of the day or week before closing.

[Oluwa-btc]

This is also happening to some businesses right now and the business owners don't know yet.

The capacity you put into investing in that business it should be put into being watchful of the business inorder to avoid uncertainties like this, this is happening in recent times now and so many businesses has fall victims of it. I remember when a friend of mine invested so much in his business and employed sales person's to run it and he comes on some occasion to check mate what's going on but it doesn't really solidify so much cause in his absence went on, money mismanaged and stolen and all that and then when he realized it the business ran from 100 to 0 leaving him with nothing and that's bad. Therefore keeping a full watch on one's business should be their priority.

[fortunecrypto]

The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

Business owners should check the backgrounds of those they hire; you can't trust what's on a submitted resume. You need to verify the truthfulness manually and determine what went wrong at the companies where they were fired.
They need to check if they are addicted to gambling, and they are good at hiding it.
Your business depends so much on the people you hire, so if you pick the wrong people, your business will likely go down the drain, and lastly, get to know your people personally, and their company, takes every hint seriously

[lizarder]

I can remember how few people drained my parents of millions within six years of running their business, everything was going smoothly at first and slowly things started changing, it's been a long time now but I have learned that this same thing happened to many people too.

This is also happening to some businesses right now and the business owners don't know yet. 

That's why you need to build a good system when running a business and completely trusting workers will not help much, especially if their hands are long and can make our business end quite badly. I remember my parents' advice before building a business, never build a business if it is completely run by someone else because it will have a negative impact on the journey. On the other hand, if you want to run a business, we will try to control financial resources and this aims to ensure that the business runs well.

Many people fail to understand this system because they think that giving responsibility for financial management to other people can help their business grow and without realizing it, if the person controlling the finances cheats, the business we run can collapse. When we don't realize it then maybe the problem will arise and unconsciously the business will slowly experience problems.

[dunfida]

I can remember how few people drained my parents of millions within six years of running their business, everything was going smoothly at first and slowly things started changing, it's been a long time now but I have learned that this same thing happened to many people too.

This is also happening to some businesses right now and the business owners don't know yet. 

That's why you need to build a good system when running a business and completely trusting workers will not help much, especially if their hands are long and can make our business end quite badly. I remember my parents' advice before building a business, never build a business if it is completely run by someone else because it will have a negative impact on the journey. On the other hand, if you want to run a business, we will try to control financial resources and this aims to ensure that the business runs well.

Many people fail to understand this system because they think that giving responsibility for financial management to other people can help their business grow and without realizing it, if the person controlling the finances cheats, the business we run can collapse. When we don't realize it then maybe the problem will arise and unconsciously the business will slowly experience problems.

A business system should never depend on blind trust alone. Trust is important, but it must be supported by structure, transparency, and checks. When one person has unchecked control over finances, it creates an imbalance of power that can be abused slowly over time. Most financial damage is not done in one big action, but through small repeated actions that go unnoticed until the damage is already massive.

Delegation is necessary for growth, but delegation without accountability is dangerous. Owners do not need to do everything themselves, but they must always have visibility. Regular audits, separation of duties, clear reporting, and shared access to financial records are basic protections, not signs of distrust. They protect both the business and honest employees.

[Halifat]

The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

This is a very big mistakes and normally what brings all these kind of mistake is that the quickly entrust strangers. A business owner really have to look after his workers than his business because is workers are the pillars and a pillar need to be support very well before it can carry any Load. Even though you have a very sincere staffs, this doesn't mean you should relax, you really have to stand firmly because you are the only one that will be affected, if eventually disaster happened, all your workers will go away and they will get another place but your business is gone. You have to thoroughly thoroughly watch them closely, say your mind but all this are done when you have handled their affairs to the best of your capacity.

[aylabadia05]

There's a saying that goes, "Money is the cruelest breaker of ties," and yes, it's true. It's not once or twice that I've heard of friendships falling apart just because of money, and even family ties can be severed.
What you experienced is a valuable lesson. It can be a lesson for everyone that in running a business, we shouldn't completely trust others.

It's all about money. That's right, money is the cruelest thing that can break bonds. We often see businesses that are set up as partnerships end up breaking up. I bring this up in business with more than one investor because it's an easy example to understand why money can break relationships.
In individual businesses, if you are not confident in your financial planning and management, the same thing can happen. In my opinion, there are no two suns, and no one should do work outside of their respective duties.

[Marvelockg]

The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

The fact still remains that as long as you're running a company or business that requires you to get the service of an outsider as an employee, you ought to be prepared to deal with people with different characters some of which have the tendency to be selfish while others can actually be instrumental to the growth of your business.

If you don't trust your employee, it's going to result in Thier underpformace and an overall unproductivity in your workspace. While you try to be cautious so people don't take advantage of you, ensuring that you exercise a certain level of trust is also neccesary for the overall growth of your business.

[Japinat]

We can't put 100% trust in others, and even our own families. In business, there's money involved, and we know that money is a very sensitive aspect of life. There's a saying that goes, "Money is the cruelest breaker of ties," and yes, it's true. It's not once or twice that I've heard of friendships falling apart just because of money, and even family ties can be severed.
What you experienced is a valuable lesson. It can be a lesson for everyone that in running a business, we shouldn't completely trust others.

This is the reason why some chose to resign from their respective jobs because they want to personally manage their business, especially if they have seen that the kind of business they have has very high potentials to gain more demand and become highly successful in the next couple of years.

If they are hands-on, there will be less possibility for this incident to happen, knowing hiring a total stranger and give him a position of totally managing the funds of the business puts the business not only at risk of losing but  also giving him access to all the documents might only compromise the legal papers of the business in the future.

[Shishir99]

The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

I haven't had this headache since I am not someone who has a personal business. But I know a guy who was actually driving a truck a few years ago (Probably 15 years), and now he owns a couple of trucks already, and it all started with driving someone else's truck. I know the owner of that truck, which he drove 15 years ago; that owner does not have any truck anymore because of that driver. That person was forced to sell the truck, and the driver himself bought it.

I know the reason very well. Even though he doesn't tell anyone, it's a open secret that the driver was stealing money and the owners wasn't understanding. Selling fuel from the truck is a common things that drivers do in my country. They collaborate with the garage owners and steal money from the truck owner by providing fake repair bill vouchers

[Adams0001]

The fact still remains that as long as you're running a company or business that requires you to get the service of an outsider as an employee, you ought to be prepared to deal with people with different characters some of which have the tendency to be selfish while others can actually be instrumental to the growth of your business.

If you don't trust your employee, it's going to result in Thier underpformace and an overall unproductivity in your workspace. While you try to be cautious so people don't take advantage of you, ensuring that you exercise a certain level of trust is also neccesary for the overall growth of your business.

If you don't trust your employees is better you should take actions because he deal you down, in business we need to e planning outside the business sometimes so that you can keep some money for savings so that anything can happen in your business and you don't have savings he will definitely make you lose everything you have, that is why savings is always important.

When you have workers, in your business you need to be watching at them time to time and even ask them what they need, and if you can be capable you should be giving them bonus apart from there salary. so that they will work for you very well and they won't try to think negative actions about your business they will do well and your business will be moving smoothly, but some think because they have money and business they don't know your employees can make you lose everything because all your property are with them and they can touch it with even your concerns.

[Spaceman1000$]

A very wealthy CEO in Nigeria my country made a statements that I had to take cognizance of, he said some of the people you employ in your establishment want to be like you, so in most cases they steal your money, they make fraudulent activities within your establishment just to make money for themselves and look wealthy and rich as you are, this he knew after thorough investigation he took ranging from the fact the activities in this establishment where not going smooth the way he was expecting. So as a business owner, the most important thing you should do is to employ a department that will take inventory of activities that are going on everyday on your establishment, as a matter of fact, you should even be the head of that department.

[Salahmu]

The problem is not about hiring a manager because definitely they would need a manager if the business requires one, but however the problem is what they does after hiring the manager because if you employ a manager and you trusted them without asking about the production or progression of the company you wouldn't no the business is falling till you realize everything is gone, if any business owner could not be on the business everyday to manage it they should endeavour to be visiting sales or requesting breakdown of the company's activities so that if there is anything funny you will have to sack the manager and get another one

[Sticky Bomb]

The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

Trust is a very big word and no matter the obvious good performance of the manager, regular accounting should be conducted to validate the smooth running of the business and not to enable them get too comfortable. When the managers are left without regular checks, they tend to grow wings and exploit your business, especially when they have direct control over finances and equipment.

Trusting an employee too much that you loose your guard has rendered many businesses bankrupt, I am not even surprised at your parents story, beyond trusting your direct manager, even your account officer in the bank and cashier can defraud you and claim innocence if not closely marked

[WatChe]

The mistake that my parents did was trusting the hired manager too much, always be on your guide when running business and paying people salaries, people are like termites, what you paid them might never be enough for them, they will start planning to drain down your business and if you are too relaxed it won't show until it's too late.

Many think that business is just about investing money and hiring people that do the job for you. In reality you have to supervise every activity of your business, in order to run the business smoothly. I know people in my circle, who inherited good running business but they ruined it because of their casual behaviour. They thought that it will be enough to install cameras at workplace to monitor the work and it's not necessary to visit the workplace regularly. If you aren't involved in your business then very soon it will be closed down because of heavy losses.