Startups Guide to Block Financial Scandals in Their Operations

Startups Guide to Block Financial Scandals in Their Operations

Employees working in many of our companies in Nigeria complain more of poor salary. Meanwhile, salary is something that people cannot be satisfied with.

Finance-related issues accounted for reasons why staff were always laid off in factory settings and some other business operations where funds are required to manage the day-to-day running of the business.

We have found so many personal attributes that employees claimed to have possessed like integrity and trust. Which doesn’t work the way they put it on their resume or CV. Also, companies lie on their website that they are there to pay attractive salaries.

Financial scandals and fraud have jeopardized the progress of companies in this country. We have seen countless management frauds going on. Just like their counterpart at the national level, senior managers, workers, and or staff thought stealing company money was the best way to grow. And of course, so many CEOs have gone and grown with it freely.

Office politics, power, and dominance breed corruption in the system of work. When a company allows an informal group to operate freely such companies should expect scandals.

A company where the informal group does the hiring would give its members some set of instructions to have an eye for finance and not the goals of the company. And if you fail to take instruction from the person who fixed you to the work. You would be fired out of the space.

It is inevitable not to have financial leakages in business. The best thing is to have a good accounting policy in place. And a good audit system. But gets ready for the challenges from the staff and the informal group. Because you would not be like if you think doing the right thing is important in the workplace.

Start-up companies that want to stay in business should be automated. Many CRM tools from Salesforce.com could help give the edge to their business.

Everyone must embrace and key into the technology. The management should make it mandatory. Less paperwork and more automation.

Startup companies should ensure they pay employees the kind of salary that can settle costs and in which they can have something to save.

A company that is paying the guys working in the Account unit 25k and telling them to be managing a fund of 10M would have issues with the team in the long run. Issues with missing figures and so on.

Startup companies would do well if they understood the behavior of their staff through their recruiter. They need to understand the behavior of the economy in which they operate and the behavior of them at the top management level. Business owners should put themselves in the shoes of others. Poor pay and giving out loans have an impact on employee’s state of mind and their health.

Do not over-staff and do not under-staff. Ensure optimum so that you can cater to the welfare of your staff. Staff should exhibit the best behavior in the system. Any staff whose behavior triggers against the company policy should be educated. If he or she fails to meet up, the company should feed such staff with the appropriate behavior.

Originally published at https://www.linkedin.com.