Loading...
Answers
MenuHow do serial entrepreneurs solve the problem of employees managing and possibly stealing money?
i'm thinking for example people who own 3, 10...100 restaurants or franchising. Obviously it's impossible for them to check 24/7. What's the mindset and practical solution for this?
Answers
There is inherent risk to running a business and building a team of folks to help you grow it.
That said, hiring the right people is paramount to your success and reducing the risk of theft or abuse.
Hire people for their integrity rather than their skill set. Almost anyone can be taught skills of the trade, but no one "learns" ethics on the job.
Lastly, many franchises have systems in place to reduce the risk of employee theft with verified cash drops, deposit tracking, and such. The cash in the register drawer is *ALWAYS* at risk of walking away. That's why many retailers require cash drops when the register reaches a certain amount.
-Shaun
Find good people and make test oh honest time to time and the honest guys give the power manage your business , if you feel somebody will steal from you and it's not heppend yet it's also problem
No one can eliminate the possibility of theft in a business, but one can definitely minimize it. It all boils down to your front-liners and the level of integrity they have.
In this case, the workable solution is to look at your recruitment cycle. How is your current recruitment cycle looking like? Do you put in place any controls such as background checks on new hires, situation and behavioral interviews, etc? I find that if you can hire the right people, chances of fraud or theft is minimal, if not, completely zero.
It would also be worthwhile to re-look into your remuneration package as often, staff may steal due to low salary and high financial pressure.
Lastly, do look into the culture you are trying to institutionalize. If it is one of fear and "management by stick", do consider changing it, to something more empowering.
Software. Software. Software! Process. Process. Process!
At each step of the process you have entries being made by different people into a software system. Discrepancies surface rather quickly. For example, if you buy 10 pounds of beef, and only sell 20 1/4 pound hamburgers before you run out, there's a problem!!!
You will not be able to eliminate all possible theft. Managers at each location should be empowered to make decisions. They should be trusted people. And as the saying goes: "trust but verify", so spot check often.
Related Questions
-
If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
-
How was SnapChat able to grow so quickly?
I'm answering your question assuming that you hope to be able to replicate it's own success in your own mobile app. There are a couple of factors responsible for it's growth that are instructive to anyone building a mobile app. "Leveraging the intimacy and privacy of the mobile phone." We now have an *intimate* relationship with our phone like no other device in the history of technology. Every internet company that started before around 2010 has built their core interactions around "the old web" one which was accessed primarily via a browser on a computer. Companies that start with a clean slate, should be building their interactions around how to do whatever the app is supposed to do while leveraging what is unique to people's relationship to their mobile devices. Photo-sharing has become a core part of the way we communicate now. Snapchat built something that provided an experience that leveraged the feeling of privacy and intimacy that is unique to mobile. "Provided an escape from the "maturity" of other online services." Too many parents, aunts, uncles and other "old people" have encroached into the social networks of teens and young people. As a result, they've had a desire to find places to express themselves in places inaccessible by older generations. An important distinction is that it's not just parents and relatives that young people are trying to avoid, but also employers & colleges who are increasingly using "mature" social networks to review applicants. "Leveraged PR even bad PR" The fact that the app got so much press about it being used to sext was perfect PR for the company, as it essentially reinforced the brand experience that it has today. Essentially, "if it's safe enough to send a sext, it's safe for any kind of communication I want to have." And although the safety and security of Snapchat is actually not as advertised, it still enjoys the reputation of having less impact than any primarily web-based service. Building a successful mobile application is one of the hardest challenges to face designers, programmers and entrepreneurs in the history of writing software. Happy to talk to you if you're considering building a mobile app, about what I've learned about the "table stakes" for success.TW
-
How has Uber grown so fast?
Obviously, they do the fundamentals well. Good brand. Good experience. Good word of mouth. Good PR. Etc. Etc. But after my interview with Ryan Graves, the head of Global Operations at Uber (https://www.growthhacker.tv/ryan-graves), it became clear that they are operationally advanced and this is a huge part of their success. I'll explain. Uber isn't just a single startup, it's essentially dozens of startups rolled into one because every time they enter a new city they have to establish themselves from essentially nothing (except whatever brand equity has reached the city ahead of them). This means finding/training drivers, marketing to consumers, and building out local staff to manage operations for that city. This is where Ryan Graves comes in. He has a protocol of everything that must be done, and in what order, and by who, to ensure the best chance of success in a new city. So how has Uber grown so fast? Essentially, they figured out how to grow in one locale and were relentless about refining their launch process to recreate that initial success over and over in new cities. No plan works for every city, and they've had to adapt in many situations, but it is still a driving factor for their success.BT
-
How can I smoothly transition from full time worker to self-employment?
The ways I've done this in the past are 1) Find some customers that are willing to hire you (or your product) but know that you'll only be free nights & weekends to support/work with them. 2) Find a "partner" (co-founder or other) that's got a flexible schedule that can help build the business while you're at work. 3) Block out nights, mornings and weekends to build the business till you have enough orders to cover 50% of your salary. This might mean 7pm-11pm most nights, and 4 hours each day Sat & Sun. Make progress (sales $$$) and momentum. All that being said, it's risk reward. Sounds like you want to avoid taken the risk, and I get that .. but the upside is always smaller. Unless you put yourself in a position to have to succeed (ex: quitting your job) then you may never make the scary decisions that are required to build a company (like cold calling, going in debt, making a presentation, etc). I'm on company #5 with many other side projects started nights & weekends .. so I get it - but don't be afraid to bet on yourself and go all in.DM
-
My startup just failed. What could I start to "immediately" generate $1,000/mo?
The quickest path to cash is almost always consulting. Be very specific about what it is you can offer. Don't just offer "business consulting". Find a niche and serve it. Reach out to your network, including friends and family and ask if they need or know of anyone who might want to hear about what your consulting has to offer. That will be way faster than trying to go at it from scratch or cold calling. If you call 100 people in your network this week, you will have a consulting gig within 3 weeks. Good luck, and let me know if you'd like advice on entering a digital marketing/lead generation consulting niche. I've grown from zero to $8,000 of monthly recurring payments in the last 40 days! DaveDR
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.