Introducing a System of Checks and Balances in Your Business

Posted by Mitzi Branvold | Wednesday, August 7, 2019

Introducing a System of Checks and Balances in Your Business

Posted by Mitzi Branvold | Wednesday, August 7, 2019

When you run a business, you need to stay alert about your business needs. At the first sign that something may not be going as well as you want, you need to start looking into it and find a solution. Because if you leave things hanging, the situation is only likely to get worse.

Unfortunately, many business owners are so caught up in the day-to-day functioning of their business that they keep letting things slide until the situation is irreversible.

Checks and Balances Between Departments

As a business owner, you are not the only one responsible for the way the business turns out. Yes, you are the one who has the most responsibility but other people in your business can take on responsibility too. Why not speak to your department heads and ask them to look out for anything that might be going wrong within the business. So, for example, the marketing department head could let you know if something is going wrong in the sales department and vice versa.

The idea is not to have people snitch on each other. Keep everything open and above board. This will help you to keep track of things you might have missed otherwise.

Checks and Balances for Business Owners

You can also enlist the same department heads to let you know if they think you are missing anything or if they think you should be doing something different. But once you do this, it’s also important to keep an open mind and actually pay attention to what they are telling you. Not every piece of advice or information needs to be followed up on. But at least make sure to give it due consideration.

Possible Business Issues That May Arise

Some of the things you might have to look out for are obvious, such as a dip in sales, a lack of response to your marketing campaign, problem employees etc. Other things, however, may not be so obvious, such as possible mistakes in accounting (or worse, embezzlement), the effect of upcoming competitors in your field and whether or not your product is being developed in the right way.

But as long as you recognize problems such as these right from the beginning, you have a better chance of dealing with them effectively.