No B.S. Ruthless Management of People and Profits: No Holds Barred, Kick Butt, Take-No-Prisoners Guide to Really Getting Rich by Dan Kennedy

No B.S. Ruthless Management of People and Profits: No Holds Barred, Kick Butt, Take-No-Prisoners Guide to Really Getting Rich by Dan Kennedy

Author:Dan Kennedy [Kennedy, Dan]
Language: eng
Format: mobi
ISBN: 9781613082751
Publisher: Entrepreneur Press
Published: 2014-11-16T14:00:00+00:00


That leaves only the belief the thief can get away with it undetected. This is the only thing you can control, and control it you must. Unless you’re happy seeing your profits carted off by thieves.

Okay, so you can’t control need and you can’t control the ability to rationalize.

In the aforementioned retail categories where my theft control expert client worked, the net profit margins are so thin that the employee and deliveryman thieves combined get a higher percentage of store sales for themselves—with no capital investment, no risk, no leases, no equipment, and, hey, no employees!—than the stores’ owners do! Your situation is probably less dramatic. Still, it won’t take much theft of cash, goods, time, or sabotage per employee per day to add up to the difference between you retiring wealthy or not. I realize that idea isn’t enough to motivate most business owners to do much about this. For some reason, business owners who would be enraged at an employee stealing cash from the register or embezzling from the checking account take a much more casual attitude about all other kinds of theft. So I’ll finish with a brief look into the other thefts that might get your blood boiling enough to act.

Here’s a great case history. A large tax preparation office’s owner devised and ran a big gift-with-appointment promotion. When a new customer came in to meet with the tax preparer, he got to choose a free gift: a set of steak and carving knives, a leather duffel bag, a cubic zirconia tennis bracelet, or a nifty little camera. Each item carried a price tag and retail value of $50.00 to $99.00. And he got to enter a drawing for a Las Vegas vacation, where, presumably, he could blow his tax refund. In marketing lingo, that’s called a relevant premium. Anyway, this business owner spent a lot of his valuable time planning the promotion, writing the ads and newspaper inserts and fliers, placing ads, and coordinating the mailing (investment 1). Then he spent about $10,000.00 on advertising space, printing, and postage (investment 2). He also staffed up for the two weeks of the promotion (investment 3). One day he entered his private office through its back door so his receptionist didn’t realize he was there and overheard her telling a new customer presenting his coupons:

You know this is a scam, don’t you? My boss is buying that junk dirt cheap from some closeout place and you’re paying for it anyway ‘cuz you can get your tax work done cheaper at H & R Block. And I’m betting a relative wins that trip.

And off went the customer.

As bad as that is, with freshly motivated investigation, he found seven of his ten tax preparers failing (refusing) to have the “upsell conversations” with the customers about the other financial services offered. One of the preparers was undercharging for work being performed and pocketing $10.00 bills under the table from the customers getting the big discount.

In short, his office was a den of thieves.



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