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Business Health-Check : SME Today’s business has many similarities of a Human Body Assembly of various processes – Each Business Process is like an important.

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Presentation on theme: "Business Health-Check : SME Today’s business has many similarities of a Human Body Assembly of various processes – Each Business Process is like an important."— Presentation transcript:

1 Business Health-Check : SME Today’s business has many similarities of a Human Body Assembly of various processes – Each Business Process is like an important body part For every trouble, there is a specialist

2 Human Body Symptoms Business Body Symptoms FeverLosing Orders RestlessnessOver Stock, Full warehouses Pain – HeadacheCreditors - Growing Unbalanced – Positions Credits / Liquidity crisis Emergency – call /Hospitalization Bankruptcy / Sell – Off / Close down Who can help? Who is the doctor for a business? Business Health-Check : SME

3 Answer is : Auditors Audits as known to us are; Statutory and Management External or Internal MIS – Where do I stand – is a Health-Check report Yearly / Qtrly or Monthly Financial Statements indicating Profits, Expenditure Quantum and most important the status of Cash and Bank Statutory Compliance review – Taxes due v/s paid date, amount

4 What is a standard checklist to assess a normal business? Overall working of a unit Stock audit Debtors collection Purchase – order, receive, consume, pay Provisions – tax / interest / charges / commission MIS / Account closing- Half-yearly /Qtrly review Fund utilization – CC / Current / FD / BG Cash transactions Branches’ / other units’ expense checking Business Health-Check : SME

5  Do not respond to unsolicited (spam) e-mail.  Do not click on links contained within an unsolicited e-mail.  Be cautious of e-mail claiming to contain pictures in attached files, as the files may contain viruses. Only open attachments from known senders. Virus scan all attachments.  Avoid filling out forms contained in e-mail messages that ask for personal information.  Always compare the link in the e-mail to the link you are actually directed to and determine if they match and will lead you to a legitimate site.  There are legitimate mystery/secret shopper programs available. Research the legitimacy on companies hiring mystery shoppers. Legitimate companies will not charge an application fee and will accept applications online. No legitimate mystery/secret shopper program will send payment in advance and ask the employee to send a portion of it back System Audit – Preventing Identity Theft \ Hacking Business Health-Check : SME

6 Balancing Act or Undecided – where to go What should be the priority first? Have a complete checkup done by internal auditors – departmentally or by an external firm 1.Identify the activities which can be implemented easily – just do them through your staff, departmentally 2.There will be a few activities for which your staff will require training – again we are available AND 3.For a few, unmanageable actions ? Business Health-Check : SME

7 For the few, unmanageable actions – Take whatever help required from specialist Many times business go through such phase that an expert’s presence, participation for a “Limited Period” (unless it’s like Diabetes or BP), is necessary Business Health-Check : SME

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