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Business Health-Check : SME

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Presentation on theme: "Business Health-Check : SME"— 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 Business Health-Check : SME
Human Body Symptoms Business Body Symptoms Fever Losing Orders Restlessness Over Stock , Full warehouses Pain – Headache Creditors - Growing Unbalanced – Positions Credits / Liquidity crisis Emergency – call /Hospitalization Bankruptcy / Sell – Off / Close down Who can help? Who is the doctor for a business?

3 Business Health-Check : SME
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 Business Health-Check : SME
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

5 Business Health-Check : SME
System Audit – Preventing Identity Theft \ Hacking Do not respond to unsolicited (spam) . Do not click on links contained within an unsolicited . Be cautious of 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 messages that ask for personal information. Always compare the link in the 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

6 Business Health-Check : SME
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 Identify the activities which can be implemented easily – just do them through your staff, departmentally There will be a few activities for which your staff will require training – again we are available AND For a few, unmanageable actions ?

7 Business Health-Check : SME
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

8 Business Health-Check : SME
So. …. When is your business getting checked ?

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