Business Mentoring Is A Critical Job And Essay

Length: 3 pages Sources: 3 Subject: Business Type: Essay Paper: #65606888 Related Topics: Business Issues, Business Problem, Business Case, Business Plans
Excerpt from Essay :

Business Mentoring

Mentoring is a critical job and is important for the one providing it as well as the party seeking it. The business parties seeking mentoring are normally those that are beginners and they wish to avoid problems by seeking expert advice. On the other hand the mentor's credibility and business experience is proved when he offers mentoring and advice. Theft and fraud are two most common issues faced by the starting businesses. The paper discusses what advice can be offered to beginners to avoid theft and fraud in business.

What advice can be offered to beginners to avoid theft and fraud in business?

Mentor

Mentoring is an advisory job and should be backed by proper knowledge and experience. Based on the three decades of business experience, it can be said that fraud and theft are most common in business however only a little more carefulness can help avoid fraud and theft. The two problems are interrelated but committed in different manners. There are some advices given here to guide the new businessmen about how to avoid theft and fraud.

Employee Theft and Fraud in Business

The most common cases of theft and fraud take place at the cash handling sites of a business. Initially it is easier to maintain the records of incoming and outgoing cash because there are only a few

...

However, growing businesses face the challenge since a large amount of cash inflows and outflows are involved. The business can avoid theft in cash by:

i. Assigning job of cash collection to a different person than the person recording the cash. Thus one person will not be solely responsible to handle cash and theft probabilities can be reduced.

ii. The recording of cash can be made real time and computerized. Computerized recording is easier and faster.

iii. The party paying or receiving cash should be given a receipt so that records can be matched if required (Nobel, 2010).

The fraud in business is more likely when new people join the team. Some steps can really help avoid frauds for example:

i. Run a detailed background analysis of the new people joining the team. Make sure that they have never been to jail and were never accused of cheating or fraud (Epstein, 2013).

ii. A family man is more reliable than the independent sole. This is because responsibility makes a person much more disciplined.

iii. Try to induct new people on the basis of referrals. The referrals do not only save the time for background checks but the people also are more responsible and behave honestly when they know that their relationship credibility is at stake.

The internal controls play a big role in controlling theft and frauds. The internal controls mean that the employees should not find gaps in the system to leak finances or information. The business…

Sources Used in Documents:

References

Epstein, L., (2013), "Protecting Your Business from Theft and Fraud," Retrieved from:

http://www.dummies.com/how-to/content/protecting-your-business-from-theft-and-fraud.html

Matthews, C., (2002), "Preventing Small-Business Fraud," Retrieved from:

http://www.inc.com/articles/2002/09/24630.html


Cite this Document:

"Business Mentoring Is A Critical Job And" (2013, September 02) Retrieved April 13, 2021, from
https://www.paperdue.com/essay/business-mentoring-is-a-critical-job-and-95531

"Business Mentoring Is A Critical Job And" 02 September 2013. Web.13 April. 2021. <
https://www.paperdue.com/essay/business-mentoring-is-a-critical-job-and-95531>

"Business Mentoring Is A Critical Job And", 02 September 2013, Accessed.13 April. 2021,
https://www.paperdue.com/essay/business-mentoring-is-a-critical-job-and-95531

Related Documents
Job Application Consulting Technology
Words: 907 Length: 2 Pages Topic: Business Paper #: 56515664

Job Application As noted on the JP Morgan's own website, the evolution of the credit derivatives market has shifted the entire technology agenda into the banking environment because of the creation of electronic markets. A full understanding of how recent changes in technology can be related to international economics and development is thus critical to success in the field of consulting. I believe I can offer a unique combination of technical, business,

Business Scenanario on Parrent Company
Words: 1012 Length: 3 Pages Topic: Business Paper #: 54081385

It is as such necessary to assess it in light of the negative consequences it might generate, the resources available to the company so that it reduces the threat of the problem and finally, the criteria which need to be satisfied in order to state that the problem has been resolved (Principia Cybernetica Web). a) Problem components: different views manifested primarily in cultural barriers (such as language barriers); lack of

Business Ethics Scenario -- Expansion
Words: 792 Length: 3 Pages Topic: Business Paper #: 48442634

In that regard, even the protections available in more sophisticated societies cannot prevent major governmental corruption, exploitation, or unethical business practices in the private sector. Therefore, the prospect of expanding our company presence to Kava does not obligate us to become more directly involved in Kava government or politics, but it does impose an obligation on our part to encourage the most beneficial organizational values and practices at every level.

Job Rewards Job Redesign and
Words: 1848 Length: 6 Pages Topic: Business - Management Paper #: 6895171

93). This approach allows members of the team to act autonomously; that is, once the supervisor is selected each member of the team has their own target to hit, and their own method or tools for realizing their target or goal. When they achieve this goal, they are rewarded through recognition of their efforts and greater autonomy or a promotion. This in turn may lead to increases in status

Business Leadership Skills
Words: 2748 Length: 10 Pages Topic: Business Paper #: 63306763

Business Leadership What are the significant trends you found in Workforce 2020? This textbook was written in 1997 based on data the authors had at that time. Now that we are into the year 2003, do you agree or disagree with the various topics being assessed/predicted/presented in the book? Select two topics from the following list and discuss: The trends found in the book included the prediction that the United States will deal with

Job Application As a Licensed
Words: 1206 Length: 4 Pages Topic: Business - Miscellaneous Paper #: 78208245

As a Platoon Commander Petty Officer in 2007, I was responsible for 26 midshipmen, of which several were from varied ethic backgrounds. Furthermore, some come from vastly different backgrounds from my own. This experience was enhanced during my work as Company Honor Board Chairman Petty Office in 2007. I was responsible in that role for instilling values of honor for over 150 midshipmen. In this group were represented not only