How to minimize your company’s financial loss?

It is a primary goal for all companies and businesses to minimize their financial losses and develop stable businesses in the market.

You need to ensure that your company has all the resources it needs to limit and mitigate any financial loss, whether by installing inventory control, conducting surprise audits, making employees feel valued, hiring an external accountant, or implementing a reporting tool that acts as a safe space for all employees to report any unusual incident during day-to-day operations.

In fact, balancing between a healthy work environment, productivity, and scaling the business can be easily achieved and attained just by listening to the employees’ needs and thoroughly reviewing your business’s needs as well.

According to some Small Business Facts, approximately half of all new businesses fail within the first five years, and two-thirds of businesses with employees survive after only two years. Nevertheless, there are many factors that affect the business lifespan; minimizing the companies’ financial losses helps your business stay up and running.

Furthermore, according to a global study, 5% of a company’s revenue is lost to fraud each year, which amounts to nearly $8K per month, and it takes an average of 12 months to detect these cases. Only in the Middle East and North Africa region were 138 fraud cases reported last year, costing the company significant financial losses that could have been avoided by implementing a case management tool.

Offering your business an internal tool that acts as a watch guard on all the company’s procedures and activities has become an essential part of its success. A platform that facilitates day-to-day operations gives the board members an all-time upper hand to have a look at and review their current performance as well as work on enhancing and facilitating their employees’ performance.

iVoiceUp provides a user-friendly platform for all entities to report and track problems, while also allowing CEOs, HR teams, and the ethics and compliance department to see and track issues and monitor employee productivity.

With the help of iVoiceUp, enterprises and small businesses can keep an eye on everything that happens inside their organizations and quickly address problems in order to minimize financial loss, provide a better and healthier work environment, increase employee loyalty, and run a forward-thinking, profitable business.