How To Avoid Making Loss In Business : Vlog #2

3 key ways to avoid business losses:-

1. Avoid net loss at macro level : {(Sales - Cost of goods sold) - Indirect expenses (fixed expenses)} should always be greater than zero or positive.

2. Avoid error : Significant operational errors like billing or quotation errors should be avoided. Using software does not guarantee error-free operation (Example: There can be error while feeding price list to software or system resulting in incorrect price being quoted to customers)

3. Avoid fraud : Install adequate internal control system to check fraud by employee or customers (Example : Misappropriation of inventory or funds)