How to Avoid Small Business Scams
Dealing with lots of different people on a daily basis is par for the course as a business owner. Although it’s great to network and make new contacts, it’s equally important to be cautious when dealing with new people to avoid common business scams that could derail your business.
Here are 5 important things you can do to keep scammers from threatening your business:
1. Train your employees
Make sure your employees are aware of common scams that impact your type of business as well as your geographic area. Getting them involved ensures you have extra eyes looking out for potentially sketchy activity
2. Verify information
Don’t just take that slick salesperson’s word for it. Get a business card with their full business name, address, and phone number. Then, verify that they really work for the companies they claim to and that the business is in good standing.
3. Avoid wiring money
Unless you’re dealing with a longtime customer or vendor, never wire money for a purchase.
4. Check all invoices
Even if you can’t personally carefully review all the invoices you pay, make sure it’s someone’s job to do so. Create a culture where unexpected or unfamiliar invoices are thoroughly investigated before payment is issued.
5. Get proposals in writing
Document each purchase with an order number, and keep a list of regular vendors — it’ll help protect your business against scammers who claim you previously used their services.
Most importantly, if you’re skeptical because something sounds too good to be true, it more than likely is. Always perform due diligence before blindly entering into a purchase or business deal. You’ll save yourself a headache and devastation that comes with being the victim of a business scam.
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