HVACR Business

APR 2017

Help hvacr contractors master the critical components of business management.

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6 HVACR BUSINESS APRIL 2017 www. hvacrbusiness .com Why Employees Steal from Your Company I n the 29 years I've been consulting with and coaching contractors, one of the most difficult things I've ever had to do was tell two partners that a third partner was stealing, at least $50,000 per year, from their business. It probably was more than that, however, I didn't want to dig any further. e is heart wrenching. You work hard and you never expect people to steal from you. When they do, your first reaction is disbelief, then sadness. ere are three major ways employees steal from your company: money, materials and time. Most employees don't think twice about surfing the web, excessive smoking breaks, personal phone calls or texting on company time. In fact, most small business owners accept and pay for a small amount of personal time as part of an employee's day. For now, we'll focus on time and material the, which is less pervasive but can be much more damaging to your company's cash flow. Money & Material Why do employees steal money and material? ere are a few — I call them the 1 percent — who are the professional embezzlers. eir goal in life is to see how they can creatively steal from your company. And they probably don't need the money. One of my clients had an employee steal $6,000 in cash. He was shocked. She was the last person he ever thought would steal. She didn't need the money. She had been with the company for many years, showed up on time, did her job accurately and on time, was willing to work overtime when necessary and, from his perspective, was a good employee. Remember, the job of a good embezzler is to become the trusted bookkeeper. Some people steal because of need. ese are part of the 99 percent who are BY RUTH KING PRESIDENT OF HVAC CHANNEL TV FINANCE You work hard and you never expect people to steal from you. When they do, your first reaction is disbelief, then sadness.

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