In this episode of the Duct Tape Marketing Podcast, I interviewed Todd Rammler, president and founder of Michigan CFO Associates. With his extensive experience in financial management, Todd is a leading expert in implementing strategies to protect small businesses from embezzlement while enhancing their profitability.
Key Takeaways:
Amidst the challenging landscape of small business finances, Todd Rammler sheds light on the critical issue of embezzlement. He emphasized the common ways small businesses fall victim to financial misconduct and highlighted the importance of preemptive measures to safeguard against such risks.
During our conversation, Todd outlined the fundamental strategies businesses can employ to fortify their financial foundations. He stressed the significance of employee dishonesty insurance as a protective layer against potential embezzlement, a critical step often overlooked by many small businesses.
Moreover, Todd underlined the necessity of maintaining strict internal controls, such as segregation of duties, even in small business settings. These measures, while challenging to implement in smaller organizations, are pivotal in minimizing vulnerabilities to financial misconduct. His insights on the proactive steps to prevent embezzlement and strengthen financial structures serve as a guide for businesses aiming to protect their bottom line.
If you're seeking practical strategies to shield your small business from the risks of embezzlement while fortifying your profits, this episode is a must-listen. Todd Rammler's expertise promises to redefine your approach to safeguarding your finances as your business grows.
Questions I ask Todd Rammler:
- [00:45] How do small businesses commonly fall victim to embezzlement?
- [01:49] Is it a common practice in small businesses to entrust all control to one individual?
- [02:18] What practices should and should not be employed to safeguard against embezzlement?
- [03:08] What is employee dishonesty insurance?
- [04:25] Do employees tend to feel distrusted when internal controls are implemented?
- [06:10] Can a stop gap measure like hiring an external CFO act as a deterrent to embezzlement?
- [08:29] Is investing in cybersecurity a proactive approach to protect against potential disasters?
- [11:45] What approach do you take in the initial 30 days as a fractional CFO for a small business?
- [13:24] How do you address the resistance of small businesses who are hesitant to adopt this financial strategy?
- [14:37] How do you effectively convey the importance of profitability to small businesses?
- [16:22]What guidelines do you have concerning labor and productivity costs?
- [17:55] Could you outline what a typical engagement entails when hiring a fractional CMO?
- [19:55] Where can individuals connect with you to explore more about your work?
More About Todd Rammler:
- Make better financial decisions with Michigan CFO Associates - https://www.michigancfo.com/
- Connect with Todd on LinkedIn - https://www.linkedin.com/in/toddrammler/
- Free Worksheets - https://www.michigancfo.com/free-reports-whitepapers/
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