In this video I discussed about the reasons why I stopped stocks trading for almost one year, my plan to go back to stocks trading, my business acquisition and other things.
Sunday, September 29
Sunday, September 15
As an Overseas Filipino Worker (OFW), managing a business remotely is a unique challenge. Being physically absent from the day-to-day operations in the Philippines can present hurdles, especially in ensuring that the business runs smoothly and honestly. Based on my personal experience, I want to share a common challenge I've faced and the solutions I implemented to address it.
Challenge: Finding Trustworthy EmployeesOne of the biggest challenges in managing a business remotely is finding trustworthy employees. It’s hard to gauge someone’s integrity solely based on their resume or a brief interview. Most of the time, you only discover if an employee is truly honest after they've started working in your business.
During the hiring process, I primarily focused on the candidate's experience and ability to perform the tasks required for the position. However, honesty is something that can’t be easily measured in an interview. Unless there are glaring red flags, such as false information on their resume, it's hard to know whether a candidate can be trusted at the outset.
How Do You Know if You Hired a Trustworthy Employee?
In my case, I realized there was an issue with dishonesty when I noticed discrepancies between sales reports and inventory. I conducted a surprise cycle count (inventory check) on a specific item, and that’s when I discovered the inconsistency.Fortunately, I had implemented a solid inventory and sales reporting system (QuickBooks) from the very beginning of the business. This system allowed me to detect the issue early on, as there was a clear discrepancy between the reported sales and the actual inventory.
Solutions Implemented
After discovering the issue, I took immediate action:
- Memo and Warning: I issued a formal memo to warn the employee involved about the incident.
- Random Cycle Counts: To prevent future dishonesty, I established a procedure for conducting random cycle counts, in addition to the regular monthly inventory. This random check system acted as a deterrent, making it clear to employees that there were protocols in place to catch any irregularities.
Conclusion: The Importance of a Solid System
In closing, no matter how small your business is, having a reliable system to track inventory, sales, and employee performance is essential. This is particularly important when you’re managing the business remotely, as it helps ensure transparency and accountability even when you're not physically present.
For fellow OFWs managing businesses from afar, my advice is to invest in solid processes and systems. Not only will this help in detecting issues early on, but it also sends a clear message to your employees that you’re serious about running a transparent and efficient business.