Here are some tips in joining a networking business, How do you know that the networking business you are joining with is a scam?Many of the MLM and HYIP Businesses operating in Nigeria are a complete waste of time, energy and resources Many Nigerians have sad tales about their involvement in MLM and HYIP in Nigeria Scam MLM and HYIP exist in many countries of the world. Network Marketing is one of the best business models but has been abused by con artists who use it to defraud people. There are at least 10 ways to easily detect the scam outfits in the market, no matter how cleverly disguised they are. The problem is that many Nigerians are gullible,greedy and undiscerning, therefore easily deceived by the con artists and their promises A discerning Nigerian who can sit down to analyze MLM promises will be able to detect the fraudulent ones before signing up with any. 7 Tips to detect fraud in your business Fraud is one of the biggest problem affecting businesses worldwide. Fraud as the name sugests refers to the intentional misrepresentation by employees or other persons related to business, it can be both for monetary or non monetary gains. Business owners try to prevent fraud by implementing internal control systems in their organizations, but then too several frauds take place. This is because any internal controls to work effectively required constant and periodic monitoring, business owners being busy people don't have time for monitoring these internal controls.
It becomes necessary to detect these frauds and keep a check on their occurrences if businesses have to run successfully. Businessmen have a sharp eye to keep them in control, but sometimes it becomes necessary to take help of qualified professionals to deal with this problem. Though there is no one formula which may suit all business, yet I am outlining here some tips for detecting and preventing fraud in your business.
1. Evaluation of all internal control: There should be regular evaluation of all internal controls which are specifically prone to fraud risk. A responsible person should be nominated to keep and eye on the controls where it is easy for someone to commit a fraud. Area where cash handling is involved are particularly prone to frauds.
2. Check on business assets: A good business man is one who keeps a control on his assets and liabilities. It is necessary to keep an inventory of all business assets so that no misappropriation like theft, pilferage etc can take place. Regular stock take and physical verification of the assets will deter employees from theft.
3. Keep check on the code of ethics or conduct of your employees: Businessmen should keep a check on their employees conduct and from time to time they should keep a note of their behaviors especially if they are related to financial transactions area.
4. Check on illegal acts: Every act of an organization matters, a single illegal act can affect the business and may destroy its reputation and goodwill in the market. Therefore it is imperative for the owners to be sure that no illegal acts are taking place in their organization.
5. Auditors recommendations: Both statutory as well as internal auditors are third party person who are independent from your business and hence do not have any vested interest in the business, hence any finding by them should be taken very seriously as these are professional people who have in depth knowledge of their subject and can add substantial value to your business.
6. Review of audit committee: Audit committee is one key source which outlines the major issues of your business. Management should seriously take the recommendations and reviews made by the audit committee.
7. Maintain adequate business procedures for handling complains: A lot of times frauds are brought to the notice by employees who do not want to appear in public. So it is necessary that there should be some mechanism in the organization for the employees to anonymously report any complains or information that they may have. A complain box or hotline can effectively serve this purpose.
Network Marketing Tips
It is likely that the names of different networkmarketing firms will be listed, and by conducting some research, someone can learn about the types of revenues that individuals earn from selling that company's products. Other networkmarketingtips include selecting products that the seller knows about and appreciates and then locating companies that have product offerings in that segment.
In the world of networkmarketing, success is about positioning and perception. Another one of the essential networkmarketing secrets to understand is that online marketing is critical.
SCAM TECHNIQUES Avoid all these techniques as much as possible in your business transactions: 1. You will earn millions if you join us just invite two person 2. The registration fee - too high un-affordable 3. No product will be given in return of your registration fee In the end kawawa ang mga members who are the victims of their schemes so mag-ingat po tayo. God Bless Us All!