Fraud Prevention Tactics That Shield Your Home Service Business

Are you running a small home service business and want to keep your hard-earned profits safe?  Tune in to our latest podcast episode where my guest Michelle Scribner share what it means to be financially vigilant. Discover how a simple oversight could open the door to profit loss and even fraud. We’ll walk you through a real-life scenario where a business was blindsided by supplier-related delinquency. Plus, get actionable strategies to bulletproof your finances, from implementing solid procedures to training your team and cultivating strong vendor ties.

Free Path To Profits Book
9 Profit-Boosting Tactics That Will Transform Your Service Business

I have read and agreed to your Privacy Policy

Powered by the Simple Podcast Press Player

In this episode share how to:

  • Grasp the essentials of financial management 
  • Learn from a real-world case study about how to handle unexpected financial challenges from suppliers 
  • Gain insights on how to lessen the risk of financial fraud for your business.
  • Understand how to go through your past financial data to find potential financial red flags 
  • Pay attention to patterns, expenses, and inventory so that you can recognize warnings
  • Champion an ethical business culture and discourage fraud
  • Document and build a case for financial misconduct if you need legal help from fraud

Key Moments:



The Case of the Delinquent Account

I kicked off the episode by sharing a startling case study. Imagine the shock of discovering that your number one supplier has marked your account as delinquent. This is a real scenario that one company faced, and it serves as a wake-up call for all of us. It underscores the vulnerabilities small businesses encounter when they lack a deep understanding of their financials. This isn’t just about numbers; it’s about the health and success of your business.


Preventing Profit Leaks

Michelle Scribner brought her wealth of experience to the table, discussing the importance of vigilance in financial transactions. She emphasized that business owners must keep a keen eye on their financial and bank statements to spot any discrepancies. It’s not just about checking the numbers; it’s about understanding them and recognizing when something doesn’t add up.


Double-Checking: The Value of a Second Set of Eyes

Michelle stressed the significance of having an external bookkeeping firm to review your financial records. This second set of eyes can be crucial in identifying irregularities that you might miss. It’s an investment in your business’s integrity and a safeguard against potential fraud.


Strategies to Mitigate Financial Fraud Risks

During our conversation, we explored various strategies to protect your business from financial fraud. We discussed the implementation of standard operating procedures, the benefits of cross-training employees, and the importance of maintaining good relationships with vendors. These practices are not just about prevention; they’re about creating a robust financial ecosystem for your business.

Proactivity: The Business Owner’s Best Defense

Being proactive is key. Monitoring financial transactions and staying informed about unusual activities can make all the difference. It’s not enough to be reactive when issues arise; you need to be on the front foot, ready to address potential problems before they escalate.


What to Do When You Suspect Financial Irregularities

Michelle gave actionable steps for business owners who suspect financial irregularities. Seeking professional assistance to conduct a business evaluation or profitability assessment is crucial. It’s about getting to the root of the problem and addressing it head-on.


Historical Data: Your Financial Fingerprint

We also emphasized the importance of examining historical financial data. This isn’t just about looking back; it’s about spotting patterns and inconsistencies that could indicate financial misconduct. Understanding your business’s financial history is like having a map that shows where you’ve been and can guide where you’re going.


Building a Case and Implementing Change

If you suspect financial misconduct, documenting your findings and building a case is essential. But it’s not just about catching the culprit; it’s about communicating with your team and implementing policy changes to prevent future issues. It’s a holistic approach to financial management that can fortify your business against risks.


Maintaining Vigilance: The Key to Financial Health

Our conversation highlighted the need for constant vigilance and awareness in managing your business’s finances. It’s not a one-time task but an ongoing commitment to safeguarding your business from potential financial risks.

In conclusion, the insights shared in this episode are more than just advice; they’re the building blocks for creating a profitable and secure home service business. By understanding the potential profit leaks and implementing the strategies we’ve discussed, you can navigate the financial minefield with confidence. Remember, knowledge is power, and in the world of business, it’s also your best defense.


About Michelle – Michelle Scribner is the CEO of Sum of All Numbers, a leading financial analysis and planning company with full charge bookkeeping services.  Her passion is working directly with entrepreneurial business owners helping them to achieve greater profitability as well as working through the ongoing challenges and stresses of running a business.  She comes from an entrepreneurial family with businesses based in real estate investing and development.  She’s a proud mother of 5 children, whom she & her husband adore.


Connect With Michelle:


Book Your Profit Impact Call – I’ll Find You $50,000 in Profits in 30 Minutes With a Live Profit Accelerator Simulator

Do You Have A Plan To Increase The Profits In Your Service Business?

What If You Are Throwing Money Out The Window?

Do  You Know The Health Of Your Service Business?



Skip to content