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Does hiring a family members determine the success of a business ?
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[QUOTE="Caramelle, post: 213533, member: 150"] [JUSTIFY]Hiring your own family members will not ensure success for a business. There are other factors that may influence the success of a business like its ability to maximize its resources, the soundness of its business plan, and the methods it uses to achieve its objectives. Provided that the relatives were hired based on merits and capabilities, they may be able to contribute meaningfully to the attainment of the company's goals. However, if they were hired on the basis of being relatives and nothing more, their performance will likely not harmonize with the company's vision and mission. Whether the company hires relatives or non-relatives for positions or jobs, it must have an internal control system that will help prevent abuses and misuse of company assets. It must implement proper segregation of duties to avoid a situation where one person can undermine the controls and manipulate records to cover up misdeeds. This is particularly important in areas of cash custodianship and recording of transactions. The person who holds the cash should not be the same person who will record cash transactions and reconcile the cash account. In very small companies where this is not possible, the owner has to be actively and consistently involved in its operations to dissuade fraudulent activities by employees. [/JUSTIFY] [/QUOTE]
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