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Consultants play a huge role in today’s marketplace, as they are often seen as the saviors of companies that struggle with standing out. However, there are many challenges facing consultants in their consulting assignments that you should be aware of.
Common Challenges Consultants Manage
As the economy changes, consultants can have more or less work. However, no matter what industry or specialty a consultant is associated with, there are certain trials all consultants face. In fact, Huntersure reported on their blog that some of the top challenges consultants deal with include the following:
- Finding new clients
- Retaining current clients
- Coming up with new and innovative strategies
- Keeping track of time and expenses
- Surviving in a tough economy
Some industries may also have industry-specific challenges, such as keeping up with ever-evolving marketing trends for marketing consultants or changes in healthcare laws for healthcare consultants. That means there is continuous research consultants must do in order to stay on top of the changes and remain updated about the industry to perform their jobs well.
Face the Challenges Head-On
No matter what industry you’re in, there are certain challenges facing consultants in their consulting assignments that can affect their work. Being aware of these challenges means you can be prepared for any difficulties and do your best to solve the problems.
Running a business often requires you to put your trust in others. From your business partners to your employees, your customers to the other businesses you work with, you rely on people to provide what they promise and not to take advantage of your company. Unfortunately, not everybody can be trusted.
What Is Vendor Fraud?
Vendor fraud occurs when a scammer manipulates your company’s payment systems for his or her own personal gain. There are several methods of doing this, but most fall into three categories: billing schemes, bribery or extortion schemes, or check tampering schemes.
Billing schemes occur when an employee generates false payments. He or she may set up a false vendor account and take the money the company pays to it. Another method is duplicating invoice payments and diverting one to an alternate bank account. Check tampering involves the physical manipulation of business checks, and bribery allows an employee to receive personal payments from vendors.
Fighting Vendor Fraud
Fighting vendor fraud means verifying the ones you’re paying are legitimate companies. FGIB offers a variety of methods to help you through the vendor verification process. Some of the most common include verifying the company’s bank crime insurance or professional liability policy and requesting to talk to the company’s bank to ensure they are a solvent organization.
In addition to verifying your vendors and doing employee background checks, it is important to have your own insurance policies as added protection. Your insurance agent can help you determine the best approach to protecting your business from vendor fraud.