Small Business in the Post-9/11 Era

Paper Summary:

This paper seeks to provide best practices literature for small businesses in loss prevention and risk mitigation. It focuses on some key areas of loss prevention for small businesses and looks at not only the problems - many of which are entirely ignored by small businesses - but explains why they cannot be ignored. The paper also discusses some steps that can be taken to minimize risk and loss. The paper focuses on research developed in the past 15 years and excludes research commissioned or performed prior to 1990, so as to guarantee the timeliest and most apropos information.

Outline
Introduction
Literature Review
Methodology
Data Analysis
Summary, Recommendations and Conclusions

From the Paper:

"One of the critical investments a small business can make to mitigate loss and risk is hiring a CPA and putting that CPA on the 'management team.' As Wells notes in his groundbreaking research, "Denise, a bookkeeper for a small trucking firm in Birmingham, Alabama, wishes she had never heard of Ralph Summerford, CPA. Because of his thoroughness, Denise is facing several years in prison for embezzling $550,000 from her employer. At least she will look good standing before the sentencing judge: Denise spent a great deal of her illegal loot on head-to-toe cosmetic surgery. She blew the rest on a shiny new Lexus, luxury vacations, clothing and jewelry. And, of course, Denise had to have a big house to store all of her finery." (Wells, 2003)"

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