Do You Have Checks and Balances in Your Business

checks and balances

There is a concept within the federal government that is called checks and balances under which branches of government are empowered to block actions of other branches and also share the power. Checks and balances can be found mostly in constitutionally based government. They are fundamental of major significance in the tripartite government like that of the United States, which separates the executive, legislative, and judiciary branches.

This may sound heavy It sounds heavy, but John Adams famously said: “It is by balancing each of these powers against the other two, that the efforts in human nature towards tyranny can alone be checked and restrained, and any degree of freedom preserved within the constitution.”

In business, checks and balances are the various procedures that are in place to prevent mistakes, reduce inappropriate behavior and limit the chance that centralization can lead to power monopolization. The checks and balances typically make sure that no individual or group has total authority over all decisions. It also assists in clearly defining the tasks assigned to each person and encourages cohesion in the process of completing the tasks.

These procedures are essential for our companies too in which one person can make decisions that affect the operation. When we separate the tasks of employees into roles clearly defined it is easier to ensure that a single employee is not able to harm the business without the assistance of employees. Implementing these kinds of internal controls within the business can improve the efficiency of operations.

It is basically the same concept that is used to “Plan twice, execute once” in the field of project management. The idea is that by double-checking you minimize the risk of any single factor causing the failure of the project or company. Look at your company’s situation in the present What are your possible areas of failure? Are there any weaknesses are you prepared with plans in place to reduce the risk? We all have weaknesses, I recall one of the most requested interview questions back in the day was to ask “What is your greatest weakness?” I was a bit skeptical about the question as it was always a challenge for me to answer. there was no correct answer.

I’ve always thought of it as “I do not really have a major weakness however I do am a victim of (these) and I have strategies I have in place to limit (a) the possibility of this weakness arising and (b) the way to manage the situation in the event that it was to happen. Perhaps it’s the consultant within me, but I have always believed that it’s not always about having the answers immediately but rather knowing where to get the solutions. Similar to checks and balances. You assign the tasks and responsibilities for the resource(s) most qualified to ensure the best possible results for your business.

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Do You Have Checks and Balances in Your Business -