Loss Prevention Practices
Loss prevention Practices: Internal & External Theft and Administrative errors…
Inventory shrinkage is not acceptable in any condition. It causes losses in your business as a result of which you have to face many issues. Due to this, you annual budget shrinks and so are the plans for your growth. To combat the problem, the store owner needs a loss prevention plan that focuses on identifying the causes of inventory shrinkage.
Let’s peek in a few significant loss prevention practices that you can comply to:
Putting a stop to employee theft
Whether an employee is stealing the cash or making a receipt for less, it is the biggest issue to address.
Strategies to work on:
• Develop a fraud avoidance plan. It clarifies the staff members that you are not going to be lenient for such instances. It should include pre-employment background checks and regular updating of the computer passwords.
• Ensure you perform a detailed background check on job applicants. Speak to their previous employers. Also, look at their records. If you find any inconsistency in their application, reject them.
• Once you hire them, well verse them with the company’s policies and procedures. They must know that you have a strict approach towards such incidents and would not spare the one responsible for theft or mishandling of inventory.
• If you have other businesses to handle, make sure you make unscheduled inspections to the store. Check accounts and sales on the regular basis.
How to stop external theft?
Retail stores also face the issue of shoplifting. Let’s have a look at a few guidelines that can help you curb it.
• Greet each customer who walks into the store. Make sure you have enough staff members to greet and help them. It warns the shoplifters that the operators are aware of their presence.
• During peak hours, ensure all your staff is present in the shop.
• Do not let them take more than two dresses at a time in the dressing room. There must be helpers available outside the try chambers. It will help you curb such instances.
• Install mirrors throughout the shop. It makes them feel watched.
• Also, post warning signs all over. It could be as simple as shoplifting is a crime or offenders will be punished.
Other causes of potential loss
You may also face loss due to vendor error. You can prevent it doing truck and delivery audits. Administrative errors can occur due to a simple pricing mistake. Account reviews can help you put a stop to such errors.
Have a great week…
LPDT, LLC offers the only E-Learning training for Retail Loss Prevention at www.LossPreventionAcademy.com. Check out our awareness posters for shortage and safety at www.LPPosters.com. You can follow us on Twitter under LPACADEMYcom and Facebook under Loss Prevention Academy.
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