Preventing Loss During The Holidays

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The holidays are just around that corner, and you are back to that time of year that where retail losses become a standard issue. Some might argue that holiday is the best season to earn healthy profit margins. To some extent, one has to agree with this notion.

However, what about that small time theft which occurs at your store many times a day. Not only this, holiday issue like retail losses become quite difficult to keep an eye on especially during rush hours. So, what would you do to sour your profit margins this holiday season? Obviously, you’d look to reduce the margin of your retail and reduce loss prevention by curtailing theft. To help you with it, here are some useful ways to achieve it:

Common Retail Loss Issues during Holidays

You would’ve known the many issues that retail shop owners go through during each holiday season. All the retail loss issues can be categorized into two broad categories:

  • Internal theft
  • External theft

Internal Theft

Internal theft is by far the most dangerous of all local injury issues that you confront during the holiday season. Don’t ignore it because it involves your otherwise dedicated employees and some petty dollars. Ignoring this problem for a long time may lead to a robbery or an even bigger retail loss that you may have overlooked due to prolonged ignorance. Some reported cases state that shop employees were involved in robberies and shoplifting. There have been some startling coincidences during these events.

Some employees just keep it small and steal whenever they see the opportunity. Bear in mind that retail loss is meant to curtail all types of thefts be it small or big. Again, vigilance and sometimes counseling can help your employees to reconsider their acts of dishonesty. If none of these work, you should either let them go or hand them over to the police.

All in all, the best way to keep your employees from such activities is to increase vigilance at your premises. Install CCTV cameras even at places where you otherwise wouldn’t install them. This is to force your employees not to indulge in suspicious activities both on and after the duty. Vigilance plays a pivotal role in reducing retail losses and often helps law enforcement agencies in arresting the suspects very early.

External Theft

They contain burglaries, robberies, vendor fraud, errors caused by the administration and planned thefts but even then external thefts cause less harm to a retail store or company as compared to internal theft. However, big or small, every type of theft must be curtailed to protect your profit. Once you’ve been able to protect your profits, you’ll then start capitalizing on opportunities to turn small profits into significant returns.

Preventing Thefts and Shoplifters

To avoid any external theft in your business, you must improve your store management. How so? There can be many ways to keep your store management active and vigilant. Firstly, look to rent or buy a shop that is at a prominent location. Secondly, your store management must be able to check the inventory more often to keep the quantity of purchased goods into account. This will automatically lead to a strict control over existing inventory. When your employees know that you’ve counted each item by yourself and know how long the quantity will last, they’ll take caution while stealing. But, when they’ll observe your strict control is not going anywhere, they’ll stop making at all.

Benefits Of Retail Loss Prevention Training

A very common holiday issue during a shopping spree. Robberies are unpredictable and can occur at any time but more so during the holiday season. Shop owners have to be extra vigilant to keep an eye on suspected individuals and groups. To make it simple, you as a shopkeeper must acquire a proper retail loss prevention training course from a recognized institution in your area. It will familiarize you with frequent shoplifting issues such as robberies, theft, and pickpockets, etc. During training, you’ll be educated on how several measures and their importance to protect your shop from unexpected hazards especially retail loss.

For this purpose, attending the LossPreventionAcademy .com to acquire proper online training is the most suitable way of preserving your profits and enjoy the holiday season to the fullest.

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Steven M. Degener, J.D. Clayton, CA, United States Steve has spent over 25 years in Retail Loss Prevention. His last position held was VP of Loss Prevention for a Fortune 500 company. Other positions include Deputy Sheriff and Director of Loss Prevention Services for various Retailers. Our sites include www.LossPreventionAcademy.com,LPPosters.com and LPjobsFREE.com. Follow us with Twitter at LPACADEMYcom and Facebook at the Loss Prevention Academy.

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