For business owners, theft and burglary can lead to a huge loss, and in some instances, cause businesses to shut down. Even though it may be impossible to completely safeguard your business, you can take measures to minimize robbery or prevent financial loss. Here are some strategies you should put in place to protect your business from financial loss.
Install an Alarm System
Installing an alarm system can help protect your business from burglary, vandalism, or theft. This is because you can deter anyone who wants to steal from your company by just having an alarm system. Most people install alarm systems in their homes. Yet when it comes to business, the same keenness for security is not applied. That is unfortunate considering that businesses are four times more likely to be robbed than homes. This means your business needs more protection. Also, an alarm system is not that costly to break the bank. One of the important things to remember is getting a system you can remotely monitor on your tablet, smartphone, or PC.
Provide Good Customer Service
Every year, a retailer can lose up to 3% of their revenue from shoplifting. A bigger percentage of shoplifters are adults and teenagers, and most people who shoplift do not get caught that quickly, hence the significant loss to businesses. However, providing good customer service is not only effective for marketing but also for preventing shoplifting. Welcome your guests when they enter the premises and offer to help. Also, ensure you have enough employees working for every shift. Most stores do not have enough employees working on a single shift, which provides opportunities for shoplifters. Also, for every purchase, give your customers receipts. If someone wants a cash refund because they are returning products, ask them for receipts.
Insure Your Business
Another measure you can take to protect your business is by insuring it. That means that even if robbers manage to break in and steal some assets, you will not go on a financial loss as the insurance company will cover losses. This is especially important considering most people lack the savings to cover emergencies. It has been established that only about 30% of Americans have a long-term financial plan covering savings and investments. Therefore, that means that most are not prepared to handle sudden financial emergencies. Getting commercial property insurance ensures that you get compensation from your insurance company when burglars manage to get away with your business property.
Keep Track of Your Inventory and Investigate Discrepancies
It is not all the time that a business suffers external theft. Internal theft is possible as well. Your employees may steal inventory and sell it to other people to make money or keep it to themselves. However, when you keep track of your inventory, it is easy to know when something has been missing and conduct an investigation. It also helps prevent employee theft. If you notice stock missing, encourage whistleblowers. Inform employees what the consequences of theft or hiding culprits are. For example, in Massachusetts, larceny is punishable by a fine of $1,500 or jail time of up to a year if the property stolen was worth $1,200 or less. Informing employees of such consequences can either deter them from stealing or encourage whistleblowing.
Install CCTV Cameras
CCTV cameras provide surveillance by capturing images and videos of what is happening on the floor. No one wants to be caught on camera stealing something. Therefore, this will discourage potential thieves and protect your business even in non-operating hours. Place the cameras in strategic positions to capture every corner and store the footage off-site where you are the only one who can access it. When you install cameras, you are legally supposed to inform your employees. Also, ensure you do not install them in areas where privacy is expected, like breakrooms and restrooms.
Internal and external theft have cost businesses up to billions of dollars in losses. This is why it is essential to enhance security measures to protect a business. By being proactive in matters of security, you can prevent this headache.