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Small Business

Small Businesses Lose up to 33K: How to Protect Your Company from Theft

A study found that businesses lose up to $33,000 each day due to shoplifting. This is a very troubling statistic for small businesses. Here are some ways to protect your company from theft.

Manage Your Inventory

Having a good inventory management system in place will result in less losses. To prevent shoplifting, use theft deterrent devices on high ticket items. For frequently stolen items, consider placing them somewhere so that employees can monitor them. Other types of companies can also benefit by tracking their inventory usage. You can do this by using electronic tracking tools. Have employees sign out items from a stock room. This way you will have a record of the items that are being used.

Install Security Cameras

Security cameras won’t prevent theft from occurring. They can act as a deterrent to a would-be-thief. You can also review the footage if you notice a problem with theft. Having cameras outside of your business may prevent a break in, and make your employees feel more secure. Use cameras in areas that are open to the public. You can monitor what is happening during the day. If your business is broken into, you have a means of getting your items back. Consider installing cameras in storerooms so that you protect your stock.

Conduct Audits

Routine cash and inventory audits can help to protect you from theft. Let your employees know that this something that you do periodically. This can reduce temptation for your employees to steal from you. Review purchase orders to make sure that things are being done appropriately. Keep track of any petty cash that your company uses. The best way to protect yourself is to stay informed. Hiring employees that are trustworthy can also prevent theft in the workplace.

Use the Appropriate Locks

In order to protect your company, you need to have the appropriate locks installed. High security locks can protect your business from an outside threat. There are other types of locks that can also be installed. These will serve more as a deterrent from employee theft. Office doors and store rooms also need to be secured from authorized access. This will cut down on people entering areas that are restricted without a key. If your company has a safe, consider keeping it in a closet that has a good quality lock.

Uncontrollable losses can cause your business to go under. Protecting yourself from threat means that you need the appropriate security measures in place.

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