Retailers do not typically pay much attention to the possibility of theft when starting their business until they start to experience losses in their business. At that point, they then begin to suspect theft in their businesses when the deed has already been done. Retailers must know that theft in businesses really exists and must take measures to counter it before it sinks the business..
You most probably keep trying to figure out how theft is going on in your business and yet still,can’t find the source? A majority of the time, solely concentrating on cash theft which is usually the most obvious, but then, there is the very subtle and dangerous case of product theft as well, sales attendants giving out products to friends and family, attendants using daily sales to buy sweets and food and shoppers stealing from your shop without the knowledge of your sales attendants.
Thankfully, there are a number of strategies you can employ to mitigate this issue. Let’s get started; .
1. Background check of new employees! How many retailers do background checks on new employees, find out about their previous jobs why they left and their personal work ethics? Doing background checks will present all records and answer all questions you need to know about your new employee and would possibly inform you on the decision to take concerning the potential employee. A lot of retailers have employed without interviewing applicants which has led to losses through theft. This action can really help as a first filter.
2. Installation of security cameras! Security cameras can check both internal and external theft issues. Cameras should be set at vantage points that can capture the cash register, customers, store rooms and every other important point that can be a point of theft. Employees will be prevented from stealing cash or products and also customers will desist from shoplifting because of the camera’s visibility. Retailers should constantly monitor the cameras to be informed of any theft. This is especially recommended for business owners who are often absent at their retail shops.
3. Adoption of computerised inventory and sales systems! A computerised inventory system used in combination with security cameras is a sure way to prevent theft in your business. Why? The system keeps track of your stock, records of sold products and current products. Some systems are also designed to track sales and cash daily, monthly and yearly which will inform the business owner of the progress of the business. Business owners can create login accounts for employees to be able to monitor every employee who uses the system to make transactions. No employee can steal your cash or your product unnoticed once every data is entered into the system.
4. Count your cash daily! After the close of sales every day, do well to count your cash, tally it to your receipts, recorded transactions and inventory to detect anomalies early to prevent losses. If this becomes a routine, employees will refrain from stealing from your business.
Above all keep your employees happy! Pay them on time and fairly. Trust is a dangerous path to thread with employees, supervise them closely and occasionally use external audits to prevent theft.