8 Must Know Loss-Prevention Strategies For Your Business
Learn The basics From Our San Jose Security Guards
The term “loss prevention” refers to the efforts businesses take to prevent revenue from being lost because of factors like shoplifting and supplier error. Every business should have a loss-prevention strategy, and the following eight measures—which are recommended by our Bay Area security company—can help you implement or improve one.
Implement Consistent Policies
Consistently applied policies are an essential part of loss prevention. For example, background checks on all workers with access to inventory might cut down on stolen items.
Involve Your Employees
Your employees will be a key part of loss prevention. That means you need to engage them. Consider framing any new loss-prevention strategies as a noble cause to support rather than something to be intimidated by.
Keep Accounting Up to Date
Outdated accounting practices may be costing your business money, too. If your business currently uses cost accounting, consider implementing retail accounting instead. Retail accounting is more labor-intensive but also catches more errors.
Train Your Employees
Involving your employees also means training them properly. For instance, employees need to know when—and how—to alert managers of suspected accounting errors. They may also require training in any alarm response protocols your Bay Area business has in place.
Watch Out for Vendor Problems
As pointed out by Microsoft’s Brian Van Buren, vendors are potential sources of loss as well. For instance, if a vendor stocks your shelves, Van Buren posits that “there is a greater opportunity for vendor fraud or error.” To prevent those undesirable outcomes, Van Buren recommends either having your business take care of the process on its own or assigning an employee to accompany and monitor vendors while they stock inventory.
Present Visual Deterrents
Visual deterrents are a highly effective way to cut down on theft. For instance, a would-be shoplifter may think twice if they notice professionals from a San Jose physical security company on the premises.
Keep Track of Trends
Not all losses are immediately obvious. For example, small accounting errors may need to accumulate over time before they become noticeable. That means it’s important to keep track of and analyze data from your loss-prevention program. Regularly audit accounts as well.
Continually Update Your Practices
A harsh truth of the business world is that people will continually find new ways to attempt to steal from your company. The good news is that you can adapt, too: Continually update your training and policies, and if necessary, don’t hesitate to put in new security measures.
Bay Area Security Guard Services are Critical to Business
Learn more about your organization’s physical security by getting in touch with the leading Bay Area security guard company: Orion Security. We’ll take the time to assess your business and recommend suitable physical security measures. Contact us through our website here.