Theft is a risk in any business, but never more so than in retail. In this industry, you let customers up and close and personal to your products. This is fantastic in a way because it allows you to show what you offer. They don’t have to take your word for it or seek out your product. It’s right there for them to see.
But, this up close and personal aspect also brings with it the risk of shrinkage through theft. As much as we would like to think customers are the most trustworthy people, it isn’t always the case. And, failing to accept that truth could see you out of business in no time at all. If you don’t get a hold of it, theft can spiral out of control and leave your pockets empty. If you’re unsure how to tackle the issue, these pointers should come in handy.
Get a good idea of where you’re losing
Getting a good idea of the main areas of theft isn’t easy. If you knew it was happening, you’d stop it, after all. But, it’s possible to work out what you’re losing by doing regular stock inventories. Don’t worry; we’re not saying you need to do a stock take every day. But, for a week or so, it might be worth doing a quick once over when you shut up shop.
It’ll soon become clear where the most extreme issues lie. It may be that small items are the most likely to go walk abouts. Or, you could be dealing with a serial offender who has worked out a way to swipe your larger items. One thing’s for sure, though; now that you know, you can take steps to put a stop to things.
Improve security measures
Your shop is already up and running, so you have should security measures, such as door sensors and tags, in place already. But, those obviously aren’t working. As such, you need to take more extreme steps. Employing security guards or CCTV operators from companies like Cannon Guards is your best bet here. That way, you can rest easy that a trained security professional is tackling the issue. Even just having a security guard on site will be enough to dissuade most people.
It’s also worth focusing on that problem area. Increase tagging on those items, and make sure to train your cameras there, so you have full coverage. If you’re opting for a guard, make sure they know to pay particular attention to that area.
Account for shrinkage in your profit margins
It’s sad to say, but even your best efforts aren’t going to stop theft altogether. Even so, you can have the last laugh by accounting for that shrinkage in your profit margins. After your new security measures have been in place for a month, take note of where your losses are. Use these to predict your profits for the next month. That way, theft can’t take you by surprise and leave you losing.