Our Best Resources to Prevent Losses
What is Loss Prevention?
Loss Prevention is the concept of establishing policies, procedures and business practices to prevent the loss of inventory or monies in a retail environment.
Developing a program around this concept will help you to reduce the opportunities that these losses can occur and more specifically, work to prevent the loss rather than solely be reactive to them after they occur.
Why You need to understand it?
When a retailer experiences a loss, they are losing direct to the bottom line profitability.
Lost inventory requires replenishment at a cost to the retailer and lost monies cannot be replaced. The cost of these losses goes direct to the bottom line of a retail balance sheet causing lost profits, that could have been used for new inventory, new store openings, employee benefits, increased earnings or improving EBIDTA.
Corporate and Retail Security Solutions
With loss prevention being a major focus for both the Retail and Commercial sector IQ Security has a proven record delivering industry leading solutions.
From security consultancy and reliable and tested commercial video surveillance solutions, facial recognition or covert camera installations through to access control solutions.
How do I know if I may have a loss prevention problem?
Losses can be caused by many different reasons and through a wide variety of methods.
To figure out if you may have a problem, we suggest that you search for possible symptoms that the business is not being as profitable as it was supposed to be.
Here are some questions you can ask yourself to see if you may have a loss prevention problem:
- Your cost of goods (or food costs) are increasing but your sales are staying the same or decreasing;
- You notice empty containers, hangers or missing items throughout your store;
- Employees are reporting shoplifting issues or concerns;
- You have been the victim of a robbery over the past year (robbers often look for easy targets);
- You are losing inventory but no one mentions any shoplifting or theft events (possible employee theft);
- One employee reports shoplifting events but nobody else is witness to these events;
- Sales are down consistently when a certain employee works;
- Your cash drawer never balances and has small overages and shortages;
- A certain employee has a high number of refunds, voids or no-sales and is not the only employee authorized to handle these transactions;
- Friends hanging around of asking for a certain employee.
If you detected any of these symptoms or want to implement preventive solutions, talk to our Security Specialists.
Don't wait for the worst to happen
Our Security Specialists are waiting for your call
They talk to you, listen to your needs and concerns, and check your place looking for potential vulnerabilities and also check the installation necessities and requirements.
Possessing all this information, usually, they build a security system which includes all points above, to suit your needs and budget.
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Simple Steps to Prevent Losses
Invest in an effective Inventory Management System
Control is the key to success. If you control your assets, you will have a good picture of what is happening in your business and when it happens.
When you invest in good software to manage your stock, it is possible to track all your goods from the beginning and during all processes, so you will know when something happens, where it happened and when it happens.
Control Who Handle your Values And Monies
Again: control your monies and avoid leaving them available and accessible to everyone.
It's really important to protect and secure your cash and valuables and control who has access to them. It is strongly recommended that you keep them in a safe and reliable place.
Train Your Staff
Many losses happen because of administrative mistakes. That's why it is so important to train your employees properly.
Also, it is important to include procedures that can help them understand how to prevent losses, identify theft when it occurs and how to report and punish it.
These measures, you will show your employees that you are paying attention and taking a strong stand to prevent any kinds of losses. This alone creates a deterrent to employee theft and mistakes.
Rely on Electronic Security Equipments
The possibilities are countless. From simple door lock and CCTV Camera to surveillance systems and software (like Market Application Suites for CCTV Cameras, like Facial or License Plate Recognition), through to access control and alarm systems.
You can rely on all sorts of electronic security equipment and systems to find great allies to increase your control and prevent losses.
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