5 Loss Prevention Strategies

Shoplifting and other forms of theft can severely impact the bottom line of any retail operation. To reduce lost revenue through theft, it is important to implement an effective loss prevention strategy. Consider incorporating these five loss prevention strategies into your plan. 

1. Hire a Security Guard

Internal loss prevention specialists are usually your first line of defense, but you may be able to benefit from outside help. Investigation services Louisiana can provide you with professional assistance, whether you just need some extra personnel to watch the parking lot or a fully visible patrol operation.

2. Train Your Team

Making sure your sales team is trained and prepared to spot and handle potential shoplifters is one of the best ways to cut down on losses. Thieves try to avoid drawing attention to themselves, so your team members on the floor can do a lot of good by keeping an eye on customers, being visible and initiating conversations. Greeting every customer can serve to both enhance service and deter theft.

3. Exaggerate

Making potential thieves believe that you are on to them can be just as important as the actual security procedures you have in place. If putting security cameras in every part of your building is not financially feasible, consider adding some fake cameras. Put up signs advertising your emphasis on security measures. Make it known that you are serious about catching and prosecuting thieves and they will be less likely to attempt to steal from you.

4. Keep Accurate Inventory Records

To accurately track inventory loss, you need to make sure you are accurately tracking your purchases and sales. One method of improving inventory accuracy is to use your point of sale system to track how much product you have on hand and how much has left the store through sales. You can then check for inventory loss by comparing the inventory your POS system says you should have on hand against an actual physical count. 

5. Do Not Accept Cash

Inventory is not the only thing that sometimes gets stolen from retail businesses. If you are accepting cash payments, the money in your employees’ registers can be an attractive target for theft. You can reduce this risk by no longer accepting cash

Uncontrolled theft can severely lower profits and have other negative impacts on your business. A properly implemented loss prevention plan can help you retain a larger portion of your hard-earned revenues.