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Retailers do not typically pay much attention to the possibility of theft when starting their businesses until they start to experience losses in their businesses.  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, you can’t seem to find the source? In most cases, cash theft is usually the most obvious, but then, there is a very subtle and dangerous case of product theft as well. Examples of these theft experiences are; sales attendants giving out products to friends and family, attendants using daily sales to buy food, and customers 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; 

Background checks of new employees

How many retailers do background checks on new employees or find out about their previous jobs and why they left and finally ascertain their personal work ethics? Doing background checks will expose all records and answer all questions you need to know about your new employee and would possibly inform you of the decision to take concerning that potential employee. A lot of retailers have employed their staff without interviewing applicants which has contributed to losses through theft by these poorly-verified individuals. Background checks can really help as an initial filter.

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 location 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. 

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.

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. Lack of trust is a dangerous path to tread with employees. Supervise them closely and occasionally use external audits to prevent theft.

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