When a small business owner starts writing a business plan with the hopes of starting a small retail store chain they tend to forget the importance of Loss Prevention. When looking at overhead they may factor in a couple retail anti theft devices such as a camera system or lockable display cases, but there is no comprehensive plan to prevent shoplifting or internal theft. Developing a shrink strategy to prevent shoplifting is tricky even for loss prevention professionals who work for companies that already do have established shrink programs. The small business owner should sit down with loss prevention professional consultants to work out a multifaceted loss prevention program that will be catered directly to the proposed business employing several retail anti theft devices with the purpose of not not only preventing shoplifting but to address shrink at every level.
There are many variables to take into account before purchasing any retail anti theft devices. What type of product will be sold? How large is the location? How large is the sales floor vs the stockroom? Where will the point of sale be located on the sales floor? What is the crime index where the business will be opened? Are there other retailers next to you and what type of retail anti theft devices are they employing at their locations? Do other local retailers employ security guards? How close is the stockroom door to the point of sale? How close is the stockroom door to the store’s entrance/exit? How close is the stockroom door to the bathroom area? All of these must be considered when developing an overall shrink strategy so as to accurately account for the cost of a loss prevention program as well as to ensure the proper strategy is in place before the business ever opens its doors.
One of the biggest challenges is trying to pinpoint the amount of loss that will occur and then budget enough money to purchase the correct loss prevention tools without going overboard. It is a tricky process that has to be tweaked every year based on inventory results and loss prevention incidents. Another very important factor in deterring loss is hiring the right people. Part of the shrink strategy should be to have a comprehensive pre employment screening process that includes criminal and employee background checks. Another piece to the puzzle will be to train all employees on shrink reduction strategies as well as to familiarize themselves with the loss prevention tools such as camera systems, EAS checkpoint systems, tagging Ensuring the right employees are in place is one of the best methods to prevent shoplifting.
To the small business owner this could seem to be a daunting task that is why it is recommended that this be a part of the initial business plan to ensure the shrink strategy can be fleshed out completely before the doors open. Buying a few retail anti theft devices after the store is open and hoping to prevent shoplifting is a recipe for failure. Trying to develop a shrink plan on the fly while opening a new business will not allow for proper thought and planning thus leaving a business owner constantly trying to play catch up.
Visit the Loss Prevention Store for retail anti theft devices that can help you prevent shoplifting in your business.
For more information on how you can use retail anti theft devices to prevent shoplifting contact us or call 1.770.426.0547
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