Five Tips to Help Keep Your Retail Business Safe from Theft

3 Mins read
  • Small businesses must take these steps to minimize the risk of suffering from theft.

Unfortunately, one of the main problems that many businesses face is theft. For instance, a retail store can be the victim of serious theft, such as an armed robbery, or even the much smaller “ant theft.” While being robbed can be terrifying, the latter can also lead to a significant loss — especially when the theft itself is relatively small, but constant.

Unfortunately, many businesses are far too complacent about theft. Around 48% have said that they think they are too small to be victims. Some have to learn the hard way, while others make the smart choice to bolster security before it is too late.

Furthermore, the loss of inventory is only one of the many risks your business can encounter, as some thieves may try to resort to violence in their attempts to steal from you. Therefore, if you want to have a safe and financially sound business, then you need to pay careful attention and take measures to protect it — for both yourself and for the sake of your employees. You can obviously install new security cameras, but there are other important precautions that you should take as well.

Put Merchandise in a Secure Place

One of the best ways to keep your merchandise safe is to keep it organized in a way that’s both practical and smart. For example, if your business tends to sell small or high-value objects, it’s always prudent to keep them under lock and key. If that’s not possible, you should at least secure them in a place where only yourself and your employees can access them.

It’s also important to put objects that are more prone to shrinkage (that is, theft or being misplaced) in places that are of higher visibility to your employees. In turn, it can mean you’ll be able to leave larger and less theft-prone objects in places with less security. Maintaining a good distribution of your products is always good to avoid any unwanted loss of inventory.

Mind the Blind Spots

It’s always a good idea to know your store in-depth. This includes familiarizing yourself with all of the places where it can be vulnerable. Depending on its layout and space, your store may have serious blind spots. These can be very problematic, especially if you keep theft-prone products nearby.

An effective way to take care of blind spots in your store is to install mirrors or security cameras. These solutions can help better guard it, or at least allow the greatest possible visibility on these spots. You can also assign employees to make rounds, just to keep an eye on them. Even good lighting can make a difference in keeping your store safer.

Identify and Address Risk Factors

Contrary to popular belief, it’s not only small stores that are affected by the risk of theft. While it’s true that larger industries may have less theft when adjusted for scale, thanks to a higher budget for security measures, theft and loss can and do happen. For this reason, it’s good to know how to identify the risk variables that can lead to shrinkage.

Once you familiarize yourself with the areas that may require special care or present a greater risk of shrinkage, you then need to address them right away. Appointing an experienced worker to oversee it can be beneficial, but you’re also responsible to provide as much help as possible to reduce the risk of theft. However, by offering adequate training to your team, it can help make a difference.

Keep Your Security Systems Up to Date

Technology is very important for protecting businesses from theft. Maintaining your security systems is incredibly important and practical for any growing retail business. For example, if you own a grocery or fashion store, maintaining an up-to-date surveillance and security system can help you avoid any theft, on both a small or a larger scale. This can include, for example, cameras and alarms that can be remotely controlled.

This advice applies not only in mom-and-pop stores but also in larger retail industries, too. In these cases, more extensive loss prevention and safety measures may be necessary. Since the main concern should be on identifying dangerous areas, implementing security systems and key pieces of technology (such as a remote surveillance robot) can help minimize that risk.

Stay Alert to Inventory and Finances

Finally, one of the important tips for safeguarding your retail business is to stay informed about all transactions. Regardless of whether you work in a small or large company, keeping tabs on inventory and production control is always a good idea. This isn’t only intended to keep the accounts more clear and concise, but it can also help you and avoid any inconsistencies in your records.

Ultimately, large-scale theft isn’t the only one that exists, as the very real ant type of theft is also present. Both bigger retail stores and smaller community ones are vulnerable to shrinkage, but by staying alert to all potential risk channels — and introducing vital safety measures — you can help make sure your retail business remains solvent for years to come.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.
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