It goes without saying that these days we have to face such a terrible challenge as cutting our employee theft as well as customer theft in our retail business. It’s clear that to cope with this trouble we need to engage both business owners and certainly managers to reach this goal. Our common efforts are required in this case.
I should say that very often retailers take for granted such a fact that there may be a certain level of theft and the main thing is that this level should stand still without dangerous fluctuations towards increasing. So in other words these guys hope that thieves won’t steal too much causing big losses.
I’d like to inform you that there are three steps enabling you to cut the cost of theft in your retail business. So the first step is that you should understand the problem. In other words you need to realize the real value of theft. To properly understand the value of customer theft you should undertake a full business stock take as well as spot stock takes. You should take advantage of your point of sale system. Exactly this system should reflect the real value of stock theft. In this case I mean customer theft fist of all. I should say that a really good professional POS software is always helpful.
It’s evident that you should have a clear understanding of your employee theft value, though it may appear to be rather difficult for you because in this case you should take into account the cash which isn’t put through the computer system.
The second step is that you should have a more serious approach to your business processes. The matter is that theft usually occurs due to weak business processes. As follows from this you need to strengthen some of your business processes and this way you’ll significantly cut the cost of theft.
Pay more attention to your sales. It goes without saying that you should track every sale by a so called employee code. I’d like to assure you that it brings some discipline to your sales process. And what about refunds? It’s clear that you can’t pass by them. In fact you can assign your manager to do this. You need to take into account deleting sales. So you should make sure that only the most senior guys involved in your retail business have permission via the POS software to do this.
Pay attention to your discount policy. You need to set up solid rules in your POS software as for the permitted volume of discounting. Don’t forget about your cash balancing. It’s clear that you should establish rules regarding the end of your shift cash balancing. I really hope that your business won’t suffer heavy theft losses.
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