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Small Business Loss Prevention Tips You Can’t Afford to Miss

As a small business owner, loss prevention is always at the front of your mind. Unfortunately, shoplifting still costs US retailers about $61.7 billion each year and these numbers aren’t showing any signs of slowing down.

Small Business Loss Prevention Tips

With that in mind, this post is going to cover some business loss prevention tips you (and your business) can’t afford to miss.

Optimize Your Store’s Layout

It might be time to rethink the layout of your store if you’re regularly dealing with shoplifting at your retail locations. Moving the checkout closer to the entrance/exit is a good place to start. It might also be worth getting locked displays for high value items, and switching to lower display shelves that don’t disrupt your line of vision. 

Employee Training

Do your employees know how to spot suspicious behavior and stop shoplifting in its tracks? If not, it’s time to invest in this training! Make sure your team also knows what to do when they suspect shoplifting, as well as how to use the security system and alarms.

Install a Security System

On that note, be sure you have a security system in the first place. Although it requires an initial investment, this will pay off in spades down the road. Not only can it reduce business loss, but it can also help you save money on your commercial insurance policy. On top of installing a security system, make sure you advertise that security measures are in place, as this is a helpful crime deterrent in and of itself. 

Require Receipts for Returns

Regularly having customers return items without receipts? There’s a significant chance some of these items could have been stolen, and these customers are “returning” them to make a profit. If this is an issue in your business, it could be time to start making receipts mandatory if a customer wants to return an item.
It’s also incredibly important to have the right commercial insurance coverage in place to help mitigate any business losses. If you’re interested in learning more about the options that might be right for you, contact us today for help!

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