Protecting your business against losses is a serious matter. People can steal from you, whether they’re customers or employees. Others even resort to damaging your business property. Thus, you should take the precautions to prevent loss, theft, or damage to your property.
There are three generics ways on how to protect your business.
- Get insurance coverage for your inventory, property, and employees.
- Protect your physical store by adopting security procedures.
- Implement necessary internal controls in your small business operations.
We will discuss insurance and internal controls in passing because these two ways require a more intensive discussion. In this article, you will learn some security procedures.
Business owners can protect their businesses by availing of insurance policies. Insurance policies differ depending on coverage and rights. Some insurance policies cover losses from calamities while others protect a transaction against loss from theft.
General liability coverage is the most common and suitable for small businesses, retail owners, or service businesses. This insurance policy gives business owners the right to claim for coverage when a customer gets injured in your storefront.
Business property coverage allows you to recover losses due to fire or other unfortunate events. Repairs, if you own the building and property replacements such as furniture, are part of this coverage.
You can contact your legal advisor or an insurance agent to talk about insuring your business and its properties.
Strict internal controls prevent your employees from doing offensive actions such as stealing or conniving to commit fraud. An example of internal control is accounting controls, where two employees handle recording function and disbursing responsibility separately.
Another example of internal control is a restriction of access to sensitive data. Provide your employees with different levels of permission, so you can hold those persons for accountability when something goes wrong with your business data. Always back up data to the cloud or external sources as part of your internal control.
Monitor your inventory regularly. Perform inventory counts on random and investigate significant (even small) discrepancies. Review the permission level of your employees and see who can edit data.
You can protect your business against employee theft, shoplifting, or other incidences with security systems.
- Surveillance System
A security system is an investment you should buy for your business. One of these security systems is surveillance or CCTV.
Nowadays, most businesses opt for CCTV installation regardless of the company. The complexity of the CCTV system depends on the products and services offered. For example, if your business is a retail store that sells high-value products such as pieces of jewelry or laptops, invest in more than security cameras. Include some alarm systems (more with the alarm system in the next section) as part of your security system too.
In this business security system, the best security cameras for business reviews are installed strategically within the premises of your business property. These security cameras send images or video footage to a recording device. You can also opt for a monitoring device to view live footage of comings and goings in your storefront.
Anyway, the surveillance system will depend on your budget and your security requirement. Usually, surveillance system providers recommend the best solution for you after assessing your property.
- Merchandise Security Devices
Merchandise security devices are great for retail stores. These devices allow you to safeguard merchandise without being obvious. With these devices, you can tether the products to the display case, allowing unlimited testing by customers.
Customers can only hold and test the product within a certain distance. Otherwise, the security device will sound an alarm.
Another example of merchandise security devices is electronic article surveillance. This is the latest technology for securing your merchandise. You attach a security tag to your merchandise. When a shoplifter takes out the product unauthorized, the scanner in the entrance will sound an alarm.
Locks and cables are also security devices that you can use for your products. These are cheaper than those sophisticated devices.
- Video Analytics
Video analytics is an advanced technology of a security system. This technology detects an attempt or intention to steal. How? It uses heat maps, face recognition, or suspicious movements to detect theft.
Together with a security camera with face recognition, you can prevent or catch a perpetrator before he or she escapes your storefront. This software is an expensive but worthy investment. You can buy this if you’re selling high valued products.
Interestingly, this software can also detect long lines and send alerts to you or your manager. With video analytics, you can improve your customer service by attending to consumers waiting in line and opening a new counter to accommodate them.
- Signage and Education
This security measure is simple but adequate and the cheapest of all measures mentioned here. Signage showing that a surveillance system protects your store will deter shoplifters or thefts. You can place signage at the entrance, at the cashier counter, or other noticeable areas.
Education for your employees about the code of conduct helps them know of the consequences when they steal from you. Update your employees about the best practices for theft prevention so they can detect shoplifters through direct observation.
Minimize theft, shoplifting, and damage to your property by implementing business security measures. If you can’t eliminate these offensive actions, at least make sure you catch the culprit.
Your security measure may range from simple to the most sophisticated ways. The most straightforward step you can implement is putting a warning sign in noticeable areas. Letting people know about CCTV in your business deters amateur shoplifters and thefts.
When theft is still a rampart, you can level up your business security. A surveillance system with security cameras that can recognize faces is an investment you’d want to consider.
Save up on insurance premiums, too. Coverage for your business will help you recover losses.
Last, make internal control procedures stricter. Educate your employees on the code of conduct and how to recognize shoplifting behaviors.
Did you learn something from our article? If you did, kindly leave your comments or share this with your friends, relatives who own a business. The tips and information might help them.