If you manage a warehouse or retail store, you’re always looking for theft prevention strategies and best practices for loss prevention. Recent years have only increased the pressing need for security upgrades in most of America’s retail spaces. In our home state of California, penalties for shoplifting and cargo theft have just increased, showing a shift in public awareness of retail security.
Small business owners bear the heaviest burden when it comes to theft and shrinkage. Thankfully, there are many cost-effective solutions for retailers of all sizes – inexpensive ways to secure property and personnel. By following best practices and hiring unarmed or armed security guards when necessary, retail decision-makers can prevent loss and improve the risk profile of their storefronts.
Understanding Loss Prevention
Every business takes steps to reduce losses due to theft, fraud, and operational errors. Diligent business owners are proactive – recognizing the vulnerabilities that lead to shoplifting, employee theft, and administrative errors. By conducting a thorough risk assessment on-site, you can better understand what tools are needed instead of simply throwing money at the problem.
If losses persist after you’ve addressed all visible vulnerabilities, it may be time to deploy some basic tools to better understand why the losses are occurring. Improvements in consumer technology have made it relatively inexpensive to install cameras and key card access at entry points, stock rooms, and cash registers. These standard loss prevention techniques will expose any existing sources of theft and shrinkage. With better access control and monitoring in place, you should gain a better understanding of the tools and techniques you’ll need for long-term loss prevention.
Effective Loss Prevention Techniques
When deciding which security measures will best serve your retail store, consider your budget, the size and experience of your team, and the physical conditions of your facility.
Employee Training & Awareness
Your first, and hopefully least expensive, step should be to train your staff on the basics of loss prevention. Educate your employees about recognizing suspicious behavior, encourage a culture of vigilance and teamwork, and have a clear incident response plan that facilitates employee reporting.
Inventory Management Best Practices
Conduct regular inventory audits and track stock levels using an appropriately scaled ERP system. By establishing a cycle count routine and training your employees, you can reduce human error and expose any sources of inventory loss.
Customer Engagement Strategies
Engaging with customers is good for security and for growing your business. Ensure your employees greet customers as they enter the store and actively offer assistance. Loyal customers will appreciate a more engaged sales team, and thieves will have a more difficult time going unnoticed.
Utilizing Technology for Loss Prevention
We’ve already mentioned how inexpensive camera and key card technologies are effective security measures for retail stores. For large or expensive inventory, RFID tags offer real-time tracking to prevent loss and assist authorities in finding stolen goods. Communication tools like workplace mobile apps can help your employees report suspicious incidents quickly so action can be taken.
Role of Security Guards in Loss Prevention
The cost of security guards will vary depending on the location and security profile of your storefront. Nonetheless, security guards are a relatively inexpensive addition to your overall loss prevention strategy. Guards act as experienced sets of eyes – since they’ve deployed to other retail locations, they can help spot vulnerabilities and advise on best practices for loss prevention at your store.
Guards will observe access points, monitor customer behavior, conduct regular patrols, and document any incidents to improve resolution time and reduce liability. Conditions at your location may make other loss-prevention techniques difficult, such as limited access to staff or technology. Security guards are the adaptable solution that can improve security outcomes in nearly every retail environment.
Contact The Guard Alliance
For over a decade, The Guard Alliance has deployed armed, unarmed, vehicle patrol, and fire watch guards to improve safety and security outcomes at retail stores across the USA. Our guards can advise you on active security risks in your store and help you develop best practices for loss prevention. Contact our sales team for a customized quote if you need guards on-site today.
