8 Ways You Can Cut Losses This Holiday Season
Why share your highest sales of the year with the highest losses of the year? Here are 8 useful tips that can help you cut back on losses this holiday season.
- Count out loud. Train your employees to count out loud as they handle change with customers. This decreases the likelihood of human error, which means decreased losses for your business.
- Confirm your cash. Educate employees to understand the qualities of genuine cash to prevent counterfeit. Invest in a Counterfeit detection marker, or train employees on specific aspects to look for when evaluating large bills.
- Schedule specific times for register audits. Whether it be at the end of a shift, or at a set time during the day, take the time to ensure register accuracy. Not only will this will help you to keep track of shortages or inaccuracies in the register – it may even help you to sniff out anyone who is pocketing cash for themselves.
- Keep as little as you can in the cash register. Take the time to skim tills and store excess cash in a locked safe until they can be deposited.
- Make deposits daily. The holiday season is notorious for theft, so don’t keep large amounts of cash stored in a safe overnight unless it is rated for overnight storage.
- Give everyone a quick refresh. Putting together a refresher for sales transactions can help mitigate any errors that might occur when business is booming. Furthermore, make sure that your employees know how to handle the more complicated transactions – such as promotions, discounting, and unmarked items.
- Doublecheck policies and procedures. Check to make sure that your business is following correct check and credit & debit card procedures. This will prevent fees that may result from improper procedures.
- Remain Calm. It’s easy to get caught up in the hustle and bustle of the season - but make sure that your staff understands the importance of completing a transaction correctly, more than getting it done quickly.
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