How to Mitigate Loss Prevention in Retail

What is Loss Prevention?

Whether it’s a jewelry store, gas station, or dispensary, businesses within the retail sector will be prone to theft, loss, and diversion. A myriad of variables such as shoplifting, internal theft, or a miscalculation of inventory, can be a contributing factor. Unfortunately, there isn’t an easy solution to eliminating these losses completely, but taking a proactive approach can significantly mitigate many of these concerns. Loss prevention, among many other security measures, can be a topic that is amplified and implemented throughout a business that can both protect a company’s assets and foster a safe and secure environment for employees and customers alike.

Proactive Loss Prevention Measures

Employee Training

Implementing proactive loss prevention measures among a business begins by educating employees and arming them with the right information. Informative training sessions on how to recognize internal and external theft, and thus how to report and respond to these sightings can empower employees when faced with a difficult situation. The last thing a business needs is theft to go unnoticed, or, worse yet, a potentially dangerous situation to be handled carelessly.

Technology

Investing in technology is another way to deter a business against loss of time, product, or currency. Surveillance cameras, alarm systems, and access control systems act as a powerful barrier, especially when integrated together. Cybersecurity protocols, regular software updates, speedy repairs, and employee education on safe online practices are additional ways to bolster digital security.

Risk Assessments

Collaborating with a professional security consultant to evaluate the vulnerabilities among a business is greatly beneficial when it comes to preventing losses. A trained eye, who is independent of the company, can better detect and assess the potential threats that lurk in the shadows. Not only can a professional security consultant detect these threats, but they can confidently navigate a business towards a cost efficient and compliant solution.

Point-of-Sale (POS) System

Ensuring all assets are tracked on a POS system is another sure way to reduce the chances of losses. If needed, the POS system will be able to provide a paper trail of when a product was sold, returned, or exchanged, and provide information on who was working what register during a certain time.

Conclusion

Security is just as important as any other aspect of a business, especially when it comes to preventing losses. Since it can be difficult sometimes to determine whether theft, loss, or diversion is internal or external, this is why fortifying a company with tools before an incident begins is vital. Implementing proactive procedures not only reduces the threat of loss, but also increases the safety and security of the overall premises.

How Can Sapphire Risk Help?

Tony Gallo and the team of experts and consultants at Sapphire Risk Advisory Group have worked to secure medical marijuana and recreational cannabis businesses in 36 states. Follow us on social media to stay up to date with more security best practices and cannabis industry updates!