Best Practices for Loss Prevention

Loss, also known as shrinkage, is an issue for small businesses nationwide. Keeping your company safe and reducing loss should be part of your overall growth plan. Protecting your perimeter and assets involves strategy, training, and action. Follow our simple guidelines below to keep your business safer.

Simple first steps

Creating a plan of action that fits your needs and budget is vital in protecting your business.

For example, if you work in warehouses or construction sites, you’ve most likely seen a “NO TRESPASSING” sign. This is an easy and cost-effective way to reduce loss on site. Following this up with security cameras and security guards will add extra layers of protection to your site but will incur added costs.

Create a strategy, then revisit your plan of action often as your needs and budget change. This process will be an on-going effort but will save your company money in the future by reducing loss.

Invest in your employees

Start investing in your employees early by pre-screening job candidates, completing background checks, and offering extensive training. For example, on-site job duties, loss prevention policies, and equipment education are excellent ways to ensure your employees are knowledgeable about their duties and company standards.

Talk with management and the human resources department to determine a plan to reduce high turnover rates and offer refresher training as part of your ongoing efforts to retain employees.

Visitor and site control

You have the power to control who can and cannot visit a job site, warehouse, or construction zone. Implementing a visitor log is one way to document all who enter your place of business. Employees, vendors, and other visitors should sign in and out with time stamps regularly. At the end of each day, the logs should be stored in a secure place. If theft is reported, reference the sign-in log to see who was present during the violation.

Technical and physical security

Inventory databases track machinery, imports, and exports within your business. Utilizing inventory reports is another way you can stay on top of goods going in and out of your business. If something looks suspicious, talk to a manager immediately and investigate the issue.

Never leave a job site unsupervised or unprotected. Adding fences around your property with high-security locks and cameras can keep out trespassers. If it’s within your budget, have a guard patrol the area during off-hours and require a team to monitor the camera footage as additional safety measures.

Next steps

If you’re ready to invest in your organization, we are here to help. We offer business loans to support your growing needs. Contact us to learn more about our banking services.