10 Ways to Prevent Theft From Your BusinessMartin Bankson June 8, 2020 at 1:37 pm
Small Business Blog
10 Ways to Prevent Theft From Your Business
No matter the size of your business, theft is an issue you’ll have to address. As a small company, you may not have as much to offer thieves, but you’re still a target. Not all theft is external, either.
Employee theft can be an uncomfortable topic, but it’s one you should take seriously. The U.S. Chamber of Commerce reported that as much as 75% of workers have stolen from their employers. This issue is widespread, so here are ten ways you can help prevent it:
1. Screen Applicants Before Hiring
Before you hire anyone, conduct a thorough screening. At the least, you should call their references, and, depending on their responsibility level, do a criminal background check. Just make sure applicants consent to this search in writing, and apply the same measures to everyone.
2. Establish Clear Anti-Theft Guidelines
You should create comprehensive and easy-to-understand protocols for how your company addresses theft. Then go over these with every new hire so they understand the consequences. If they know what’s at stake from the start, they’ll be less likely to try to steal.
3. Check Inventory Regularly
Have a written record of what’s in your inventory and where it goes. Without organizational tools like this, things may go missing without you knowing about it. After you’ve compiled this list, use it to check your inventory regularly.
4. Divide Responsibilities
When you give one person too much control, you’re asking for trouble. You should split major tasks, especially financial ones, between multiple employees. If several people are involved in every action, it makes it harder to get away with theft or fraud.
5. Secure Vehicle Fuel Caps
Theft can happen where you least expect it. Fuel theft can account for up to 30% of your costs of operating a fleet. Use locking fuel caps or fuel cap covers to secure access to your gas tanks and prevent theft.
6. Foster a Positive Work Environment
If you make your employees feel valued, they’ll be less likely to steal. Make sure your workers are satisfied, engaged and comfortable working in your company. Since 42% of employees are only somewhat satisfied with their compensation, increasing pay might be a helpful starting point.
7. Emphasize Customer Service
Similar tactics can help you lower external theft too. If you’re a customer-based business like a retail store, make sure you provide excellent customer service. When your employees are helpful and considerate, your patrons will be less likely to steal.
8. Install a Closed-Circuit Television (CCTV)
Security camera systems may be expensive, but they’re a worthwhile investment if you can afford them. CCTV systems can act as a deterrent, dissuading people from stealing by increasing the likelihood that they’ll be caught. If a theft does occur, CCTVs can help you find who’s responsible so you can recover from the loss.
9. Create a Straightforward and Confidential Reporting System
Your employees may be aware of theft but won’t report it out of fear of repercussions. You can help these workers by providing an easy and, most importantly, anonymous way to communicate issues like theft. That way, you can learn of any suspicious activity, and your employees can feel safe.
10. Perform Regular Audits
You should also randomly but regularly carry out audits like inventory or cash checks. Keeping these spontaneous will mean any wrongdoers don’t have time to cover their tracks. If employees know these audits could happen at any time, they’ll also be less likely to steal in the first place.
Secure Your Business Today
Theft, both internal and external, is a threat to your company. Thankfully, with the right measures in place, it’s not something you have to worry about. If you take a proactive approach to security and follow these steps, you’ll create a safer, more profitable business.
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10 Ways to Prevent Theft From Your BusinessMartin Bankson June 8, 2020 at 1:37 pm Read More »
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