Independent retailers are an easy target for people who want/need cash. The more relaxed business processes surrounding cash the better. We get called in when it is too late and a considerable amount of cash has been stolen. Our job is to get the evidence for the police or insurance company as to the quantum. While that’s all well and good, the reality is we would prefer to help with prevention – thus saving businesses tens of thousands of dollars a year. Even without spending money independent small retailers can cut the cost of theft. If they do just these five things they will significantly reduce the chances of employee theft:
1. Background check every new hire.
2. Balance every day – chase down reasons for not balancing.
3. Track every sale back to an employee – any good system will let you do this.
4. Respect employees and pay above base wage.
5. No bags, memory calculators, notepads at the counter.
6. Spend time at the counter and pick up on poor behavior.
7. Track cash and every point between the customer and your bank account.
These will seem like basic advice to most but I have to say that in every instance when we get called in at least several of the items on the list have been ignored.
Cutting employee theft is easy – all it takes is good business management.