Employee and customer theft in retail costs hundreds of millions of dollars a year. As this report at ninemsn shows, everyone pays. Here are the top five tips which, if followed, will reduce the impact of theft on your retail business:

Track all sales by employee – use a code or a staff card.

Scan everything you sell – train team members on how to scan so ‘free’ items fall out.

Implement a returns policy – make sure you sold any item a customer returns to the store. This is very easy in good software.

Balance to within $5 – make team members accountable for sloppy system use.

Spot stock take – understand the shoplifting problem in your store. This will drive your action.

For a more comprehensive list of actions around employee theft, check out our free advice sheet.