In years working with small and independent retail businesses, the team at Tower Systems has learnt plenty including the indicators of in which retail businesses theft is more likely to occur.
Our experience is that theft is more likely to occur in businesses where stock is not managed properly.
By not managed properly we mean where:
- All items sold are not tracked at the point of sale.
- Where new stock arriving in the business is not properly arrived through the software.
- Where spot stock-takes are not undertaken regularly to maintain an accurate stock on hand account.
- Where stock given away or thrown away is not written off.
- Where stock returned to a supplier is not scanned out.
Our advice on reducing the cost of employee theft and customer theft is simple – follow our advice, manage your stock and without a doubt the cost of theft in your retail business will be lower than it would have been.
If you think the cost of managing stock is too great, think about the cost of $25,000, $50,000 or even $250,000 in theft. Yes, we see this all too often in retail businesses – where stock is not managed.
Managing your stock = less theft and less theft = increases product and increased profit = you get more when you sell your business.