One of the most important parts of any business is its loss control department. When you have a good loss control department in place, you will be able to reduce the level of theft and have a better control of your inventory. There are several tips that you should follow when trying to improve your loss control functions.
Have a Good Leader
If you want to have a good loss control department, you will first need to make sure that you have someone that is a good leader for the group. Loss control can be a challenging area of a business to run. You will need to have someone that is able to continue to follow through with rules and protocols while also encouraging others to do the same.
Clear Protocol in Place
Once you have a leader to run the group, you will need to make sure that you have a clear protocol and system in place for all people to follow. Loss control and prevention is far more successful when there are systems and processes in place that are easy to understand and follow. When you do this, you will have a much easier time educating the rest of the company.
Inventory Counts
When you are looking to improve your inventory control processes, you will also need to make sure that you have a good understanding of what your inventory is. To do this, you will need to do regular counts. When you know what your current inventory is, you should be able to know what it will be in the future after all sales are accounted for. This will result in a more accurate inventory count in the future.
Identify Areas of Concern
If you are going to have a good loss control process in place, you will need to know the areas of the business that are at the highest level of risk. After going through the inventory process a few times, you will be able to identify which areas are at the greatest risk of threat. The loss control process can then be used to identify and improve these areas.
Encourage Employee Accountability
When you are going to improve the loss control function, you need to make sure that all people working in the business are focused on the same goals. While you can have a loss control group that focuses on this as a full time job, all other people need to be focused on it as well. This should require that you have training sessions that will help people recognize red flags.
Organize Store Better
A big part of this process should be to organize your store better as well. If you have a retail store in place, you will always be at risk of theft. One of the best ways that you can stop it is by having a good floor plan organizational system in place the whole time. This will include making sure that you have good line of sight down the aisles and place higher-risk items in more visible spots.
Enhanced Security Services
Nothing will be able to slow theft like a good security system. When you have an enhanced security system in place, including theft sensors and cameras on the ceiling, you will be able to monitor the store much better. This will also be able to help dissuade someone from trying to steal from you in the first place.
Organize Documentation
Another reason why a store struggles with loss is that they do not have all of their documentation properly organized. Some businesses do not have a good system in place to know what their actual loss records are. When you do experience a loss, you need to make sure that it is properly documented. This could also help when it comes to getting insurance reimbursement.
Invest in Inventory Management
Finally, when you were trying to improve lost control function of your business, you should also consider investing in a new inventory control system. when you have a better inventory control system in place, you will have more accurate estimates of your current inventory picture. You will also be able to know when inventory should be ordered. This can prevent being overstocked, which can reduce the risk of theft.
