5 Loss Prevention Tips for Convenience Store Owners (Updated 2020)

    Jun 11 2020

    Topics: Counterfeit Detection, convenience store

    Convenience stores are a vital part of the economy, but they face their share of risks. Follow these tips to improve loss prevention in your store.

    Convenience stores are also attractive to some people looking at them for other reasons. Their long hours and high volumes of cash make them targets for quite a few activities that can lead to loss. Even unintentional human error could lower the bottom line, which has repercussions for the business. The increased risks can make employees uncomfortable, leading to higher turnover, which also costs the business.

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    For that reason, convenience store owners almost always have security and loss prevention on their minds. If that sounds like you, these five tips can help. With them in hand, you’ll be on your way to developing a more comprehensive and well-rounded loss prevention strategy.

    1. Cleanliness Matters

    Convenience stores are often busy places, which sometimes means organization falls by the wayside. In addition, you might be trying to stock seemingly everything under the sun in just a few hundred square feet.

    Crowded or disorganized store setups can increase risk. It’s easier for products to get lost in the shuffle or even disappear because of someone’s dishonesty. Inventory may even end up spoiling or going off-code, which can cost you.

    2. Pay Attention to Detail

    Organization is important when it comes to following store policies and procedures. Even a misplaced vendor invoice or an error while balancing the till can create headaches for the business, even if they are ultimately sorted out.

    Ensure your team is informed of store policies and why. Ask them to follow procedures for counting up the tills, creating floats, or even receiving a shipment from a vendor. Dotting your “i”s and crossing your “t”s can make a big difference.

    Pay attention to when team members aren’t following the procedures. Train everyone properly, and hold your team members accountable.

    3. Knowledge Is Power

    Data is invaluable in almost any business, and convenience store owners will find it has benefits for them as well. Effective and objective measurement systems help identify where risks exist.

    That same data can also suggest solutions to address the risks. For example, a smart safe might be able to help you keep better track of who is accessing the safe and when. A coin and banknote recycler records how much cash is accepted and dispensed, giving you both a paper trail and insights into patterns of cash usage in the store. Depending on your software, these devices can also provide more data, offering additional insights to identify issues and risks.

    4. Invest in Cash Management Technology

    As mentioned, using cash management technology such as coin and banknote recyclers and smart safes can offer you valuable data. This provides a paper trail, as well as helps you identify patterns.

    Most devices also come with their own security features. Smart safes and cash recyclers, for example, both can enhance security for cash storage.

    Counterfeit detection is another key to improving business security. Coupled with the right training, cash management technology is a smart security investment.

    5. Know Thy Enemy

    One of the best tips for convenience store owners is to take a look around for risks. Instead of thinking like the store owner, though, try to imagine what someone else sees when they walk into the store or the back office.

    Understanding the opportunities that someone else sees can give you the chance to close up those gaps. Many risks can be mitigated. The issue is often identifying them before someone else does. New technology and new procedures can go a long way to reducing your risks and making your business more secure.

    Ready to get started? A smart safe or other cash management device could be a step toward a safer business.

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733