How to Prevent Theft in Your Retail Store

    Oct 17 2014

    Topics: Retail Store, Prevent Theft

    As a retail business owner it is imperative that you take measures to protect your retail store against theft. Your business is vulnerable to theft, both internally and externally. Don't turn a blind eye. There are a number of ways you can prevent theft in your retail store.

    Review and revise your current theft prevention program.

    If you don't already have a theft prevention program, it's time you develop one. You and your staff need to take theft seriously and work together to protect the business.

    Review and revise your current cash management process.

    You should implement solid cash management procedures if you don't already have something concrete in place. If you do have something like this currently, review and make any necessary changes to bring it up to date. You need to acknowledge that theft is harming your business. Create cash handling policies and enforce them.

    Train your staff.

    Ensure your employees understand the seriousness of these anti-theft precautions. Review your theft prevention program and your current cash management process with your employees. They need to understand their role and responsibilities in these processes.

    Invest in fraud detectors.

    Use cheque imaging solutions to detect cheque fraud. Credit card and cheque fraud are the two most common types of fraud. There are bill detectors and cheque imaging solutions available for businesses, no matter the size of your business. Don't let cheque fraud and counterfeit bills detract from your profitability.

    Automate your cash management system.

    There are a number of solutions that eliminate cash handling altogether. Streamline your cash handling process and have an automated cash management system tackle the counting, dispensing, sorting, reconciling, and reporting. This will reduce the risk of internal shrinkage significantly. Dishonest employees will not be tempted to dip into cash drawers and honest employees will not be held accountable for crimes they did not commit.

    Practice consistency.

    Once you've implemented these measures to protect your retail store against theft, you must continue to uphold what you've set out to do. Discrepancies need to be reviewed every day. Bank deposits need to be completed every day. Maintain accurate inventory records. Continue to stress the importance of the theft prevention program and cash management process to your employees.

    What you are you doing to prevent theft in your retail store? Take these precautions to minimize the risk of theft. If you don't take your business seriously, who will?

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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