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Loss Prevention: 3 Commonly Overlooked Areas That Could Increase Your Losses

Loss Prevention: 3 Commonly Overlooked Areas That Could Increase Your Losses

When we talk about loss prevention, the standard issues immediately come to mind: theft and shrink. But loss occurs outside of these two areas. To really be savvy with your loss prevention efforts don't ignore the day to day occurrences that could contribute to your losses.

1 play_icon_dtiq Freebies and Gifts

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Associates caught giving away free merchandise items to friends, family or other Associates are not just risking termination or legal action. For every item 'given away' your business loses that item which impacts shrink. The possible sale of that item is also lost, meaning less sales. And as reviewed in this article from LP magazine, there may be a perceived fine line between an amazing customer experience and sweet-hearting that's not clear to your teams.

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play_icon_dtiq Shortcuts around Processes and Policies

mistakesIt's most likely not because of dishonest intentions, but teams taking shortcuts or 'doing things a faster way' poses great risk for your stores and your business. Taking shortcuts around company policy could mean paperwork errors or even worse - opening up opportunities for loss and theft. Watch for some key characteristics of shortcutting procedures like "this is the way I do it" or frequent missed steps in a process, and stay in-tune with your day to day operations.

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3 play_icon_dtiq Poor Safety and Cleanliness

unsafe_workStarting safe sets you, your stores and your customers up for the best customer experience possible. Stacking boxes or merchandise too high, blocking aisles or leaving items where they should not be - even for a minute or while helping a customer creates a safety risk.  Want a full list?  Check out the top 10 safety hazards in retail. Remember, its much easier to maintain a safe environment than to fix safety issues after the fact.

Set your year up for success and be sure to include somewhat overlooked drivers of loss. Your teams and your bottom line will thank you.

 

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