Visual Deterrents for Business Fraud and Theft

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Making sure that your store-front is safe and secure is a prime concern. Many wandering eyes will see your business, noticing potential vulnerabilities that can tempt them into doing something criminal. Your business is your livelihood: you must do everything possible to protect it. There are numerous ways that business owners protect their valuables and ensure a safe establishment, but deterrence should always be the top priority. How can you send a message to would-be thieves and frauds that your business is not to be messed with? Below, we’ll discuss a few recommendations that you can implement to safeguard your business beginning today.

Security Guards

Perhaps the most intimidating visual deterrent for would-be troublemakers is an on-site security guard. There are many different security companies, such as IPM Security, that provide 24-hour security solutions for businesses of all types. A constant security presence – even just during non-business hours – will not only protect your business from intruders, but will also improve safety in the neighbourhood. If you own the property, this is a double-benefit, as it can increase the value of your property over the long-term.

Minimise Cash Handling

Preventing various forms of business fraud can be difficult depending on the select business. When you have to trust employees with day-to-day sales and money, however, one easy way to minimise the chances of fraud is to use and accept as little cash as possible. Besides the fact that various forms of fraud involving credit and debit cards are easier to rectify and track, the temptation factor will be reduced when eliminating cash from the equation. You can incentivise customers to use alternative forms of payment by offering a slight discount on their purchases when doing so, which will reduce the amount of actual cash being in the possession of an employee at any given time.

Offer Better Pay

While people from all economic backgrounds are known to engage in theft and fraud, you can further reduce the likelihood of employee theft by paying employees a living wage. Some people steal simply because it is in their nature, but many employees find themselves in positions where they are simply not able to make ends meet. Whether they are in need of rent, food or childcare services, people will do what they have to do to survive. Reduce this impulse by paying people a wage on which they can survive.

Implement Rigid Inventory Systems

Small businesses in particular often forgo expensive or complex inventory and point of sale systems. While this does minimise overheads in many situations, it can cost you dearly elsewhere. Especially in instances involving the service industry (food and beverage in particular), be sure to implement standard serving sizes and ensure the items are in public view. Likewise and for other businesses, use a POS system that tracks the amount of each item sold during each transaction, which employee is selling the item and each individual transaction. This will make it easier to track items and find discrepancies in the event something comes up missing.

Business theft and fraud are unfortunate but very real problems. You may not be able to eliminate every risk, but you can minimise the likelihood by hiring security guards, implementing rigid inventory systems, offering living wages and reducing the amount of cash accepted. With temptations reduced and opportunities diminished, it becomes much more difficult for people to take advantage of your business.

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