Shrinkage is, quite literally, shrinking your business. Shrinkage is loss caused by theft or clerical errors in your retail store, and according to a recent US security survey, retailers lose an average 1.47% of their profits to it. In the UK, that loss is an average 1.32%. Those numbers may appear minor, but for a small retailer, week after week, month after month, they start to wear down narrow margins. For most US retailers, the biggest area of loss is around employee theft.
In the UK, shoplifting remains the biggest threat, with employee theft coming in second. Small retailers need to be especially on watch for internal fraud. According to the US National Federation of Independent Business, more than 30% of business failures are directly related to employee theft. Since small retailers don’t have the capacity to absorb losses the way large retailers do, it pays to be prudent.
This white paper shows you how you can protect yourself from theft and fraud with a few simple precautions that won’t break your bank or create an unpleasant work environment.
These are best practices that help you keep your money and your goods safe, as you grow your business into a larger enterprise…