“That’ll be $4722.00. Welcome to retail!”

VW3

Only you can truly protect your assets.

My car got slammed last week by a hit-and-run driver. You get a feeling of  helplessness when you realize the chances are slim to none of having a “Perry Mason” investigation in the name of justice. It made me think of retail cash shrinkage.

Baseball-sized hail riddled our neighborhood recently. Roofing, siding and window crews came from as far away as Texas and my car had to be parked on the street during the work. Although there were over 30 witnesses to the accident, the policeman was right when he said, “You will never see that truck in the neighborhood again.”

A Loss Prevention Manager for a major petroleum company shared with me that at least once per year, a dishonest employee steals all the cash he takes in during a holiday weekend. The employee enters the drops in the POS system, but since he doesn’t have a smart-safe, the drops aren’t verified. The crime goes undetected until the armored car company shows up to empty the safe.  As my friend explained, when he reports the crime to the police, they ask, “Anyone hurt?” When he tells them, “No,” the police inevitably say they are too busy to investigate, and “Welcome to retail!”

What can you do?

  1. Get away from entering drops manually.Look into implementing cash-verification technology that reads and secures the cash, AND electronicaly reports the drops to your back-office or POS system.
  2. Be suspicious whenever an employee volunteers to work extra shifts over a long weekend.
  3. Watch for patterns. My experience has been that employees steal a little, before they steal a lot.

If you start with the assumption that no cash loss can be recovered, you have taken the first step in truly protecting your assets.

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