Cash has no value unless it is in your main bank account. Your change fund and any un-credited cash is pure expense. We’ll reduce cost and lower unproductive cash balances by looking at how much change you truly need to run the business, the quantities and form in which change is ordered.
A LinkedIn discussion recently contemplated the question, “Should cashiers be required to pay back shortages?” Here are some snippets of the excellent dialogue: “Yes (They should pay back the shortages.) provided . . . only they had access.” “No! This creates a condition where the employee can take a short term loan from the register.” [...]
Retailers have learned that cycle-counting . . . the process of counting something often, but seldom everything at once . . . actually decreases shrinkage. That’s because they spot problem areas quickly, and can take action sooner. Would it work for cash? Is “Z” just an old key? If like me you have saluted the [...]
When one side moves, they all move. Any engineer will tell you, “Cost, Specifications, Schedule. It’s a triangle. Adjust 1 side, the other 2 sides move. ” For example, adding more features means your product will be developed later, and cost more. The same goes for Loss Prevention, especially in this economy. We define the LP [...]
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