LP in a Box User Community, a website for loss prevention training and awareness, outlines four of the most common errors that cause you loss in your business. Most of these errors are correctable if you have an awareness of what is happening and the insight for dealing with them.
Areas to Correct/Check
- No Written or Updated Policies and Procedures. Actions of your employees are most often the cause of many errors. If they have no guidelines for policies and procedures, you’ll often hear, "I didn’t know what to do". Written policies (not verbal ones!) provide employees with something to reference when there is a question that needs an immediate answer.
- Miscounting of Merchandise and Goods. From the initial receipt of merchandise through inventories, transaction handling and everything in between, accurate counting is essential. If employees understand that accuracy is far more important than speed, fewer errors will occur.
- Damage and Waste. Your cost of goods sold may be at greater risk from damage and waste than from theft! Once you own the inventory, your team is responsible for its proper care. Guidelines for this are essential.
- Handling of Point of Sale Transactions. Errors in check or credit card acceptance, deposit preparation, handling voids, refunds, loyalty and gift cards, discounts and other sale transactions, can result in inventory, monetary or margin losses. Increased bank or credit card fees can also come from incorrect handling of POS transactions.
CounterPoint Point of Sale Software can help you solve many of these problems that can reduce your profits. We’re here to show you how! Call us at 800-672-4806 or email us for further information.