Imagine you own a golf shop north of Milwaukee, near the heart of Wisconsin’s golf mecca, just minutes away from Whistling Straits, Blackwolf Run, and The Bull at Pinehurst Farms. It’s the middle of summer, everyone has the golf itch, and you’re surpassing your sales goals to date. There’s no indication the other shoe will drop any time soon.
Until you arrive one morning to find the front door unlocked. Your heart pounds as you race into the store, realizing dozens of high-end Callaway and Taylor Made drivers are missing along with several sets of Ping and Titleist irons. Two end caps of Srixon and Callaway golf balls are now empty, too. Margins on these items are small enough – now you’re out thousands of dollars.
If being burglarized wasn’t bad enough, you get sick to your stomach knowing it could’ve been prevented if you had a security system in place.
Business theft can be financially devastating. To protect your business and its assets, you must take proactive safety measures.
1. Understand the risks of business theft
Thieves use a variety of methods to target businesses, often exploiting vulnerabilities in security systems (or lack thereof). The most common tactics are shoplifting, employee theft, burglary, and cybercrime.
The consequences of theft extend beyond the immediate loss of stolen items. Businesses often face financial burdens like increased insurance premiums, replacement costs for stolen goods, repair expenses for damaged property, temporary closure, and legal fees. Additionally, theft can damage a business’s reputation, leading to a loss of customers and decreased sales.
2. Secure your physical business location
Implementing the right security measures will significantly reduce the risk of theft and protect your valuable assets. Here are few things you should do:
- Install an alarm system: A high-quality alarm system is an effective barrier for potential thieves. Choose a system that is monitored 24/7 and includes features like motion sensors, door and window sensors, and a loud siren to alert you and authorities in case of a break-in.
- Implement access control measures: Restricting access to your business is key in preventing unauthorized entry. Use key cards, electronic locks, or biometric systems to control who can enter. This will guarantee that only authorized employees have access sensitive areas.
- Set up proper lighting and surveillance: What do vampires and criminals have in common? They don’t like good lighting. Install bright outdoor lights around your buildings, especially in dark areas or entry points. You’ll also want to install security cameras – crooks also don’t like to be recorded or identified.
3. Protect valuable assets
Securing the outside to protect the inside is only half the battle. Taking protective measures within the walls of your business is equally important to prevent those costly Taylor Made Qi10 drivers from vanishing:
- Secure inventory and equipment: Physical theft of inventory and equipment can result in huge financial losses. Install surveillance cameras and secure locks to deter thieves and give you an extra layer of protection. Do regular inventory audits to identify any missing or stolen items quickly.
- Protect sensitive data and information: Make sure you have rock-solid cybersecurity measures in place, like firewalls, antivirus software, and encryption. Regularly update software and train your employees on best practices to prevent data breaches. Additionally, limit access to sensitive information only to authorized staff members.
- Use secure storage solutions: Use safes, lockable cabinets, and restricted access areas to further discourage theft. Store important documents, cash, and valuable items in these secure storage options to minimize your risk.
4. Prevent employee theft
Did you know that a shocking 75 percent of employees admit they’ve stolen from their employer at least once? And small businesses seem to be the most susceptible. Make sure your business remains in the minority by:
- Doing thorough background checks: Conduct detailed background checks during the hiring process to uncover any criminal history or suspicious activities that could indicate a potential risk.
- Establishing clear policies and procedures: Clearly define and communicate your business’s policies and procedures. This includes outlining expectations regarding acceptable behavior, cash-handling protocols, and inventory management. By setting clear guidelines and boundaries, employees are more likely to understand and respect the consequences of theft.
- Promoting a positive work culture: Building a positive work culture goes a long way in keeping staff from stealing. When employees feel valued, respected, and satisfied in their roles, they are less likely to engage in dishonest behaviors. Be supportive by recognizing and rewarding good performance, encouraging feedback, and providing opportunities for professional growth.
5. Establish an effective security plan
Finally, fortify your business by developing an effective security plan. The key components of your security plan should be:
- Regular risk assessments: Assess the security risks your business faces on a quarterly or monthly basis. This can involve checking locks, alarms, and surveillance systems, as well as making sure your digital security systems are up to par.
- Training for employees on security protocols: Educate staff on security protocols, such as proper handling of sensitive information, password management, and spotting suspicious activities. Reinforce the importance of these processes by hosting training sessions regularly.
- Emergency response plan: In the unfortunate event of a security breach or theft, having an emergency response plan in place allows you to react quickly without getting rattled. This plan should emphasize first steps, like contacting the authorities, activating alarms, and activating backup systems.
If your business is ever burglarized by a career criminal or shady employee, it’s important you report it to your insurance carrier promptly. This will speed up the claims process to ensure you get what you’re entitled to.
It’s also never a bad idea to review your business coverage to confirm you’re protected should the unexpected happen. Connect with a local agent today to make sure your policy is safely in the fairway.
