Following on from my previous post, here are simple steps you can take to cut theft in your newsagency:
- Track everything you sell from ordering goods to the shop floor to the sales counter to returns. You can only manage what you track.
- Scan every item sold. Do not use department keys – allowing staff to enter the value of an item purchased.
- Track all sales by employee: using a code or barcode. This will cut mistakes.
- Undertake regular spot stock takes. In more than half incidents of employee theft this action would have revealed the theft sooner.
- Reorder stock using your software. It’s fast, accurate and stops poor buying decisions.
- Set an end of shift cash balance target of $5.00. Many retailers achieve this – it takes discipline.
- Change your system passwords regularly. Make it a condition of employment that these passwords are never shared.
- Do random, during the day, cash balance checks.
- Use your software to check and report on behavior which could indicate employee theft. Good software will reveal employee activity likely to indicate fraud / theft.
- Establish rules for discounts, returns and refunds and use your software to manage these.
- Integrate your EFTPOS with your Point of Sale and reduce fraud opportunities.
- Follow your suspicions regardless. Put your business ahead of friendships.
Too many newsagents are losing too much money due to theft – way more than the recent theft survey indicated unfortunately.