Surprising Threat of Theft Small Businesses Fight
One of the most surprising threats of theft is from those you trust the most. Employees account for billions in company theft each year. Although you may never become a victim of this, it is a good precautionary measure to prepare for the worst. The steps you take to better secure your business are simple and could save you $1,000s.
Employee-Related Theft Threats
Did you know that 64% of small businesses will experience theft from an employee at one time or another? It is estimated that theft and theft prevention costs businesses nearly $200 billion every single year. Here are the most common employee-related threats to safeguard against.
Stealing from the Cash Drawer— Not Necessarily All of It at Once
As a business owner, you know the importance of trusting your employees with cash. However, one thing business owners tend to overlook is money that goes missing a little at a time.
If your business requires employees to work a register, the best way for you to prevent theft is to implement a system that balances the cash drawer between every shift change. Have your employees count the till and fill out a form at the start and end of each shift. Compare the numbers to the sales and profits from the day.
This system will help you will spot any errors and find out what happened quickly, and who was on the register at the time of the error. It is also wise to implement security cameras near registers. Security cameras deter burglars and provide evidence in the event of a burglary.
Taking Supplies Home
This can happen on a small scale with an employee taking little things here and there that add up, like toilet paper or cleaning supplies. However, if you run a small store or have a warehouse of stock, employee theft poses a higher risk to you. This is especially the case during the hours you are not there to monitor your employees.
Typically speaking, theft like this occurs at night or after-hours when most people have gone home. If your business runs a small night crew, optimize your security by installing security cameras on the premise. You should lock up any goods at the end of the day. There is no need to leave product lying around that doesn’t need to go out for delivery or isn’t being used.
It is wise to have a locked cabinet for additional office supplies. Even if you trust your employees, it is a way to organize yourself, prevent theft, and monitor your expenditures. You need to remember that employees are not the only threat, locking up items prevents theft from customers, too.
Stealing time on the clock is a version of theft that is slightly more difficult to monitor. If you are using an outdated system for punching time, you are relying heavily on the honesty of those who work for you.
Thieves have even found a loophole in more advanced computer time-keeping systems. Employees can simply ask a co-worker to punch a digital time-clock for them. This means you are paying them for time they didn’t actually work. This fraudulent theft has cost employers so much cash they coined a phrase for it; it’s called ‘buddy punching’.
The good news here is that you can stop two threats at once by installing a better security system. More advanced security doors that grant access with door-badges or pin numbers track the time an employee enters the building. This helps employers know their employees physical location at the time they reported to work.
Advanced security systems like this are great for businesses with a large staff. They take the difficulty out of tracking who is in the building, when they entered and when they left. But these doors are beneficial for many other reasons, too.
Security doors provide physical security to your employees; only allowing those who work for your company to enter the building. They fight threat of harm and theft with their advanced lock system that is nearly impossible to pick. Most newer models of security doors with digital lock or keycard systems also provide additional security features like tinted glass and heavy steel framing.
If you are considering a new construction or a remodel, definitely invest in the security of your doors. It is your first line of defense against any threat.
Now you are armed with knowledge—install the device that will stop theft from happening to you.
A locksmith in North York, Markham, or surrounding area can help you increase the security of your business. The security of your business is very important, do not hesitate to call our Newmarket locksmiths if you have any questions, or contact us online.
Affordable Lock is a locksmith in Markham serving the Greater Toronto Area, including Scarborough, Aurora, North York, Newmarket, Richmond Hill, Vaughan and Stouffville. With over 30 years of experience, we pride ourselves on looking after your commercial or residential locksmith needs. Affordable Lock’s showroom in Markham showcases a wide selection of keys, locks and an assortment of other security products for your home or business. Whether you are looking to upgrade your home or business’s security, or solve security issues, Affordable Lock Services Inc. in Markham is here for you! Give us a call today.