As temperatures rise, keep inventory shrinkage low
Jul. 27, 2016
Inventory shrinkage is a constant business challenge. According to the National Restaurant Association, 75% of inventory shrinkage occurs as a result of theft. The other 25% is a combination of human error and operational obstacles. Make sure you’re taking the correct steps to protect your business this summer.
It’s important that your staff understands the negative effects inventory shrinkage can have on your business. The more educated your staff is on loss prevention, the more adept they will be at protecting your products. Provide your staff with opportunities for loss prevention training. This could be as simple as a one-page guide, or as dedicated as workshops or courses.
Store your backup inventory— especially top shelf liquor and fine wine— in a separate, secure location. Consider limiting access to owners and managers.
Three of the biggest sources of on premise loss are over-pouring, spilling or breaking bottles. Ensure that your employees are properly trained in pouring. ServSafe Alcohol® is a great training resource from the National Restaurant Association. For a simpler solution, try installing pour-control devices.
There are a variety of technologies today that can help reduce inventory shrinkage, with one of the most common being surveillance cameras. Even a warning sign of video surveillance can deter a person from stealing. Other technologies can also help to reduce shrinkage, such as software or digital tools that help manage inventory.
Know your numbers; it’s essential to check your inventory weekly. Equally as important is to be organized. Ensure that you have a consistent, structured system in place for managing your inventory. Browse these tips on inventory management.
Have a safe and secure summer!
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Sources:
http://www.climatecentral.org/news/first-half-of-2016-record-hot-by-far-20540
http://smallbusiness.chron.com/prevent-employee-liquor-theft-bar-40194.html
https://nrf.com/news/retail-and-restaurant-loss-prevention-have-more-common-you-think
http://losspreventionmedia.com/insider/shoplifting-organized-retail-crime/shedding-light-on-retail-theft-statistics/
http://www.medicaldaily.com/some-it-hot-summer-crime-increase-linked-higher-temperatures-better-weather-288944
http://www.bjs.gov/content/pub/pdf/spcvt.pdf
http://www.chicagomag.com/Chicago-Magazine/The-312/March-2012/Heat-and-Crime-Its-Not-Just-You-Feeling-It/
http://www.restaurantowner.com/public/SixProvenPracticestoControlYourBeverageCosts.cfm