5 Tips for Small Businesses to Prevent Theft

Theft is a huge problem for small businesses – and unlike large corporations that can absorb theft more easily, largescale theft can cause vulnerable businesses serious financial difficulties. Business theft is on the rise. This includes incidents where items are stolen from a workplace, as well as the theft of intangible goods, such as intellectual property.

Prevention is always better than dealing with theft after it has taken place, so here are five tips to help your small business prevent theft.

Only Hire Trustworthy Employees

Never assume an employee is honest. Most are, but some bad apples will always slip through the net if you don’t check references. Make sure your hiring procedures include rigorous checks and always follow up references. This may seem like teaching you how to suck eggs, but it is a very important point nonetheless. Tougher, more through hiring processes will ensure you get the right members of staff for your team.

On-Site Security

On-site security is always important, but it’s even more critical if you keep stock, equipment and machinery stored at your workplace. Even computers and IT equipment are vulnerable to theft, so protect your assets at all times.

Security fencing, secure entrance/exit points, key holding and remote CCTV monitoring should be implemented as standard. This will deter most opportunist thieves and dishonest employees. If you want to take it one step extra, consider hiring a security guard or mobile security services detail.

Manage Inventory

It’s hard to know if you’re the target of a thief if you don’t have a clue what stock you carry. Tighten up your inventory checks so you always know what stock the business has. Implement IT systems to manage and update inventory each time you make a sale.

Finance Audits

Financial fraud and theft can sink a business. All it takes is one mis-laid password and your business could be in ruins. You might trust your employees, particularly those with access to the company chequebook, but it makes sense to run regular checks on the books, just in case. Always update your passwords on a frequent basis too!

Online Theft Prevention

Don’t ignore the dangers of online theft. Online data is just as vulnerable to thieves as stock stored in a warehouse. Protect online data with up-to-date firewall and data security software. If in doubt, hire a cybersecurity expert to assess your IT systems.