How to Protect Your Business From Theft

Owning a business has it's rewards and it's headaches. Either way the most important thing you want to do, second to making money, is protecting that business.

Theft in your business can wear many different masks from the obvious employee and customer theft to bad checks, stolen credit cards, counterfeit money and robbery.

Employee Theft- this is probably the most upsetting form of theft because it is done by people you count on and trust to help run your business. It is also one of the fastest growing forms of theft according to the FBI. The U.S. Chamber of Commerce estimate that an astounding 75% of employees steal and they do so repeatedly.

You can help prevent employee theft by:

1. Being involved in your business. Lack of oversight enables employees to dip into money and product because they know you don't account for it.

2. Know your business inside and out. Know what money is coming in and out and that it is accounted for.

3. Understand and monitor your inventory very tightly.

4. Install cameras. Use obvious professional surveillance cameras and even throw in a hidden camera or two in the mix. Even though cameras do deter crime, people will find ways around it. And when they think they are out of sight, that hidden camera will be sure to catch all the action.

5. Limit access to safes, cash boxes, keys and alarm codes to the building.

Customer Theft- customer's steal from businesses in a number of ways:

1. Bad checks. Have a strict check policy and be sure to collect the check writer's information such as phone number, driver's license number and only accept checks with a printed address. There are also Point of Sale machines that offer check verification services.

2. Counterfeit bills. The Department of Treasury is developing ways for illegal production of money to become extremely difficult. However, it will still happen as long as old bills are still in circulation. Carefully inspect all bills especially larger ones. Fake bills look flat, printed and have less detail. Legitimate bills are printed on special paper and have very fine red and blue fibers.

3. Credit Card Fraud. Stolen credit cards can be very easy to use if you and your employees are not verifying the name on the card against a valid form of ID and the signature on the receipt. You can also help protect card holders by keeping credit card transactions confidential and never storing whole card numbers on file.

Robbery Prevention- businesses are huge targets of criminals because it is understood and very often true that businesses carry cash. Even though this type of crime occurs less often than other business crimes, it is still a potential for huge losses.

1. Report any suspicious person or activity immediately. Network with other businesses and create a business watch program.

2. Train employees on divulging too much information to anyone who has not been cleared by you.

3. Acknowledge every person who enters your business in a friendly manner. It has been shown to cut down on theft and robbery.

4. Keep only small amounts of cash available to employees. Keep all other money in a drop safe that cannot be opened by employees and post notices of this.

5. Control entry to your business. Everyone should enter and exit through a monitored entrance. Keep all other doors locked.

6. Put height markers on door trim to help with descriptions.

7. Do not allow customers or non-employees enter the business after hours.

Again, I stress the importance of being connected to your business. If you rarely come in, don't know and understand standard operating procedures and leave the running of your business up to other people then you will be taken advantage of.

Surveillance cameras are a great way to monitor your business while you are away. There are systemsavailable that allow you to login from a remote location and view live and past video over the Internet. Article Source: http://EzineArticles.com/?expert=Steve_Thibeault