The value of Loss Prevention for every type of Business
What comes to mind when you think of Loss Prevention or the other various titles such as Asset Protection, Store Detective, etc. which encompass that role? Maybe it is the young college age guy sporting a polo and jeans who is chasing the shoplifter out of the local Walmart to proudly recover some merchandise for the store. Or perhaps you envision Loss Prevention as the man or woman from corporate who only shows up when an employee is about to get fired for stealing $40 out of the register. While those stereotypes have truth to them and fall under the Loss Prevention umbrella, the full value of the role exceeds far beyond that in many capacities specific to the business needs. Generally, Loss Prevention is a function of developing a program which includes policies, procedures and best practices for the purpose of reducing or preventing loss to the business.
One myth or possible oversight is the perception that only retail type business’ involving large inventory and product sales need Loss Prevention services. The reality is Loss Prevention has a place in almost every type of business that exists to protect not only the physical security, but also accounting practices, operational controls/best practices, risk management, safety liabilities, etc.
Take a restaurant/lounge for example, a Loss Prevention plan is critical in every element of that industry due to the vast opportunities where shrink can occur. To support that point, the reality TV show, “Bar Rescue”, had infinite material stepping into failing establishments, giving the entire business model a facelift and the entire staff a reality check so to speak in a final attempt of salvage. Basically a business intervention before it succumbs to the damage that could be prevented. Imagine an amazing cook who always dreamed of owning her own restaurant to make a living doing what she loved and could lose a life savings in that investment without the proper foundation of a loss prevention plan. While she is the expert in the art of cooking and may know how to sustain customers, the loss prevention expert will be able to determine the elements necessary to sustain that investment.
Depending on the nature of a specific business a Loss Prevention plan and/or program may be as simple as an initial consult and action plan created for the business owner to independently execute going forward. Other options could involve an “as needed” or ongoing active role by a loss prevention professional. Services such as installing covert cameras, company vehicle GPS tracking, conducting investigations, interviewing employees for potential internal thefts or other dishonesty, etc. are options and should be handled by a 3rd party professional who is an expert in the Loss Prevention industry.
This concept of utilizing a loss prevention specialist cannot be thought of from the perspective of what dollar amount could be saved to make it worth doing but instead what they could lose if they don’t.
Old Line Investigative Services specializes in the Loss Prevention industry and offers free consultations to business owner’s. Learn more at www.oldlinepi.com!