Checklist for any Retailership
Original Story/ punchng.com
The primary issue for retail is security and asset protection. From simple theft to more devastatingly disasters, everything can go up in flames or property destruction as in these notorious cases. To prevent this loss, most companies seek the services of an asset protection advisor who will advise the company on how to minimize loss.
In a country such as Nigeria where that is not a job readily available, retailers often face devasting loss during fire outbreaks. Most noteworthy was the 2019 Onitsha Market fire outbreak which was responsible for the destruction of life and property. According to punchng, goods worth millions were destroyed.
Not to forget, the Novare mall looting in September of 2019 which you can read more about here
So here we have compiled a checklist for any Retailership looking to minimize loss and protect assets.
Security can include Security guards, doors, safes, windows and systems. Retailerships should equip themselves with the appropriate security needed for their space and not be cheap when selecting these.
Closed-circuit television, also known as video surveillance, is the use of video cameras to transmit a signal to a specific place, on a limited set of monitors. Retails should actively set up working CCTV which should be checked and updated frequently by an expert.
3. Staff protocol
Sometimes loss comes in the form of employee lacking the right protocol to ensure stock is accounted for at the end of the day or sometimes poor time management of staff. Staff protocol is a system retailers can develop to make sure all staff are on ground and alert in cases of theft or other asset loss.
Every retail business has some element of stock. Business stock insurance covers the loss, theft or damage of stocks. Stocks should be insured for cost value not resale. The exact extent of coverage depends on both the policy and the insurance provider. Target stock, namely alcohol and cigarettes, should be specified separately on the policy due to being high-risk items in terms of theft. AIICO offers retail insurance in Nigeria among other companies, click to learn more here
5. Offsite storage
Offsite retail storage is one often used by retailers with high-value stock to distribute their stock to other more secure locations off-premises to ensure that regardless of any losses in the store, retailers are still able to recoup losses. Note: It is important to keep the offsite storage location private and secret. Find out about certified storage unit here
For more information about asset storage and protection for your retailer business, consider registering and attending this event later in the year now.
What other ideas do you have on the Checklist for any Retailership, comment below!
Read our article about the 2020 Resafric $10,000 award for businesses here