Loss Prevention pays for itself – How fast? – 3 WC Blog 434B
Free Loss Prevention Calculator – 3
It’s No Joke, Loss Prevention Pays For Itself – How Fast? The Free Loss Prevention Calculator Can Answer That Question For You
I attended a farmers market this afternoon. It was interesting because there was little in the way of what I would call farmer produce there. There were several bee product booths, which included honeys, bees wax (I almost bought some just so no one could tell me to mind my own beeswax anymore) and bee wax lip ointments. There was a seller of kettle corn (not the kind of corn I was thinking of for a farmer’s market) and a booth with glazed pecans and cashews. I bought some because, well I just liked it. How did I know I would like it? The vendor was giving out free samples of cashews. As so often happens as I was snacking on my sample and seeing quite a few other people getting samples as well I started wondering about the return on investment for the vendor. What was her profit going to be if she was giving away free product? In some way she HAD to recoup what it was costing her to give away product. Well, after tasting that free sample, the vendor made $4 from me. This reminded me that Loss Prevention pays for itself – How fast? This is the question.
I am sure that many of you are thinking that it is silly to even consider the question Loss Prevention pays for itself – How fast? In light of my experience at the farmer’s market though, is it so silly after all? If you think about it that pecan vendor invested in making the product. I don’t know how much time and energy went into it but I am certain it was significant. Still, that sample cost them something and to give it away demonstrated to me the value of their product and they sold me on it. In a similar fashion a store owner can pay for a new Checkpoint System but the investment will pay off in the amount of shortage it will eliminate from a store. Once the savings from reduced shortage pays for the system any additional savings go to the profit line of the store. The question at that point is how to determine what the time frame is that it will take for an investment to pay for itself. THAT can be figured out by using the Free Loss Prevention Calculator.
Available on the Loss Prevention Systems Inc. website, the Free Loss Prevention Calculator allows a user to enter annual sales information, and the amount a store owner would be willing to invest in a Checkpoint System. The calculator assumes a store annual shrinkage rate of 1.2% and an estimated shortage reduction to .65% (results could be lower) with the installation of a system. Using this formula the result is an estimate of the number of months it would take for a new system to pay for itself.
Now you’re thinking that you might be interested but how do I know that a Loss Prevention System will actually reduce my shortage? In a report published in Crime Science Journal on 30 May 17 by Aiden Sidebottom, Amy Thornton, Lisa Tompson, Jyoti Belur, Nick Tilley and Kate Bowers, titled: “A systematic review of tagging as a method to reduce theft in retail environments”, the authors go through the methods they used to create their report, the studies they cited and the challenges they had in different measures used by those who conducted those studies. That said, there was what I consider a significant finding in this report. “What, then, can be said about the effectiveness of tags as a theft reduction measure in retail environments? Mindful of the aforementioned variability in outcome measures, if we assume the reductions in theft, shrinkage and shortage all denote positive outcomes associated with the introduction of tags, then across these eight studies we find mixed results. Considering all types of tags, five studies report positive results” (added emphasis is mine). https://crimesciencejournal.springeropen.com/articles/10.1186/s40163-017-0068-y
Five out of eight studies is significant especially after reading the report and seeing the information the authors had to sift through. I believe it is significant enough to support my position that a Loss Prevention System does reduce shortage. Therefore by using the Free Loss Prevention Calculator you can answer the question: Loss Prevention pays for itself – How fast? You don’t need to have a booth at a farmer’s market to grow profits. Investing in a Checkpoint System now will allow you to reap big profits later.
The Free Loss Prevention Calculator is important and we can help you with it. Call 1.770.426.0547 and let’s talk.
I attended a farmers market this afternoon. It was interesting because there was little in the way of what I would call farmer produce there. There were several bee product booths, which included honeys, bees wax (I almost bought some just so no one could tell me to mind my own beeswax anymore) and bee wax lip ointments. There was a seller of kettle corn (not the kind of corn I was thinking of for a farmer’s market) and a booth with glazed pecans and cashews. I bought some because, well I just liked it. How did I know I would like it? The vendor was giving out free samples of cashews. As so often happens as I was snacking on my sample and seeing quite a few other people getting samples as well I started wondering about the return on investment for the vendor. What was her profit going to be if she was giving away free product? In some way she HAD to recoup what it was costing her to give away product. Well, after tasting that free sample, the vendor made $4 from me. This reminded me that Loss Prevention pays for itself – How fast? This is the question.
I am sure that many of you are thinking that it is silly to even consider the question Loss Prevention pays for itself – How fast? In light of my experience at the farmer’s market though, is it so silly after all? If you think about it that pecan vendor invested in making the product. I don’t know how much time and energy went into it but I am certain it was significant. Still, that sample cost them something and to give it away demonstrated to me the value of their product and they sold me on it. In a similar fashion a store owner can pay for a new Checkpoint System but the investment will pay off in the amount of shortage it will eliminate from a store. Once the savings from reduced shortage pays for the system any additional savings go to the profit line of the store. The question at that point is how to determine what the time frame is that it will take for an investment to pay for itself. THAT can be figured out by using the Free Loss Prevention Calculator.
Available on the Loss Prevention Systems Inc. website, the Free Loss Prevention Calculator allows a user to enter annual sales information, and the amount a store owner would be willing to invest in a Checkpoint System. The calculator assumes a store annual shrinkage rate of 1.2% and an estimated shortage reduction to .65% (results could be lower) with the installation of a system. Using this formula the result is an estimate of the number of months it would take for a new system to pay for itself.
Now you’re thinking that you might be interested but how do I know that a Loss Prevention System will actually reduce my shortage? In a report published in Crime Science Journal on 30 May 17 by Aiden Sidebottom, Amy Thornton, Lisa Tompson, Jyoti Belur, Nick Tilley and Kate Bowers, titled: “A systematic review of tagging as a method to reduce theft in retail environments”, the authors go through the methods they used to create their report, the studies they cited and the challenges they had in different measures used by those who conducted those studies. That said, there was what I consider a significant finding in this report. “What, then, can be said about the effectiveness of tags as a theft reduction measure in retail environments? Mindful of the aforementioned variability in outcome measures, if we assume the reductions in theft, shrinkage and shortage all denote positive outcomes associated with the introduction of tags, then across these eight studies we find mixed results. Considering all types of tags, five studies report positive results” (added emphasis is mine). https://crimesciencejournal.springeropen.com/articles/10.1186/s40163-017-0068-y
Five out of eight studies is significant especially after reading the report and seeing the information the authors had to sift through. I believe it is significant enough to support my position that a Loss Prevention System does reduce shortage. Therefore by using the Free Loss Prevention Calculator you can answer the question: Loss Prevention pays for itself – How fast? You don’t need to have a booth at a farmer’s market to grow profits. Investing in a Checkpoint System now will allow you to reap big profits later.
The Free Loss Prevention Calculator is important and we can help you with it. Call 1.770.426.0547 and let’s talk.
