There Are A Lot Of Dumb Questions To Be Answered In Retail But “Can Loss Prevention Be Free?” Is Not One Of Them
Working in retail it is funny the kinds of questions I get asked by customers. When there was a chance of a hurricane coming in the direction of the area where I live, I had one woman and her daughter ask me if they should evacuate from the area. I have been through quite a few hurricanes and typhoons so I knew what I was planning for myself and my family but trying to tell someone else what to do is not something I like to do. I told this customer what I was going to do but my recommendation for her was that she should do what she was comfortable with for herself. Another question I am asked frequently when I am selling a desk or chair to a customer is, “Is this hard to put together?” My usual reply is that the item is not too hard to put together as long as you look over the directions, lay out the parts and take your time. When I was a Loss Prevention Manager and I would catch an employee stealing I would inevitably be asked, “Am I going to jail?” Although the answer seemed pretty obvious to me I would try to deflect the answer until after I completed my theft interview with them and then give the answer in the affirmative (most of the time). One question I have never been asked but one day wish I would get as an inquiry is, “Can Loss Prevention Be Free?” It may sound absurd to ask, but the answer may not be as obvious as you would think it would be.
Can Loss Prevention be free? It is an interesting question but the answer is within your grasp if you take the time to use the Loss Prevention Calculator on the Loss Prevention Systems Inc. website. This calculator gives a retail business owner to the ability to see how long it would take for a Checkpoint Security System to pay for itself through inventory shortage reduction due to theft. The way the Loss Prevention Calculator does this is it allows a store owner to input the annual sales for their business, it estimates the annual inventory shortage at about 1.2% shrink (the average shortage for retailers nationwide) and then the user inputs how much they would be willing to invest in a Checkpoint Security System. The calculator reduces shortage to .65% and then gives the number of months it would take for the system to pay for itself in shortage reduction savings for the store. So the answer to the question, “Can Loss Prevention be free?” is a resounding YES!
Some of you are thinking to yourselves, “If I have to pay for it then it isn’t free.” But you need to think of it in these terms that will make more sense. Let’s pretend your annual stock shortage is $10,000 for arguments sake. You reduce that amount by about half in the first year you own your system. You have now saved almost $5,000 in reduced shortage. Depending on how much you spent on your Checkpoint System and tags you may have almost paid for your investment. Keep your shortage down to $5,000 in the next year and you can see how much you have saved over two years. After you have recouped your investment you are now just adding money to your bottom line. You may choose to invest in expanding your business, hiring more people or adding additional Loss Prevention Measures to save even more. In a sense Loss Prevention is paying for itself.
The Loss Prevention Calculator is free to use and requires no sign on or registration to use. You can make as many entries and variations of them as you like and if you decide you are interested then YOU make the choice to speak to LPSI about a Loss Prevention System. They don’t call you or harass you with unsolicited phone calls. So while I may never get the question, “Can Loss Prevention Be Free?” I am giving you the answer anyways, YES it can be and it can make your company more profitable in the long run.
Need information on the Loss Prevention Calculator? Contact us or call 1.770.426.0547 now.