Business owners and entrepreneurs share a commonality in attitude: they are in business for themselves because they don’t want to be told what to do. This is both their cornerstone for success and their greatest risk. The goal of these Standards and Practices is to provide each owner with information, processes, and suggestions that they can adapt to their own operations and employ to their own business style.
This course provided by OEIS will provide you with the industry’s “best practices.” These are proven and effective practices and processes used by the retail industry to prevent and reduce the risk of loss. Each section provides an overview that explains “why” a particular practice is necessary. In this manner, the owner can decide the importance to their particular work environment and prioritize the implementation of each suggestion. It should be noted that all of the practices work together, so ultimately, all of the practices should be implemented to some degree.
Start with the most important, catered to your own style, but set your goal to have a completed tool box. At the end of this course, you will need to complete a 45 questions test, and pass with a score of 85%.
In general, the Standards and Practices focuses on the three elements of loss prevention Attitudes, Behaviors and Structure or ABS.
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What is Loss Prevention
Loss prevention is the concept of establishing [ppb] policies, procedures and business practice, to prevent the loss of inventory or monies in a retail environment. Developing a program around this concept will help you to reduce the opportunities that these losses can occur and more specifically, work to prevent the loss rather than solely be reactive to them after they occur.
When a retailer experiences a loss, they are losing direct, to the bottom line profitability. Lost inventory requires replenishment at a cost to the retailer and lost monies cannot be replaced. The cost of these losses goes direct to the bottom line of a retail balance sheet causing lost profits. Profits that could have been used for new inventory, new store openings, employee benefits or increased earnings
Why do you need Loss Prevention
Like any other part of your business, a loss prevention function or established program helps improve your business. Having an established function that includes program elements and resources to establish, implement and monitor loss, will make your business more profitable and less susceptible to certain losses. The size of your loss prevention function, department or program depends on your business; the number of locations, what you are selling, and the potential threats, risks and concerns facing your business.