I have worked in Loss Prevention for just over 10 years. In that time, I have learned some valuable lessons which have helped me to maintain consistently low shrink numbers in my areas for the past 4 years running. What I have learned is that there are some key factors that enable a company to reduce shrink. No matter the size of the retail company, shrink (or loss) has an impact to the bottom line. So, of course, every company needs to control shrink in order to stay profitable.
There are some things that every company can do to reduce shrink and maintain low shrink numbers, regardless of whether the business is a “big box” department store, or a small specialty retailer. The fact is that shrink costs the company (and its investors and customers) money. So, it only makes sense that any company would want to reduce shrink, thereby increasing profitability.
Over the coming days, I will write about 10 things that, if combined together, will definitely reduce shrink; and, if these things are used consistently, they will maintain low shrink numbers. This is like having the combination to Fort Knox when it comes to saving a company money.
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