The Story Siren
  • Travel
  • Styles
  • Sports
  • Tech
  • Entertainment
  • Biz
  • Education
  • Health & Fitness
  • Love
  • Auto
  • Shopping
  • Home/DIY
  • Money
The Story Siren
  • Travel
  • Styles
  • Sports
  • Tech
  • Entertainment
  • Biz
  • Education
  • Health & Fitness
  • Love
  • Auto
  • Shopping
  • Home/DIY
  • Money
  • Home
  • About
  • Contact

The Story Siren The Story Siren

  • Travel
  • Styles
  • Sports
  • Tech
  • Entertainment
  • Biz
  • Education
  • Health & Fitness
  • Love
  • Auto
  • Shopping
  • Home/DIY
  • Money
Business

John Bradberry Charlotte NC – What Issues Can Cause Shrinkage For Your Store

John Bradberry Charlotte NC – What Issues Can Cause Shrinkage For Your Store

Myself and my colleague John Bradberry Charlotte NC resident and small business guru, have been spending a lot of time recently with some businesses in a shopping center in Charlotte. We have been working with many small businesses in an effort to help them boost sales and more importantly, reduce shrinkage. What surprised me the most about the business owners was how few of them knew what shrinkage was and how they could prevent themselves from being exposed to it.

If you are a small business, it is important to understand what shrinkage is, and what you can do to tackle this loss of money from your business so that you can boost your bottom line, let’s take a look.

What is it?

Business shrinkage is basically unknown loss to the business, there are many factors behind this type of loss but usually it can be broken down into 3 main attributes which are theft, damage and human error when counting or booking in stock. Shrink can play a huge role in the finance of your business and it could be doing a great deal of damage to your profits if you do not tackle it.

Dealing With The Causes

Let’s take a look at what you can do about the biggest causes of shrink.

– Damages

When it comes to items being damaged in the business, it is vital that your store has a policy that all of the staff are aware of. The key is to try and salvage the products as much as you can, very often you will find that products can be fixed and sold off at a reduced price thus minimising the loss. Make sure that there is a location where waste must go and then at the end of each day, a member of staff should try to salvage the waste items, and reduce their price.

– Theft

Theft is likely to cause you the most amount of high value loss so you should ensure that you are protecting high value items, using security devices like cameras and alarms and being smart when it comes to product protection. One of the best ways to overcome theft is by offering great service and you should have your staff trained to not only be vigilant with customers, but also to offer each customer that comes through the door a big smile and the offer of help. This is something that thieves most definitely do not want.

– Human Error

You should be ensuring that all staff are properly trained in checking in deliveries and for your part you should be spot checking them. Assuming that deliveries are accurate, the only way in which you can lose stock is through bad counting, theft or waste. Follow the sam course of action with your stock counts and make sure that high value items are counted weekly so that you can see what is going missing and when.

Being aware of the shrink that takes place in your store is vitally important and you should give the same attention to the losses in your business, as you do to the gains.

  • Facebook
  • Twitter
  • Google+
  • Pinterest
  • LinkedIn
/ 2957 Views
Tags | business

You Might Also Like

Check People and Beyond – Key Items Not to Forget When You Hire For a New Position

January 5, 2019

Golden Tips on Recruiting The Very Best People

September 24, 2018

What Is An Entity Type?

November 22, 2017
Next Post
Previous Post

Follow Us

Find us on Facebook

Latest Posts

  • What To Look Out For When You Buy Your First Car
  • Your Step-by-Step Guide to Starting Your Online Business in 2023
  • Lessons You Can Learn From Trainspotting: Choose Life!
  • Can Sports Workout Relieve You from Stress?
  • How Often Should You Get Laser Hair Removal Treatment?

TAGS

Attorney auto beauty business car career careers Clothing DIY education entertainment Family fashion finance finances fitness games gaming health home Home Improvement internet Investment kids law lawyer Legal marketing money music online safety Sales shopping social media sports tech technology tips travel traveling USA Vacation wedding wellness

ABOUT

TheStorySiren.com is where people go to read about the most interesting, value-added, and of course fun reads on the web! Sound the alarm, TheSoundSiren is your 5 Alarm reading resource!

Recent Posts

  • What To Look Out For When You Buy Your First Car
  • Your Step-by-Step Guide to Starting Your Online Business in 2023
  • Lessons You Can Learn From Trainspotting: Choose Life!
  • Can Sports Workout Relieve You from Stress?
  • How Often Should You Get Laser Hair Removal Treatment?

Tags

Attorney auto beauty business car career careers Clothing DIY education entertainment Family fashion finance finances fitness games gaming health home Home Improvement internet Investment kids law lawyer Legal marketing money music online safety Sales shopping social media sports tech technology tips travel traveling USA Vacation wedding wellness

The Story Siren. All Rights Reserved.