Businesses rely on sales, and in most cases, those sales come from trading products or goods. This means amassing an inventory to support that output. And when you store products, you have a responsibility to keep them safe. Take the time to consider the practical ways to do so.
If you can't protect your inventory, you run the risk of costly losses. Property insurance might help recoup accidental losses. But it's best if those losses don't occur in the first place. Nothing you sell is immune to harm or destruction. How can you make possessions in your care more secure?
1. Adhere To Proper Storage
Whether you sell dry goods or power equipment, your items will likely have safe storage rules. For example, grocery stores will have to store items at the right temperatures. Potentially-dangerous machinery or sensitive equipment might need to have safety locks installed.
2. Utilize Appropriate Handling
If handled incorrectly, inventory damage might render a product un-sellable. That could usher in a financial loss that you cannot afford.
Whether you stock children's toys or high-end TVs, make sure you know how to set up and display the items. Don't place items near each other that might create problems. In other words, don't stock your matches in the same area as your lighter fluid. Display instructions or warnings about handling items as needed. Do not let customers handle particularly sensitive items. Make sure your employees have the training and expertise to handle all stock with care.
3. Make Security a Priority
Shoplifting and theft are critical threats to businesses of every size. Therefore, store owners must implement security procedures. Security cameras and alarms are essential. You might also need metal detectors at the doors, or anti-theft magnets placed on certain stock. Keep excess stock in a monitored, locked area. Take a regular inventory to spot any missing items.
Should you suspect a customer of shoplifting, know when to notify the authorities. Don't forget to vet employees to ensure they don't pose significant theft risks to the business.
4. Protect Stock from Natural Hazards
Don't place your stock in areas that are susceptible to inventory damage. For example, if you notice a leak, move your stock out of the way to prevent water damage. Have regular visits from an exterminator to spray against pests.
If your inventory becomes damaged by an unpreventable incident, such as a fire from a lightning strike, your commercial property insurance policy might pay for the damage. However, simple neglect or a lack of security might disqualify you from coverage. Therefore, take proactive steps to safeguard your inventory. In the end, you might be able to avoid a considerable loss of income.
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