Small businesses are the backbone of the American economy. They create two out of every three new jobs in this country, and they account for more than half of all private-sector payrolls. So when small businesses suffer, it hurts us all.
And unfortunately, small businesses are increasingly at risk of theft and fraud. In fact, according to one study, small businesses lose an average of $125,000 per year to these crimes.
There are a number of ways you can protect your business from theft and fraud, but here are six of the most effective:
Install Security Cameras
Security cameras can deter criminals and help you catch them if they do strike. Make sure to place cameras in strategic locations, such as near cash registers, entrances, and exits.
Also, be sure to review the footage regularly to look for anything suspicious. For example, you could set up a weekly review meeting to go over the footage with your staff.
Additionally, you should invest in a good security system that can alert you to any suspicious activity. A good security system has sensors that can detect movement, as well as cameras that can record footage.
Protect Your Intellectual Property
Your intellectual property is one of your most valuable assets, so it’s important to protect it from theft. Make sure you have a strong trademark and copyright protections in place to stop others from stealing your ideas. As the people behind Camuti Law Group note making sure your patent application is properly prepared is essential. This will give you the best chance of success should you need to take legal action to stop someone from stealing your idea.
And if you do find someone has stolen your intellectual property, take action quickly to stop them and prevent further damage. Also, consider using anti-counterfeiting measures, such as watermarks and security seals, to make it more difficult for criminals to copy your products.
For example, you could watermark your company’s logo on all of your marketing materials, product packaging, and website. This will make it much harder for someone to steal your brand identity and use it for their own purposes
Secure Your Premises
Make sure your business premises are secure against thieves. This includes installing good quality locks on doors and windows, as well as alarms and security lighting.
You should also consider using access control systems, such as key cards or biometric scanners, to restrict access to certain areas of your premises. This can be especially useful for preventing unauthorized people from entering areas where valuable assets are stored.
In addition, you should make sure your premises are well-lit and free of any hiding places, such as bushes or trees. This will make it more difficult for criminals to break in and will also make it easier for you or your security personnel to spot them if they do. In the event of a break-in, having well-lit premises will also make it easier for you to identify the criminals and provide evidence to the police. Train your employees.
Train Your Employees
Your employees are one of your best lines of defense against theft and fraud. Make sure they are properly trained in security procedures and that they understand the importance of following them.
You should also provide them with a clear understanding of your company’s security procedures, so they know what to do in the event of a security breach.
Additionally, you should make sure your employees know how to spot signs of theft or fraud. For example, they should be on the lookout for suspicious behavior, such as people loitering around your premises or trying to access restricted areas.
If your employees are aware of the signs of theft and fraud, they can help to prevent it from happening in the first place. For example, they may be able to stop a thief from breaking into your premises or prevent an employee from stealing company assets.
Keep Good Records
Good record-keeping is essential for any business, but it can also help to prevent theft and fraud. Make sure you keep accurate records of all your assets, including inventory levels and employee hours worked.
This will help you to spot any discrepancies quickly and take action to correct them. For example, if you notice that inventory levels are suddenly low, you can investigate to see if employees are stealing products.
Additionally, good record-keeping will help you to track the progress of your business and spot any unusual patterns. For example, if you suddenly start receiving a lot of customer complaints, it could be a sign that your employees are stealing from customers.
Plus, if you do suffer theft or fraud, good records will help the police to investigate and bring the perpetrators to justice.
Insure Your Business
No matter how well you protect your business, there’s always a chance that something could go wrong. That’s why it’s important to have insurance in place to cover any losses you might suffer as a result of theft or fraud.
There are many different types of insurance available for businesses, so make sure you choose a policy that’s right for your needs. For example, you might want to consider taking out business interruption insurance, which will cover you if your business has to close due to theft or fraud.
Additionally, you should make sure you have adequate security measures in place before taking out insurance, as this could help to reduce the cost of your premiums. Not only that, but it will also give you peace of mind knowing that you’ve done everything you can to protect your business.
Businesses can protect themselves from theft and fraud in a number of ways. The six tips we’ve provided should help you get started, but it’s important to tailor them to your specific needs. For example, if you have a lot of valuable assets, you may want to invest in security systems such as alarms and CCTV cameras.
Alternatively, if you run a business that involves handling sensitive data, you may want to invest in data security measures such as encryption. No matter what type of business you have, there are steps you can take to protect it from theft and fraud.
