Property theft is a significant concern for many entrepreneurs because business property is often left unsupervised for many hours out of each day. Property management costs can rise as more assets have to be manually watched over by employees and business owners. Therefore, companies should try to find ways to prevent property from being stolen or damaged while they are away. Below is a full overview of how property can be safely managed in a way that saves money both in the short-term and long run.
1. Implement Internal Controls
Internal controls can usually prevent most theft from occurring by creating an environment where theft eventually becomes detected and perpetrators are held responsible. Companies should routinely conduct inventory audits to ensure that trusted managers and employees are being honest about assets under their care. Specific rules should also be defined to ensure that buildings are locked, access is limited, and that the rules are being followed.
2. Disguise Expensive Assets
One of the most effective techniques to prevent business property from being stolen is to make expensive items blend in with ordinary items. Disguises can be effective to exasperate the difficulty of immediately recognizing an expensive piece of property upon breaking in. Since thieves only have a few minutes to grab expensive items and run, disguising them with regular property can be an effective technique for many items.
3. Use a Security System
A security system should be used by all businesses that have their own facility to prevent general theft. Security systems can also deter criminal activity simply because the system exists.
4. Facilitate Reporting of Suspicious Activity
Companies should create ways for employees, customers, and other individuals to report suspicious activity. For the best results, ensure that tip lines, email accounts, and other reporting channels are completely anonymous and easily accessible.
5. Secure the Building
According to City Fence, buildings should also be protected from criminal activity by using physical barriers such as solid door, window bars, or fences. Many business owners neglect physical security safeguards as another unnecessary expense, but pay the price when a crippling break-in occurs that leaves behind thousands of dollars in losses.
6. Hire a Security Guard
A security guard can be a good option for businesses that have a significant amount of inventory with a limited amount of managerial supervision. Even in the worst neighborhoods, security guards can usually deter almost all theft and other criminal activity.
The most effective strategy to prevent business property theft is to be prepared in advance. Initial investments in security equipment and security personnel will pay off in the long-run as businesses remain protected from theft and other criminal activity.
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