Loss prevention includes risk management, protecting the interests of the shareholders, and protecting the interests of the organization. It ensures uninterrupted business productivity and the helps the business grow.
Apart from strengthening the risk management strategies of the management, you also need to look into the employee risk management strategies. Many losses to the company maybe caused because of high insurance premiums on insuring the employees.
Cutting Down on Losses
Here are some steps you can take to cut down on your losses
1. Effective Management The management at all levels needs to understand the company's goal of loss prevention, and undertake the same goals.
2. Employee Participation No loss-prevention program can be effective, without the participation of employees. The employees need to be trained in loss prevention methods. You could enroll them in loss prevention training classes so they know what to do before, during, and after a situation that can cause loss.
3. Develop a Program The loss prevention program should have a clear roadmap. You must develop ways to evaluate losses, predict them and avoid them.
4. Collaborate with other Businesses In order to prevent losses, you should consider collaborating with other similar small businesses. You can work with other businesses on issues like audit practices, loss evaluation and using statistical ways of tracking trends. You could also collaborate on human resources, operations, risk management, and other related issues.
5. Focus on Key Areas Loss prevention should not be a diffuse program that covers everything imaginable. Instead, you should focus on what can cause the most loss to your small business. In most businesses, losses are caused more by employee claims than by natural disasters. The key is to prioritize and then allocate more resources to areas that are more problematic.
Consider Alternatives In case the essential services and supplies are disrupted, whom can you approach for help? Keep alternatives ready, whether for electric supply, essential raw materials, distribution, transportation, or promotion.
By considering all potential risk factors, you can prevent losses to your small business. Thinking creatively helps, since it gives you new ways to tackle old problems of losses.
Additional Help If you are not sure how to tackle the problem of losses on your own, you can approach a small business consultant for help.
Here are 9 ways to grow your business and take it to the next level:
1. Delegate Stop doing things in your business that don't directly make you money. Delegate them to an assistant or other professional to free up your time to work "ON" your business instead of "IN" it at least 80% of the time.
2. Develop new products or services Develop monthly continuity programs and coaching or informational products such as e-books, home study programs, books, live workshops and teleseminars. Combine your current products or services into packages, record audios of presentations or teleseminars and sell them.
3. Increase repeat business Keep yourself on top of your customer's minds by consistently sending out reorder postcards, thank you, birthday or holiday gifts and cards, monthly, bi-monthly or weekly email or mailed newsletters. Introduce new promotions, discount offers, affiliate program and referral rewards.
4. Update your website Add monthly specials, discounts or promotions to attract attention. Make it so people have to sign up in order to receive anything so you can add them to your funnel. Add a shopping cart selling your informational products or services. Fine tune your sales messages, keywords, headings, call to action and content of your site is appealing and makes people want to buy now and come back often.
5. Maximize online potential Find ways to be found more online through article marketing, blogs, groups, webinars, discussion boards, search engine optimization, pay-per-click ads, reciprocal links - collect leads, get them in your funnel, follow up, close the sale, and consistently upsell them.
6. Continue to learn go to conferences, workshops or read more about new technology, marketing or industry strategies, techniques and lead generating concepts.
7. Position yourself as a speaker and expert Write a book and/or develop presentations that will interest your target audience and promote yourself to groups reaching that target audience. Take advantage of media exposure.
8. Form strategic alliances Develop ways to co-promote with professionals such as in newsletters, articles, ezines, workshops, teleseminars, mailings and more.
9. Expand the business Open another location, target another market, franchise yourself or merge with another existing complimentary business.
Both David Gass & Katrina Sawa are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
David Gass has sinced written about articles on various topics from Accounting Guide, Finances and Network Marketing. David Gass is President of Business Credit Services, Inc. His company publishes a free weekly e-newsletter on Small Business Consulting at their