Your inventory is the lifeblood of your business, and without it, your operations would come to a standstill. You may take great steps to ensure that you have a reasonable supply of your products on hand to sell or ship as needed, but low inventory is not the only factor to think about. The unfortunate reality is that you stand to lose inventory through theft, damage and other factors. As a business owner, it is imperative that you take steps to protect your inventory. However, when working on a tight budget, you may be wondering what some of the more affordable options are to protect inventory.
Invest in Exterior Lighting
If you are concerned about theft of your merchandise, a smart idea is to invest in exterior lighting. Thieves are more likely to target venues that have a darkened exterior, and this is because the shadows provide exceptional concealment for them as they enter and exit the building. By investing in exterior lighting, you can eliminate the shadows that thieves look for.
Install a New Alarm System
The investment of a new alarm system is truly beneficial, but you may think that this would cost a small fortune. You may consider a do it yourself alarm system, which can help you to save a considerable amount of money on the installation labor costs. Through online instructional videos and educational manuals, you can educate yourself about the installation process to save on DIY Security.
Invest in the Best Inventory Tracking Software
Internal theft should also be a concern, and you can drastically reduce the chance of employees stealing from you by investing in a quality inventory tracking software program. Keep the inventory listed in the system up to date. In addition, secure your computers that the inventory software is loaded onto with a password that only trusted employees know.
Purchase a Great Insurance Policy
Even when you take these great steps to minimize the risk of theft and damage, the unfortunate reality is that some inventory loss may still occur from time to time. Business insurance policies often contain coverage for inventory loss. Read through your existing policy to ensure your coverage is up-to-date. If you need additional coverage, now is the right time to purchase it. See Forbes article on the 13 Types of Insurance a Small Business Owner Should Have.
The loss of inventory can be a costly burden to deal with, but you can minimize the chance of loss by taking appropriate steps now. These cost-effective options will help you to avoid financial loss caused by inventory damage and theft.