Speaker: John E. Grimes
Key Take Away:
Understanding the steps to do Shrink Investigation in retail through covert observation, store meetings, paperwork review and surprise delivery audits when the source of losses are not identified through normal business operations procedures and practices
Overview:
Running a Retail Business can be rewarding. However, uncontrolled and unidentified losses can put you out of business. The Association of Certified Fraud Examiners estimates that as much as 33% of all small business failures is a result of controlled and unidentified internal fraud. Losses can occur as a result of external theft, internal fraud and theft, delivery discrepancies, mark-up and mark-down errors, and other paperwork issues. The only way you can identify the amount of losses is by taking periodic detailed inventories.
A recent survey of retailers indicates that the average shrinkage (or losses) totals 1.45 percent of sales. That may seem like a small number; however when compared to low gross margins, it is significant. Shrinkage trends are moving up.
Why Should You Attend:
As much as 33% of small business management failures is a result of uncontrolled and unidentified losses. If you are small business retail owner, manager, or loss prevention consultant, this webinar will teach you how to conduct a full shrink (loss) investigation. If you are contemplating opening a small retail business, this webinar will give you a head start on understanding the complexities and importance of controlling losses.
In addition to developing overarching policies and workable relevant procedures that govern the business operations, including loss prevention, a retailer must be able to conduct a full shrinkage in retail or loss investigation when the source of the losses cannot be determined.
By attending this webinar you will learn the process of conducting a shrink investigation in a retail environment, including: covert observation of the store; a review of policies and procedures; a review of practices that are in contrast to established best practice procedures; a review of point of sale data including refunds and voids; taking frequent inventories; delivery audits; and paperwork review.
Areas Covered In This Webinar:
This webinar session will explore the importance of controlling losses in order for a retail business to be successful. A business owner must understand that controlling losses is just as important as controlling sales and costs. Controlling losses is often the area that is overlooked, which leads to many small business retail failures. It is critical that a retail business owner and managers understand:
• What causes Shrink (Losses) in a Retail Environment
• The importance of having overarching Policies and workable Procedures to control shrink
• Understanding the steps to perform a Shrink Investigation when the source of losses are not identified through normal business operations procedures and practices. This webinar will discuss the steps, which include:
o Covert observation
o Undercover shoppers
o Review of policies and procedures
o A review of point of sale data
o Store meeting
o Employee interviews
o Surprise delivery audits
o Paperwork review
Learning Objectives:
• Learn the importance of controlling shrink (losses)
• Understanding what causes losses
• Formulating loss prevention policies and procedures
• Comparing practices to established procedures
• How to conduct a Shrink Investigation when the source of losses are not identified
Who Will Benefit:
• Small Retail Business Owners
• Managers
• Auditors
• Loss Prevention Professionals
• Fraud Examiners
Level:
Intermediate
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