Small businesses were already fighting hard to survive against the monopoly of large-scale retail chains. Later on, the arrival of COVID-19 strikes those businesses hard with worldwide lockdowns. Over the past few months, a lot of small stores were looted. Those events were truly horrifying considering how a sudden attack could be disastrous to the finances of small business owners.
Independent and small business owners, however, can take some precautionary measures to avoid some common hazards. Of course, there is no way to completely prevent break-ins and theft in stores. But it is always wise to plan in advance to protect and insure your store’s items. Do your own research to figure out the coverage of your insurance in case any damage or theft happens.
Secure your POS system – The POS or Point of Sale system is at the core of business of every store. You can go for POS systems that are all in one to check out the customers and manage reporting and inventory of your business. You should regularly backup the POS data in the cloud and get the hardware secured by insurance. Ask the vendor whether they provide theft insurance when you claim a police report.
Every year, theft of over $13 billion of items takes place from retailers, as per the reports by NASP. Burglars who break into a retail store usually look for valuable items and cash drawers. They may not pick the whole POS terminal as it is too bulky and heavy. Some convenience stores use tablet POS, which can be easily looted and is a very costly device.
Due to these reasons, you may want to have a sizable unit which can have faster and better software, larger screens and other features like payment processing and customer loyalty programs. A lot of vendors offer such types of systems.
If you are using tablet POS, you may ask your insurance company if they can cover the same on their policy and ask the vendor about their damage and theft policy. It is always recommended to lock your tablet up in any secure location like your safe. Some POS systems also have the added feature of anti-theft lock so they can be useless if they get stolen.
Manage cash the smarter way – It goes without saying thieves break in with a motive to steal hard cash. So, it is always better not to keep a whole bunch of cash in your drawer. You may use several cash drawers. Even better, you can deposit the extra cash in your bank and keep only a small amount for change. You can use a hidden drawer to keep extra cash. Alarms and surveillance cameras can also help deter such crimes. A burglar may not want to risk his identity in a store full of cameras.