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Are you aware that as a small business owner, one of the biggest and most expensive issues facing you is loss prevention? Many small business owners make the mistake of thinking that problems like theft, vandalism, and embezzlement will not happen to them. Unfortunately, research suggests that small businesses suffer huge losses from these types of events every year. Here are four tips that will help small business owners who are considering investing in a security system.

1. Choose a security company with a good reputation, many security companies advertise their services based on cost effectiveness. Cost is an important factor, but value is much more important, make sure you are spending your money wisely. Your small business insurance agency may be a good place for suggestions on a reputable security firm, they can help you make an informed choice.

2. Say no to “DIY”: some business owners think it is a good idea to set up their own “security system” in order to make money. Using inexpensive web cameras and off the shelf products is not a good way to get quality results, because it turns out that this is very time intensive for business owners, who aren’t always clear about what they are looking for in their security tapes. So don’t do it yourself — instead, it will be worth a little extra to pay a company to provide security for you.

3. Location, location, location: the key to successful loss prevention is to make sure that all locations in your business are monitored by security cameras. Many small business owners err by trying to save money by setting up only one or two security cameras. However, it is important to keep in mind the fact that criminals will stop at nothing to steal from your business — if you have a small number of cameras, they will find a way to do their nasty business in camera free locations.

4. Monitor your employees and customers: small business owners often aren’t aware that loss prevention efforts need to be targeted toward both employees and customers. The small business owner that only trains security cameras on his or her merchandise can be stolen blind by a crooked employee. Likewise, if you are only monitoring employees, a single break-in can bankrupt you.

If you’ve found these tips easy, useful, and affordable by a small business owner like you, don’t forget that your most important task is protecting your bottom line. A few extra dollars spent on strong loss prevention could save you up to hundreds of thousands of dollars in losses.

One of the most important, but often overlooked aspects of small business is loss prevention. If you are a business owner, and are considering installing a security system, then check out our top four tips for business owners below. Find a security company with a good track record: some security companies position themselves based on cost. Don’t go it on your own. By far, one of the most important aspects of setting up a successful security solution is the location of the security cameras. Monitor your employees and customers: small business owners often aren’t aware that loss prevention efforts need to be targeted toward employees and customers.

- Edson Buchanan

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