I first published this advice to the 1,700+ newsagents using the newsagency software from Tower Systems a few weeks ago. I publish it here because of the concerning number of recent thefts in newsagencies.
With sales up and cash in the business up, Christmas time is the time for newsagents to be more vigilant than ever in managing cash. From taking care at the counter in customer interaction to ensuring honesty of employees, now is the time to revisit processes to ensure that the business is protected.
- Use employee initials or codes for each sale. Yes, this adds time to each sale. The benefits far outweigh the time cost.
- Require that the amount tendered be entered for each sale.
- Run refresher training on handling giving change to customers.
- Remind your team about counterfeit notes. (See my blog post yesterday on this.)
- Give out receipts for all sales over, say, $5.00. This helps you avoid disputes down the track if someone asks for a refund.
- Be on the lookout for over the counter scams by customers – scams around change given or getting free mobile phone credit.
- Take a zero tolerance approach to end of shift balancing. All too often I see newsagents turn a blind eye to cash being out by $50 or even $100. Good Point of Sale technology when used properly can help you drive zero tolerance.
- Do spot cash balancing during the day, at random times.
- Use stock control for high at-risk items such as cigarettes. This will quickly identify a theft problem. Indeed, you should use full stock control for all stock items. Ideally, you will use stock control for everything. Not managing stock on had in an invitation to be ripped off. No excuses.
- Talk to Tower Systems about theft check options within our Point of Sale software and the FREE Theft Check Service for newsagents.
Yes, some of these measures take time. The financial saving from greater vigilance to the business could be considerable. Christmas in retail is a time of higher than usual risk.
Take care. If I can help in any way, please contact me.