| Losses to the company can result from
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| | evaluate losses, predict them and avoid
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| fluctuations in the stock market,
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| | them.
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| economic downturn, employee crime, and
| |
| | 4. Collaborate with other Businesses
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| natural disasters. It is better to be
| |
| | In order to prevent losses, you should
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| safe than sorry, as many small businesses
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| | consider collaborating with other similar
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| have found out too late. The first step
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| | small businesses. You can work with other
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| to loss prevention is identifying areas
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| | businesses on issues like audit
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| of potential loss.
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| | practices, loss evaluation and using
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| Loss prevention includes risk management,
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| | statistical ways of tracking trends. You
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| protecting the interests of the
| |
| | could also collaborate on human
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| shareholders, and protecting the
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| | resources, operations, risk management,
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| interests of the organization. It ensures
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| | and other related issues.
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| uninterrupted business productivity and
| |
| | 5. Focus on Key Areas
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| the helps the business grow.
| |
| | Loss prevention should not be a diffuse
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| Apart from strengthening the risk
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| | program that covers everything
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| management strategies of the management,
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| | imaginable. Instead, you should focus on
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| you also need to look into the employee
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| | what can cause the most loss to your
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| risk management strategies. Many losses
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| | small business. In most businesses,
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| to the company maybe caused because of
| |
| | losses are caused more by employee claims
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| high insurance premiums on insuring the
| |
| | than by natural disasters. The key is to
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| employees.
| |
| | prioritize and then allocate more
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| Cutting Down on Losses
| |
| | resources to areas that are more
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| Here are some steps you can take to cut
| |
| | problematic.
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| down on your losses
| |
| | Consider Alternatives
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| 1. Effective Management
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| | In case the essential services and
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| The management at all levels needs to
| |
| | supplies are disrupted, whom can you
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| understand the company's goal of loss
| |
| | approach for help? Keep alternatives
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| prevention, and undertake the same goals.
| |
| | ready, whether for electric supply,
|
| 2. Employee Participation
| |
| | essential raw materials, distribution,
|
| No loss-prevention program can be
| |
| | transportation, or promotion.
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| effective, without the participation of
| |
| | By considering all potential risk
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| employees. The employees need to be
| |
| | factors, you can prevent losses to your
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| trained in loss prevention methods. You
| |
| | small business. Thinking creatively
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| could enroll them in loss prevention
| |
| | helps, since it gives you new ways to
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| training classes so they know what to do
| |
| | tackle old problems of losses.
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| before, during, and after a situation
| |
| | Additional Help
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| that can cause loss.
| |
| | If you are not sure how to tackle the
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| 3. Develop a Program
| |
| | problem of losses on your own, you can
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| The loss prevention program should have a
| |
| | approach a small business consultant for
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| clear roadmap. You must develop ways to
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| | help.
|
