How to Stop Suppliers Stealing From Your Retail Business

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How to Stop Suppliers Stealing From Your Retail Business

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By : Robert Howard 19 or more times read

Submitted 2011-08-15 23:22:17

Theft by suppliers is the most overlooked theft in a retail business. In my experience working with many different retailers, supplier related theft accounts for under 10% of all theft. What makes supplier theft important is that one incidence can be expensive for a retail business. The steps I outline below to help reduce supplier theft also work for unintended supplier damage to a retail business.

The key focus for addressing supplier theft is at the point of receiving or returning goods to a supplier. The point of ordering goods is important if you allow suppliers to do this for you. Here are eleven easy, commonsense, steps to follow operational tips for reducing the opportunity for supplier theft

Have a space set aside in the business for goods being delivered by suppliers.
Set a policy about who is permitted to sign for goods being delivered. This is a responsible role which requires attention as usually a missing box cannot be claimed for after the courier has left.
Have a place set aside in the business for goods being shipped back to suppliers.
Carefully check all stock you receive against the supplier invoice. Manually count it. Have a process for recording that it has been counted on the invoice - a stamp with a place for the employee involved to sign is a good idea.
Check each invoice and the prices you have been charged for items to ensure that the price is what you expected.
Check invoices for unexpected charges such as freight or some other one-off charge.
Ensure that you and or your employees price and put all stock out on the shelves or in storage. I have seen situations where an employee of a supplier has skimmed stock from the business at this point.
Check and record details of all stock being returned to a supplier for credit.
Check and record details of all stock being swapped for new stock from a supplier.
Order replenishment stock based on sales data and not gut feel. This brings structure to stock management from the outset.
Try and avoid suppliers ordering stock for you. This is best done using your systems and paperwork.

These eleven steps are good business. Follow them and the business will improve and you will reduce the opportunity for supplier theft and or other economic damage to the business. Stock is like cash. A mistake or an incidence of theft can result in you loving money. Taking time to establish strong procedures can help the business easily avoid supplier related theft.

Author Resource:- submit article has been writing articles online for nearly 2 years now. Not only does this author specialize in Retail Business
You can also check out her latest website about :
wholesale gift distributorsWhich reviews and lists the best
Decor Ornaments Wholesale

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<!DOCTYPE HTML PUBLIC '-//W3C//DTD HTML 4.01 Transitional//EN' 'http://www.w3.org/TR/html4/loose.dtd'>; <html><head><title>Article2008.com | How to Stop Suppliers Stealing From Your Retail Business</title></head><body><h3>How to Stop Suppliers Stealing From Your Retail Business</h3> By: Robert Howard Theft by suppliers is the most overlooked theft in a retail business. In my experience working with many different retailers, supplier related theft accounts for under 10% of all theft. What makes supplier theft important is that one incidence can be expensive for a retail business. The steps I outline below to help reduce supplier theft also work for unintended supplier damage to a retail business. The key focus for addressing supplier theft is at the point of receiving or returning goods to a supplier. The point of ordering goods is important if you allow suppliers to do this for you. Here are eleven easy, commonsense, steps to follow operational tips for reducing the opportunity for supplier theft <pre><code>Have a space set aside in the business for goods being delivered by suppliers. Set a policy about who is permitted to sign for goods being delivered. This is a responsible role which requires attention as usually a missing box cannot be claimed for after the courier has left. Have a place set aside in the business for goods being shipped back to suppliers. Carefully check all stock you receive against the supplier invoice. Manually count it. Have a process for recording that it has been counted on the invoice - a stamp with a place for the employee involved to sign is a good idea. Check each invoice and the prices you have been charged for items to ensure that the price is what you expected. Check invoices for unexpected charges such as freight or some other one-off charge. Ensure that you and or your employees price and put all stock out on the shelves or in storage. I have seen situations where an employee of a supplier has skimmed stock from the business at this point. Check and record details of all stock being returned to a supplier for credit. Check and record details of all stock being swapped for new stock from a supplier. Order replenishment stock based on sales data and not gut feel. This brings structure to stock management from the outset. Try and avoid suppliers ordering stock for you. This is best done using your systems and paperwork. </pre></code> These eleven steps are good business. Follow them and the business will improve and you will reduce the opportunity for supplier theft and or other economic damage to the business. Stock is like cash. A mistake or an incidence of theft can result in you loving money. Taking time to establish strong procedures can help the business easily avoid supplier related theft. Author Resource:-> submit article has been writing articles online for nearly 2 years now. Not only does this author specialize in Retail Business You can also check out her latest website about : <a href="http://www.worldbuyers.com/">wholesale gift distributors</a>Which reviews and lists the best <a href="http://www.worldbuyers.com/Cat-24-1-20/Ornaments.htm">Decor Ornaments Wholesale</a> Article From <a href='http://article2008.com/'>Article2008.com</a> </body></html>

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