No matter what kind of original or franchised business you run, it’s important to remember that many of the same risks, opportunities, and caveats will apply to you. Namely, the good sense of running a business within certain logical operational frameworks will always be relevant. For example, even in trades with high turnover (such as hospitality), doing your best to retain staff you’ve invested in and trained is only going to be positive.

A general principle in business is to minimize your costs and increase your revenues. But the truth is that sometimes, losing out on the value you’ve already paid for via losses can be another mitigation you need to put in place. This is especially true if you run a retail environment, but it appleis to online businesses to.

In this post, we’ll discuss some ways to mindfully prevent losses:

Prevent Online Promotions & Trials Exploits

Customers love free trials and promotions, but these offers need protection or they can cost you money. Users might create multiple accounts to keep getting free offers or share premium access with friends, which is quite common. You could ask for both email and phone verification when people sign up, as it helps you limit htem.

There are tools that spot patterns like several accounts coming from the same device or requiring an address or phone number to activate. This shouldn’t make the process harder for customers but should discourage those trying to game your system. Most customers want to play fair, but these steps just keep your offers working as intended for everyone.

Have Appropriate Access & Accountability Systems In Place

Try giving team members access only to what they need for their specific jobs with access control, because it lets you ensure only those in given areas can be held accountable if an issue takes place. Good record-keeping makes a difference here. When someone changes inventory records, gives a refund, or changes prices, your system should record who did it and when. This trail protects honest employees and your business, and can help you discount issues if it’s just user error and not a willing mistake.

Measure & Account For Supplier Deliveries

The moment supplies arrive is your chance to prevent losses, because unknowingly or knowingly, sometimes suppliers don’t deliver what they promised. For instance, inventory can often disappear because nobody checked if what arrived matches what was ordered and billed. That means taking time to count boxes, weigh, or inspect products could save you thousands in missing inventory.

You could train your receiving staff to note problems right away and talk to suppliers while delivery people are still there to fix issues on the spot so you have a double pronged approach going. Some businesses do random checks instead of counting everything, which saves time and also ensures you cotton onto patterns.

With this advice, we hope you can continue to reduce losses in your firm.