As a small business, you may think you aren’t at risk of becoming a victim to theft, as larger retailers are. You may decide that investing in good security isn’t necessary. Unfortunately, small businesses are just as likely to be the victim of theft and other unfortunate activities that will negatively impact them.

Here’s what you need to know about the hidden costs of poor security within your small business.

Frequency of theft

Theft impacts not only large retailers but small businesses as well. According to Capital One Shopping, small businesses are affected in the following ways:

• Every year, approximately 85.5% of small businesses experience retail theft.
• Every month, small businesses lose approximately $1,686 due to retail theft.
• 22.4% of small businesses report losing at least $2,000 every month due to theft.
• 57.6% of small businesses experience employee theft.
• 52.7% of brick-and-mortar small businesses report shoplifting weekly to more frequently and 74.8% say they experience shoplifting on a monthly basis.

Theft is not the only cause of losses for small businesses. There is also return fraud, embezzlement, submission of fraudulent expense reports, and more.

According to Forbes, 79% of small business retailers said their monthly losses from theft were between $500 and $2,500. 10% of respondents said that theft losses accounted for more than $2,500. When you’re a small business, these are big numbers. You have rent to cover, marketing to pay for, insurance, and more. By investing in a good security system, you will save yourself money in the long run.

Protecting your small business

Here’s the good news: good security for your small business doesn’t have to be overly complex. Installing an alarm system that is monitored by a reputable security company should be your first step when protecting your small business. The benefits of investing in a monitored alarm system include:

• Real-time alerts when suspicious events are picked up
• Reduction in employee theft
• Security cameras that can include night vision
• Motion sensors placed at entrances, exits, windows, near cash registers, etc., which are common areas of activity.

With these components in place, it’s easy to keep an eye on your business whether you’re on-site or out of office. This way, you’ll be protected from top security threats and have proof to share with law enforcement if any incidents arise.

Being aware of the various types of security risks that small businesses face can help you to protect your business before anything has the opportunity to occur.

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