Sunday, March 26, 2017
Top Entrepreneur News

Sun, 26 Mar 2017 16:00:00 -0500

Business blogging is one of the basic tenets of inbound marketing, and one of the best ways for businesses to gain greater online visibility.

Sun, 26 Mar 2017 15:30:00 -0500

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Sun, 26 Mar 2017 15:00:00 -0500

The yearly ordeal is not getting any simpler any time soon.

Sun, 26 Mar 2017 14:00:00 -0500

How Daymond John was born to be an entrepreneur.

Sun, 26 Mar 2017 11:00:00 -0500

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Sat, 25 Mar 2017 20:30:00 -0500

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Sat, 25 Mar 2017 20:00:00 -0500

It's time to change your approach.

Sat, 25 Mar 2017 19:00:00 -0500

Don't roll your eyes at sales before you understand everything you have to gain.

Sat, 25 Mar 2017 18:45:00 -0500

Show your employees you really care about each and every one of them. Success will follow.

Sat, 25 Mar 2017 16:00:00 -0500

Movements, gestures and facial expressions are indicators of how your message is being received.

Sat, 25 Mar 2017 15:30:00 -0500

Getting in front of camera can be very intimidating, but it doesn't have to be.

Sat, 25 Mar 2017 15:00:00 -0500

Keep it simple, and consider alternative calls-to-action.

Sat, 25 Mar 2017 11:00:00 -0500

As much as people hate to admit it, gender still plays a major role in business ownership.

Fri, 24 Mar 2017 21:30:00 -0500

How do you want people to approach you and use your "open door policy"?

Fri, 24 Mar 2017 21:00:00 -0500

Affiliate marketing is one of the most popular means of making some extra income online and letting people know about your business/products.

Sun, 26 Mar 2017 16:04:00 -0500

LinkedIn has morphed into your opportunity to introduce yourself to others and attract the attention of those who need to know you. To make sure you come across as the wildly interesting, compelling, and accomplished person you are, focus on these six profile elements.

Sun, 26 Mar 2017 15:28:00 -0500

This weekend has seen online discussion over a Microsoft patent describing a hinged display on a mobile device. While the patent is of interest to designers and reflects one potential future of a smartphone, I don’t think it reflects Microsoft’s current strategic thinking.

Sun, 26 Mar 2017 14:30:00 -0500

The new 'Power Rangers' may just morph into a new franchise.

Sun, 26 Mar 2017 11:00:00 -0500

Corporate tax reform this year not only is no longer a sure thing and has to be considered to be in trouble, starting with the difficulty of Congress passing a 2018 budget resolution.

Sun, 26 Mar 2017 01:03:00 -0500

Why do some employers prefer "passive" candidates over people who are already actively job-hunting?

Sat, 25 Mar 2017 21:27:00 -0500

Hypothetical photon rocket drives might one day dramatically shrink interplanetary travel times.

Sat, 25 Mar 2017 20:22:00 -0500

WWE was reportedly in secret talks to buy ROH, presumably for its tape library. But, according to WWE Network data, tape libraries aren't too popular among WWE Network subscribers.

Sat, 25 Mar 2017 19:30:00 -0500

How can you get better at your job? Here are ten simple ways!

Fri, 24 Mar 2017 16:57:00 -0500

Leadership, like so many things in life, looks simple from the outside. However, reality is far more gruesome, complex, and nuanced than you can imagine.

Fri, 24 Mar 2017 13:00:00 -0500

“There is kind of the clear separation of church and state that we maintain, and I am deadly serious about that exercise,” says Eric Trump.

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How to Reduce Store Theft
By Ray Yono :: Thursday, February 21, 2008 :: 22774 Views :: Article Rating :: Business & Finance

Chaldean entrepreneurs know how hard it is to make a buck without shoplifters helping themselves to their inventory. How do you stop them?

According to the research conducted by National Retail Federation and the University of Florida, Shoplifters in America account for over $13 billion of the total $41 billion in annual losses due to "shrinkage" (including employee theft, shoplifting, administrative error and vendor fraud).

Chaldean entrepreneurs know how frustrating theft can be when margins are slim and continue to get slimmer.  Shrinkage eats up 1.6% of the industry's sales--a huge number considering that giants Wal-Mart, Costco, Home Depot, Kroger, and Walgreen post an average profit margin of only 3.6%, according to Reuters Global Fundamentals.

Little surprise that, earlier this spring, Wal-Mart announced it would go after shoplifters as young as 16; the cutoff age used to be 18.  The challenge to stop theft has been an ongoing struggle for Chaldean business owners who are often faced with theft and a police force who often consider theft a low criminal priority. 

While thieves come in all shapes and sizes, there are a few rules of thumb for thwarting them, says Chris McGoey, owner of an eponymous security consulting firm in Los Angeles who has helped Chaldean businesses reduce theft. 

Fancy equipment like closed-circuit camera systems and sensor tags are nice but beyond the reach of many small business Chaldean stores.  A more affordable defense (and also a great offense): customer service.  Shoplifters aren’t looking for attention, so continually offering to help a thief find merchandise may well encourage him to steal elsewhere. "Good customer service is the key to preventing shoplifting," says McGoey.

A smart store layout can keep customers honest too. McGoey's suggestion: Display smaller or valuable items near the center of the store--or at least in the flow of employee traffic. On the flip side, keep large, unwieldy items toward the outskirts. And, of course, position the cash register near the door, between the thief and freedom.

Don't be afraid to use some psychological warfare too. Post plenty of signs barking the message that shoplifting won’t be tolerated. Crooks will think twice.

Say you catch someone in the act. What to do? For small proprietors, McGoey suggests not getting the law involved, if only because most are not equipped to safely detain a thief.

The other reason: When it comes to vigilantism, the law may not be on your side. According to Frank Casco Jr., a civil litigator in California, retailers who aggressively defend their turf might invite civil charges of false imprisonment, assault, battery or emotional distress. "Unfortunately, crooks have more rights than the merchants," says McGoey.

The Chaldeans best bet: Get your merchandise back, administer a stern warning and avoid any further confrontation.  Deterrence is key to keep loss due to theft at a minimum.