{"id":3110,"date":"2022-02-15T15:54:01","date_gmt":"2022-02-15T19:54:01","guid":{"rendered":"https:\/\/gemba-walk.com\/?p=3110"},"modified":"2022-02-15T15:54:05","modified_gmt":"2022-02-15T19:54:05","slug":"how-to-reduce-losses-in-business","status":"publish","type":"post","link":"https:\/\/gemba-walk.com\/en\/blog\/how-to-reduce-losses-in-business\/","title":{"rendered":"How to reduce losses in business"},"content":{"rendered":"\n
Having losses in business is something that happens very often, and all that businesses can try to do is optimize their management strategies<\/a>. All companies must consider how to reduce, avoid or prevent losses. To do this, it is necessary to develop strategies that help provide a good service and that favor a better use of resources, without neglecting the possibility of increasing employee productivity.<\/p>\n\n\n\n This article observes loss prevention measures that can be beneficial to implement in a business\u2019s loss prevention program. These 10 business planning advices are great to reduce losses.<\/p>\n\n\n\n Loss prevention<\/strong> measures are management strategies that reduce losses and prevent excess business losses. These measures proactively address situations that could hinder the efficiency of the operations of a business. They are a form of risk management<\/a> practice.<\/p>\n\n\n\n Losses are anything that cause negative impacts on the economic profitability of a business. Here are some examples of types of losses:<\/p>\n\n\n\n The solution to minimize losses is to develop an action plan that implements loss prevention strategies that can rectify, prevent, and monitor these situations.<\/p>\n\n\n\n Every business should have a loss prevention strategy since losses are a fact of life for business owners. Rather than being blindsided by reality, it is better to prepare for the inevitable and prevent excess business losses.<\/p>\n\n\n\n Gain a Competitive Edge<\/a><\/p>\n\n\n\n Whether you are looking for good risk management practices, business planning advice, or effective management strategies, these 10 loss prevention strategies are a mix of old school methods and modern tools to monitor the losses of a business.<\/p>\n\n\n\n Planning is one of the first things any business must do to avoid financial losses. To do this, try to focus on the services or products that you are going to offer to customers. This entails collecting information regarding sales and observing what the competition is doing. Once the long, medium, and short-term objectives of the company are defined, it will be easier to alter the allocation of resources.<\/p>\n\n\n\n Organizing the functions of your employees in a coherent whole is one of the most crucial steps for a company. To reduce losses in a business, it is recommended to observe if all the workers are performing a valuable function. Sometimes excess business losses are caused by uncontrolled employee absenteeism, so it is important to recruit the best possible candidates and to have a talented human resources team.<\/p>\n\n\n\n Gemba<\/strong> is a Japanese word which means \u201cthe actual place.\u201d In terms of lean management<\/a>, Gemba is the action of walking the workplace and using a standardized checklist to take notes destined to improve work processes.<\/p>\n\n\n\n It is a fact-based technique that relies on observation instead of report analytics to increase productivity and safety. Gemba Walk can significantly reduce human error. It is a powerful application<\/a> for continuous process improvement, which helps increase efficiency and reduce waste by digitizing your management. Some of the benefits of the digitalization of your gemba walk are:<\/p>\n\n\n\n See a demo of the Gemba Walk App <\/a><\/p>\n\n\n\n Knowing how to make decisions is also a very important aspect. Today, many companies are stable and profitable because they have made good decisions in capital management, resource operations, or technological innovations. As you may have realized, losses in business can be due to many factors, which can be economic or human related.<\/p>\n\n\n\n The important thing is to provide a good service to ensure that your customers are regular buyers of your products or services. Many business losses are caused by bad reviews on the web and customer complaints. Customer service should not be taken lightly, it can affect you enormously. Managing your online presence is a must<\/strong>.<\/p>\n\n\n\n Develop an action plan to resolve your complaints or negative comments in places like Google My Business<\/a>, since it is your letter of introduction to potential clients. It is also a good idea to implement a live chat or chatbot on your website and social networks.<\/p>\n\n\n\n You must map the losses and vulnerabilities of your business. The more complete and specific your assessment is, the less likely things or money will be lost. Past mistakes won\u2019t be repeated this way. You must carefully analyze all the processes that are carried out within the company. It is advisable to carry out a stock survey, cross-check the information with the inventory, and identify waste points and bottlenecks.<\/p>\n\n\n\n
\n\n\n\nWhat Is Loss Prevention?<\/h2>\n\n\n\n
Why should every business have a loss prevention strategy?<\/h2>\n\n\n\n
10 Loss Prevention Strategies<\/h2>\n\n\n\n
1. Planning<\/h3>\n\n\n\n
2. Organize<\/h3>\n\n\n\n
3. Gemba Walk<\/h3>\n\n\n\n
4. Decision-Making<\/h3>\n\n\n\n
5. Think of Your Customers<\/h3>\n\n\n\n
6. Map Your Losses<\/h3>\n\n\n\n