Every business owner needs to increase profit margin. Truly though there are business advises that people have given on how to do that. Nick Roberts wrote an article stating 10 ways to increase your profit margin.
From reviewing and increasing your prices, offering no discount, to taking cash discount from suppliers and not competing on prices. But what I find interesting are his comments about preventing theft and using inventory systems.
Whether stolen by staff, customers, losing cash is very costly. Do you have anti-shoplifting or theft prevention systems in place, even for staff? Do you balance your tills?
That’s where things get interesting. How do you really prevent theft and protect your inventory to save money? I strongly believe video surveillance systems can really help you save money and increase your profit margin. Here are some benefits I think you should know about:
Ways Security Camera Can Improve Your Businesses
1) By Reducing Thefts. This is the most obvious advantage of having security cameras in the business premises. When a theft occurs, it depletes the profit margin. However, once a properly installed security camera is in place, it would be able to watch the surroundings, which would give a means to prevent crimes of theft and loss.
For example, IP cameras allow administrators to monitor parking lots, sidewalks and critical entrances with greater clarity and efficiency. When real-time observation is not possible, IP video allows images to be recorded on different digital media for later review.
2) Prosecution of Crimes. Once the security cameras are installed they would be an invaluable tool in area of prosecution of theft crimes. Once a successful prosecution has been made, restitution and damage recovery could take place, thereby eliminating the profit loss.
This is especially important when video images are presented as evidence in a court of law. Megapixel IP cameras also allow schools to do more with fewer employees, which is important to cash-strapped institutions.
3.) Safety in the workplace is sometimes a concern. With a properly installed and functioning security camera, workers can be assured of their safety going to and from their cars in the parking lot. This would be especially beneficial for late night or overnight shift workers.
Through the use of live and recorded video, the number of security personnel can often be reduced and replaced with IP video cameras. Instead of a school full of security officers, many educational facilities can effectively function with a handful.
4.) Monitor Your Employees. A properly installed and functioning security camera can also be beneficial to observe employees during work hours, to make sure they are performing the duties they were hired for, especially in the areas of customer service.
A large profit loss can occur if customers are made to wait in long lines or feel they aren’t getting the type of attention they deserve. These customers might choose to go elsewhere and not spend their money in your establishment.
5.) Convenience and Access. Lastly, a fully functioning and properly installed security camera would provide peace of mind to the managers and/or owners of the business. By being able to almost “check in” on the day-to-day running of the company, it would potentially save physical trips to and from the business.