The cost of hiring security guards is often what keeps businesses from using on-site security.
However, it’s important to think about the financial benefits of on-site security before dismissing it. Not only does it help protect your business, but it could help your bottom line too.
You may find that the additional security actually pays for itself over time, especially if it helps bring in more business.
In 2016, the average cost of a shoplifting incident was $798.48. While yours might be higher or lower depending on the value of your inventory, imagine how much money you’d save if on-site guards could prevent the majority of shoplifting incidents.
Every incident prevented means higher profits. It could also mean you wouldn’t have to pass on your losses to customers and clients, resulting in more business overall.
Reduce Internal Theft
Corporate shrinkage is one the fastest growing crimes. Shockingly, 75% of employees have admitted to stealing from their employer at least once. While your employees might help prevent shoplifting from outside sources, who is protecting your business from employees?
While on-site guards might not be able to prevent thefts due to embezzlement, they can help prevent loss of inventory or simply stealing cash outright. If you don’t think employee theft hurts your bottom line that much, consider that the average amount is $175,000, with the annual total being $50 billion.
Those totals could crush many businesses. Combine the amount of money saved from both external and internal thefts and on-site security becomes a must have.
Decrease Employee Turnover Rate
If your business faces constant security threats, such as vandalism and thefts in parking lots, employees may not feel safe working there. On-site security provides extra safety and makes employees feel more secure.
While this might not seem like much, think about the time it takes to train an employee. Also, consider how long it takes to interview candidates and pick the right one. The more employees that quit, the more time and money wasted. Instead of focusing all your energy on constantly finding new employees, you could just continue training the ones you already have.
Providing on-site security helps you save money by keeping employees at your business for longer. Of course, that won’t stop turnover from other sources, such as management styles or competitors offering better salaries.
Crime deters customers. It’s as simple as that. As Nob Hill businesses in New Mexico discovered, higher crime rates cause customers to shop elsewhere. Customers fear theft and assault. They’re even afraid to leave their cars parked for fear of theft or damage to the vehicle.
On-site guards help keep individual businesses safer. They can also coordinate with local police to stop crime in the surrounding area. For areas that are under-staffed when it comes to police, on-site security is a welcome blessing.
The more secure the area seems, the more likely customers are to shop there. This leads to more profits for your business.
Reduce Business Damages
Crime doesn’t always involve theft or assault. In fact, vandalism could cost your business thousands. Vandals spray paint symbols and phrases on your business, break windows, damage doors and even damage cars in your parking area.
Keeping guards on-site means vandals are less likely to target your location. They don’t like the higher risk of being caught.
While you can clean up damage from vandalism, you may have shut down during the process. Every day you’re shut down means additional losses and the possibility of your customers shopping at a competitor.
A final problem is vandalism could drive away customers too. Gang symbols and hate speech may make customers feel unsafe. This is just another reason to invest in on-site security. Financially, it just makes good business sense.
Contacting BOS Security
Curious how much on-site security could save your business? Contact us today at 404-793-6965 to learn more.
What security issues exist within your business? Try our free Security Needs Assessment to learn more today.
Image: Didier Weemaels