The most successful loss prevention managers know that effective loss prevention is much more than just abiding by a set of rules and training your employees to do the same. Running a prosperous business in today’s competitive industrial environment mandates acquiring practical and strategic habits that ensure you stay on top of the game.
Loss prevention is a tough domain and to blossom as an effective loss prevention manager, we must adhere to certain practices. These practices help you grow as a manager as well as make you more perceptive to qualities that prove to be beneficial for the business as well as for employee safety. Here are some insights into 9 habits effective managers possess that distinguish them as a loss control hit:
1) Align personal goals to company goals
For most organisations, the loss prevention mission is to maximise profits while reducing loss as much as possible. Hence in order to do that, managers must make sure their personal ambitions do not collide or disrupt company goals.
2) Befriend good company and don’t hold back on their development
Everyone has one domain that they excel at, some are better at numbers while others are good at organising people. However, to learn and grow, LP managers must surround themselves with accomplished and learned individuals. This will provide them with an opportunity to grow and learn as a leader and hence manage resources better.
3) Strive for knowledge
It is rare for successful LP managers to be stagnant in their endeavours. Most efficient managers work day and night to educate themselves, not only about the company but themselves as well. They keep on top of blogs, books, and conferences in order to acquire valuable knowledge that can help them.
4) Tech savvy
LP managers should be knowledgeable about the latest innovations and leverage these novel tools and apps to manage the company better. They should always be on the lookout for better tools to make the company innovative and reduce losses.
5) Be a leader
For LP managers, it is important to be able to direct and lead employees to loss prevention activities while not harassing them too much on their daily work. To be able to do this, managers have to be leaders first and managers second.
6) Be flexible
In today’s business environment, all organisations are in constant change. For LP managers, it is vital to be flexible and adjust work methods based on changes.
7) Get better information
Information and data matters, especially for LP managers! Without them the decisions are based purely on intuition. LP managers should focus on reliable and valuable information rather than on the flow of useless data.
8) Evaluate
Successful LP managers often assess situations, patiently monitor trends and derive solutions from them. This habit of always evaluating helps the best LP managers to find fraud and detect possible sources for preventable losses.
9) Be an example
Employees look up to managers, and the example set by them is how they often perform. This is especially important for LP managers, since every interaction between them and employees create a picture how employees see the function of loss prevention in general. Show them the value of work ethic and quality performance through your actions.
The retail environment is an ever-changing domain and in order to keep on top of the dynamics, it is crucial for loss prevention managers to constantly strive to become better versions of themselves. Some traits are inbuilt, however, most are acquired that distinguish a phenomenal LP manager from an unsuccessful one.
If you want additional reading, check out our blog series about the VUCA framework. For a real life example of how efficient LP can be done with easy-to-use mobile tools, get the Citycon Case Study today:
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