What can you do to prevent making a loss?

[AlexanderM]

All businesses operating will make losses and profits simultaneously, even the big giants like Amazon. The role of business directors is to develop policies to prevent and minimize shrinkage and loss in the company. For example, if it's a shop, they can prevent loss by hiring a physical security guard at the premises to deter theft and keep the peace. A shop and many other premises can also invest in high-quality HD CCTV cameras to identify the culprits responsible. Lastly, another suitable method to prevent company loss is implementing reasonable stock-inventory counting procedures to ensure everything is accounted for. Of course, dependent on the business will depend on which strategy a business owner will use to prevent stock loss.

If you are a business owner or are planning to become one - What can you do to prevent shrinkage and loss?

 

[eenya00]

What I would also do is to put a very strong punishment to perpetrators, let's say for instance after taking stocks, if the books does not tally, and there is a loss whoever shift that has that loss would pay for the goods that is not accounted for.

 

[Good-Person]

What I would also do is to put a very strong punishment to perpetrators, let's say for instance after taking stocks, if the books does not tally, and there is a loss whoever shift that has that loss would pay for the goods that is not accounted for.

Sometimes, the loss is inevitable. However, you could probably reduce the chances of suffering from losses by understanding the risk and try to minimise the losses by taking good steps.

 

[Monster Masterpiece]

Sometimes, the loss is inevitable. However, you could probably reduce the chances of suffering from losses by understanding the risk and try to minimise the losses by taking good steps.

But there is difference if the company is having some saving or the company doesn't have any kind of saving of funds because the two scenarios are not the same thing. Company have duties to pay in losses.

 

[Popular]

Though loses are inevitable, one can easily reduce the level of lose by taking some strategic plans which may include taking records of all the transactions that is done daily.

 

[Monster Masterpiece]

Though loses are inevitable, one can easily reduce the level of lose by taking some strategic plans which may include taking records of all the transactions that is done daily.

Taking logs for all transactions done daily is a daily work, loss is something that prevents suddenly from making profit due to wrong decisions from the beginning means you have to update your informations.

 

[Genie01]

There is no perfect trading system, every trader at some point finds themselves in a losing position.
The important thing is to make small losses and big wins .

 

[Syldan]

Personally I think sometimes loss are inevitable in business it can not be totally prevented but I believe it can be managed and so also good management can also help to. alot of business loss due to bad management.

 

[Bookwormlux]

It is usually very difficult trying to prevent losses completely.

However, we can try our best to avoid losses by making sure we get the required knowledge first.

 

[HayKay]

One thing I've promised myself to do is to pay maximum attention to data; this will give a good insight to my current stand and will help me make forecasts or decisions that can positively impact my business.

 

[Shigobad2020]

There are many reasons why a business always make loss and the first reason is poor customer service relationship, workers stealing money and poor location , in order to solve this , your business just be in a good locations , only employ people you can trust and they must have the knowledge on how to attend to customers and lastly if you are financially capable , you need a CCTV camera for proper monitoring .

 

[Immilash]

Loss is something we can't escape from especially if you are running a business, but also the level of knowledge you are having will help you to be earning good amount of money.

 

[Good-Person]

But there is difference if the company is having some saving or the company doesn't have any kind of saving of funds because the two scenarios are not the same thing. Company have duties to pay in losses.

This all depends on how much cash reserves a company is having. If a company has huge cash reserves then the chances are that the company will survive. However, most of the business, especially small businesses, do not have huge reserves at all.

 

[Smiles20]

There are some things that are known as risk management in market. This might include things like not using leverage or using insurance to cover some aspects of your business that you are likely to lose more in terms of failure.

 

[Danny4cash]

Loss cannot be eradicated from any business. That's why in Accounting we have profit and loss account. The two, profit and loss, are part of any business. However, loss can be prevented by taking all the necessary step.

 

[Genie01]

Loss is an inevitable part of business and Investments, it is a premium pay for a greater insight . The important thing to learn is to know how to behave when you find your self in a losing position .

 

[Immilash]

Loss is an inevitable part of business and Investments, it is a premium pay for a greater insight . The important thing to learn is to know how to behave when you find your self in a losing position .

That's true, if you don't know how to behave yourself I don't think you can continue,a lot of people quit if they lose money, quitting is not a good remedy for this.

 

[Sotherefore]

For a business to experience losses it is not just as a result of improper management . it is also linked to improper business arrangement like unsuitable location and other things. If a business is being established, proper plans and preparation toward suitable location must be made available to minimise the risk of business failure due bads environment.

 

[Setho]

For a business to experience losses it is not just as a result of improper management . it is also linked to improper business arrangement like unsuitable location and other things. If a business is being established, proper plans and preparation toward suitable location must be made available to minimise the risk of business failure due bads environment.

This is why I will always advise that you should do a lot of planning and research before setting up your business. There are a lot of businesses that have very good ideas and they hire good employees but then they will fail because they did not set it up in the right place.

 

[Gandiba]

I always try as much as possible to make sure that I take time to study the platform or investment opportunity before jumping on it.

This has helped me a lot to make sure that I don't run into losses.