If you run a business, then you know that cash is literally the lifeblood of success
And for every business owner, one of the biggest nightmares imaginable is to wake up one day and realize that something has happened to that precious cash stored in the till.
What would you do if you lost an entire day’s worth of cash?
What would you do if someone stole it from you, or if it vanished mysteriously?
What would you do if you counted your money one day, and realized that someone had been siphoning off a bit from the till here and there?
Nobody ever wants to imagine that these types of situations can happen.
Therefore, it’s extremely important to do your due diligence, keeping cash safe and preventing incidences of criminal activity.
So in this post, you’re going to learn 8 tips for how to accomplish this.
Table of Contents
1. Find Quality Help That You Can Trust
Here’s the thing.
You’re not going to be the only person handling cash in your business.
You’re going to have to hire other people to help you.
So find quality, vetted help that you can trust to do a good job without acting dishonestly.
This may mean performing background checks, conducting more personal interviews, and calling more references.
But whatever it takes, find a way to hire people you can trust to help you protect your assets.
2. Train Your Employees And Invest In Them
Sometimes employees don’t mean to put your assets at risk.
Sometimes, it happens because they don’t know any better.
This is why training is so vitally important.
When you invest in your employees, treat them well, and train them well, they’ll be more likely to take care of you.
They’ll also be more likely to do their best to try to keep your cash safe, and keep your business running smoothly.
3. Maintain A Video Surveillance System
It’s just common sense to maintain a video surveillance system that monitors all areas where cash is exchanged and stored.
This helps to keep people honest, and provides an incentive against incidences of crime and the temptation to swipe a few bucks here and there.
4. Institute Systems To Balance Your Drawers At The End Of The Day
Your business probably already does this.
But if it doesn’t, consider making it a regular activity.
In fact, you may also want to conduct random audits of your drawers throughout the day.
Many major retailers do this in an attempt to cut down on problems that hurt their cash flow.
5. Make Sure To Only Keep Enough Cash On Hand To Do Business
There’s no reason to keep massive amounts of cash out in the open if you don’t actually have a daily use for it.
For best results, always make sure that extra cash gets either stored away securely or deposited into the bank.
6. Make Regular Deposits To Ensure That You Don’t Keep Too Much Cash On Hand
Making regular cash deposits isn’t always convenient.
But it’s the best way to keep your cash safe in real-time throughout the day.
7. Make An Emergency Plan In Case Someone Tries To Rob You
Thankfully, robberies don’t happen near as often as they used to.
Make sure that you make some kind of plan for how your employees should handle this type of emergency situation.
This is another reason why not keeping too much money in the register is so important.
If you only keep a limited amount of money in the register, then even if a robbery is successful, they’ll still only get away with so much.
This may still be a loss, but it won’t be nearly the loss it could have been.
If you want to double down on protecting your business from crime, you may want to hire a security company.
Just make sure to hire someone reputable.
As Special Security Services, a security company based out of California puts it:
“As an individual, family member, and/or business owner, it’s important to make sure that you choose a security provider that listens to your unique needs…”
8. Always Keep A Close Watch On Who You Give Inside Access To
Any employees who gain any inside access to your business are either going to be an asset that helps protect your cash reserves, or a liability who puts your cash in danger.
Therefore, it’s in your best interest to always keep a close watch on who you give this access to—and to make sure that you vet these people thoroughly.
You certainly don’t want to let people into and out-of-the inner workings of your business willy nilly.
Only give certain trusted team members keys to your drawers, and make sure that the safe and/or cash deposit box are only accessible to people you trust to the highest degree.
There you have it.
8 tips for how to keep your company’s cash safe.
Remember to utilize these 8 tips on a daily basis, and you should have a much better chance of keeping your cash assets safe and in your own hands rather than having them fall victim to nefarious criminal intent.
You’ve got this. All that’s left now is to make it happen.