Preparing your business for the holiday season

Preparing your business for the holiday season

The combination of the oncoming holiday season with a lack of staff poses even more problems for businesses that are already struggling with the ongoing effects of the pandemic. Recent data from the ABS has highlighted the problem of vacancies in the retail sector which have grown by almost 15%, and 16.7% for the transportation and warehousing industries, since May this year. So how can SMEs best prepare themselves for a busy season this year?

One key risk is an increase in theft during the holidays, reviewing your in-store risk management procedures should help minimises losses. The other key risk is the increase in customers, combined with new or inexperienced staff may lead to more trip and fall type accidents, due to misplaced signs or wet floors.

How to reduce theft and accidents this holiday season

With the expectation of bumper sales during the holiday season, owners and managers will be busy organising new inventories and inducting and managing new staff. The potentially creates problems, in that existing procedures are followed fully or not understood.

It’s easier for stock to disappear from the stockroom or shoplifting to occur, theft is higher during the holiday season. Although Australia is continuing to face a significant labour shortage with retail businesses feeling the squeeze, it’s important that the right steps are taken to reduce the risk of theft as much as possible during the holidays. 

One solution is to have new employees work with more experienced staff, also take the time to induct and train new employees on their duties and responsibilities. Another solution focuses on refresher training for all staff on how to prevent or manage shoplifting, including staff being alert for any suspicious behaviour.

Then there’s the potential for more slip and fall types of incidents, due to an increase in customers, or stock displayed in the wrong area, boxes blocking aisles or floors that are slippery. So, having staff aware of how to reduce incidents and being responsible for safety in their work area is essential.

How to manage more customers this holiday season

This Christmas will likely see more people shopping in-person in comparison to the previous years where online shopping was recommended or mandated due to Covid-19 restrictions. It’s important to make sure your systems, processes, and store fit-out has been reviewed with the likelihood of an increase in customers. Some issues that could be considered include: 

  • Is your point-of-sale system software up-to-date and has been serviced?
  • If you have security cameras, are they operating correctly? 
  • Have the procedures for opening and closing the premises been reviewed, how is stock secured to prevent employee theft? 
  • Are your insurance policies adequate and up to date, especially for theft and higher stock values?
How to protect your business this holiday season

At the end of the day, there's only so much you can do to protect your business during the holiday season. So, when all else fails, it’s good to know that you have the right types of advice and insurance cover in place. Whether that’s Liability Insurance, Cyber Insurance or any other types of cover that are relevant to your business. 

To make sure your business is protected this holiday season, speak to your adviser.

Important Information 

This communication including any weblinks or attachments is for information purposes only. It is not a recommendation or opinion, your personal or individual objectives, financial situation or needs have not been taken into account. This communication is not intended to constitute personal advice. This type of insurance product is designed for small and large businesses, that want to be covered against financial loss relating to accidents or personal injury involving contractors or sub-contractors.

We strongly recommend that you consider the suitability of this information, in respect of your objectives, financial situation and needs before acting on it. This document is also not a Product Disclosure Statement (PDS) or a policy wording, nor is it a summary of a particular product’s features or terms of any insurance product. If you are interested in discussing this information or acquiring an insurance product, you should contact your insurance adviser to obtain and carefully consider any relevant PDS or policy wording before deciding whether to purchase any insurance product.

Business Interruption Insurance

Business Interruption Insurance

From your family and employees to customers and suppliers, there are a lot of people who depend on your business opening its doors each day.

Liability Insurance

Liability Insurance

Despite the very best of intentions, accidents can still happen in any business. Public and Product Liability Insurance  protects you against claims for personal injury or damage to a third party.

Cyber Insurance

Cyber Insurance

Technology has never been so deeply entwined in our businesses. While it delivers significant efficiencies and convenience, it also comes with significant cyber risks.

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