Canadian CANNAINVESTOR Magazine January 2018 | Page 65

WEB: GLOBALSECURITYNWA.COM EMAIL: [email protected] Phone: [phone] Asset Protection After working in retail in the United States and international markets over 30 years, a key learning is that you should ensure a company’s asset protection and security programs compliment each other. Your asset protection program should protect the profits that you work hard to put on the bottom line of your P&L. This requires you to look at all operational parts of your business: receiving, invoicing, inventory control program, tracking of waste, cash register controls, and accounting office. Once programs are in place for each of these areas, regular reviews of each area is recommended so that you have a scorecard indicating how each area operates. Inventory controls are critical in any business, as this determines what you actually have on hand compared to what your books show you have sold. The biggest decision you will have is how often to count your inventory, monthly, quarterly bi-annually or yearly. This program will help you determine if a diversion issue exists with your employees. If you discover losses in your business don’t instantly think it is theft, be sure and review all operational areas. Training & Development The next step in building a robust security and asset protection program is the training of all employees at your facilities, not just your security team. Having asset protection and security procedures written and in place is the first step. Then, developing a training program that has a built-in yearly refresher course. The yearly refresher course should occur at least once a year or more often, if needed. Your training should include the development of a crisis management program on how to recover your business in the event of a major catastrophic event. This is key to protecting your people, business and recovery enabling you to service your customers. Remember that developing your plans, training your team, and exercising those plans will go a long way towards protecting your employees, customers and business. Mergers & Due Diligence As your business grows along with the industry the opportunity for you to merge or acquire another business will become a great opportunity. As this happens it will become important for you to research and understand the business you are looking at not just from a monetary fit but also from an asset protection and security fit. The individuals you hire to help you determine next steps should be looking at every aspect of your target business: not just what the increase in business and customers will be, but also if the business model fits with yours. Asset protection and security are two areas that will need your attention. Ask yourself: Do the programs the company has in place mirror your current company’s model or will you need to start fresh? Do they have the same standards of regarding inventory controls and training of employees? Are the profits of the business really as good as they appear? The answers can be found but only with the right team in place to get you the answers needed.