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Protect Your Business from Various Risks

Learn how to categorize business risks and implement security precautions to safeguard your business from theft, fraud, and other threats. Identify human, natural, and economic risks and explore strategies to mitigate them effectively.

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Protect Your Business from Various Risks

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  1. Chapter 7 Lesson 7.3PROTECT YOUR BUSINESS • Categorize business risk. • Identify security precautions to protect your business from different types of theft. GOALS

  2. Chapter 7 7.3 Protect Your Business As an independent business person, you will face many risks. Security precautions are the steps you take to protect yourself against different types of risks.

  3. Chapter 7 Group Activity: Think of examples for each type of BUSINESS RISK • Human risks- those caused by the actions of employees and customers • Natural risks • Economic risks

  4. Chapter 7 Categories of BUSINESS RISK • Human risks- those caused by the actions of employees and customers • Shoplifting, employee theft, credit card fraud, bounced checks, robbery • Natural risks • Storms, fires, floods, earthquakes • Economic risks • Competition, shifts in population, government regulations

  5. Chapter 7 SHOPLIFTING • Shoplifting is the act of knowingly taking items from a business without paying. • Customers shoplift millions of dollars in merchandise every year. • http://www.youtube.com/watch?v=lxjL_vooqxg

  6. Chapter 7 EMPLOYEE THEFT Procedures for preventing and detecting employee theft include: • Prevent dishonest employees from joining your company. • Install surveillance systems. • Establish a tough company policy regarding employee theft. • Be on the lookout. http://www.youtube.com/watch?v=VrARLen4hIk

  7. Chapter 7 Group Activity: Think of 5 Ways to keep dishonest employees from being hired • Screen job applicants carefully • Verify educational credentials • Verify work experience • Talk to references • Criminal background check • Driver’s license reports • Civil court records • Credit reports

  8. Chapter 7 Group Activity: Think of 5 Ways to be on the lookout for dishonest employees • Watch for cash discrepancies • Watch for missing merchandise • Watch for missing supplies • Vehicles parked too close to loading areas

  9. Chapter 7 More… • Employees who seem to work odd hours, perform poorly, complain unreasonably • Make inquiries if an employee has an unexplained close relationship with a supplier or a customer • Make inquiries if an employee has a personal lifestyle that seems inconsistent with his salary

  10. Chapter 7 OTHER TYPES OF THEFT • Robbery • Credit card fraud • Bounced checks • http://www.youtube.com/watch?v=j0XJ2EuL4E0

  11. Chapter 7 Group Activity: Think of 5 Ways to Prevent Robbery • Choose a safe location for your business • Install dead-bolt locks • Install burglar alarms • Keep a small amount of cash in register • Use surveillance cameras

  12. Chapter 7 Credit Card Fraud • If someone uses a stolen credit card, the business may not be able to collect the money

  13. Chapter 7 Bounced Checks • A check that is written when there isn’t enough money in the account to cover it. • You could charge a fee for any returned checks. • Ask for identification • Maybe not accept checks at all

  14. Chapter 7 Individual Book Work • Pg. 175 (skip #5)

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