What are the best loss prevention proactive strategies?

[Stardom22]

Every entrepreneur gas their own strategies for prevention of the losses in the businesses. So what are the most effective loss prevention strategies that you use in your business?

 

[eLdavis]

For my business i always ensure that i pay attention to what my clients actually want so i won't do the wrong thing for them.

 

[Augusta]

It is to hire honest people and keep away from uncalculated risk. Taking only risk that would be worthwhile

 

[Nomad]

Reduce your management cost, increase your marketing budget and start marketing aggressively to generate more sales

 

[Springtime]

To prevent loss, while boosting sales through marketing, you should also try to reduce unnecessary costs.

 

[Kross]

You should strive to ensure that the cost of production is reduced. Optimum pricing should be ensured to cut losses.

 

[Augusta]

Sales and more sales. Doing this brings in more profit and even if you experience loss it would work In your favor as it will cover the losses

 

[magnus2022]

Insure your business and insure your business. Therr are different insurance packages one should consider in case of any eventualities! A lot of business crashed due to inability of an entrepreneur to insure the business.

 

[Augusta]

Don't go into a business you don't grab or have the knowledge or expertise for. You need to know that you need the right information to excel