From the outside looking in, loss prevention programs for waste management seem like a low priority. But your facility is at risk of break-ins for appliances and electronics. Losing track of regulated waste loads can lead to failed audits and penalties for your organization. Even customers who are a bad fit for your organization can lead to loss through late payments and volatile demand. But if your company doesn’t have an effective waste management business risk mitigation process, your team won’t see those threats—let alone be able to stop them.
Learn more about why you need to make a loss prevention program for your waste management organization a bigger priority in 2023. By the end of this article, you will also know three elements to include for a solid foundation of risk mitigation for your business.
Why Every Waste Management Business Needs an Effective Loss Prevention Program
The profit margin for waste companies varies, with some enterprise organizations achieving margins of 11.42%. But to achieve those wins, your organization needs a loss prevention program. That requires data and risk mitigation processes. Loss prevention programs for waste management offer:
- Data about loads and losses (on a weekly, quarterly, or annual basis)
- Insights about potential costs for different types of loss
- Key areas where you need to act
- Metrics regarding the effectiveness of your new programs
3 Key Components of Loss Prevention Programs for Waste Management
As you roll out your first loss prevention program or revise your existing one, make sure you have these three components:
Risk Assessments
These assessments can identify which prospective and existing customers present the most risk, which types of waste or operations are the most volatile, and the aspects of your operations are most vulnerable to loss.
Safety Audits
Safety audits protect your business by helping you identify where safety needs to be improved. Regularly undergoing safety audits can help you pass industry-wide standards, reduce the risk of injuries, and keep your employees safe.
Incident Response Planning
Even with the best programs, things can go wrong. Build out your legal, logistical, and public responses for common incidents so your team can immediately react to events the right way.
Protect Your Organization With Loss Prevention Programs for Waste Management
Loss prevention programs protect your company by reducing the risk—and impact—of loss and unsafe incidents. Contact us today to start building a better loss prevention program.
