Quantitative Risk Assessment for Retail Business

Retail businesses require a positive image to thrive in the competitive markets.  In order to build a credible and successful business, owners have to prioritize employee and visitor safety and positive in-store experience.  Safety measure and practices must be put in place in order to minimize risks inside an establishment.

 Quantitative risk assessment methods can help owners determine the right course of action in the event of an accident.  A detailed risk assessment informs business owners about prevention methods that will reduce hazards in their store.

Calculating quantitative risks determines the level of loss of real-life scenarios within a building.  The evaluation determines the level of risk through a detailed study of statistics and data to carefully consider probabilities and uncertainties that could happen in a business establishment. 

 Every type of business calculate risks of different hazards.  Most of the time, engineering, science, health, and research companies use quantitative analysis of risk assessments in determining the level of risks.  These companies are required to perform specific methods to ascertain financial, health, environmental, and safety hazards in their establishments.

 Hazards in a retail establishment are not as high-stakes as those in the science and development industries but they have risks nonetheless.  These safety threats can affect profits and should be minimized to promote employee well-being and reduce potential liability costs.   

According the Occupational Safety and Health Administration (OSHA), business owners must conduct their assessment with the following steps:

•  Identify and Classify the Potential Threat

•  Determine Who Might be a Target of the Threat

• Derive Preemptive Measures that Will Minimize the Consequences of the Hazard

• Execute Precautions     

• Review and Update Risk Assessment File on a Continuing Basis

In addition to these steps, a quantitative risk assessment calculates risks by plugging in two components: loss and probability of occurrence into an equation to determine the level of hazard a scenario would have.  After conducting a thorough evaluation of safety issues, owners can take precautions to prevent them from injuring employees and visitors.  Actively minimizing risks should be a priority in any business because of the potential loss of productivity and profit associated with the occurrence of accidents.

 Consumers gauge which stores they patronize by a retailer’s reputation and the customers in-store experience. Businesses should be aware of their brand and presentation so that they would attract clients to their establishment.  Generally, consumers associate a positive experience with good quality.  Creating a positive customer experience is simple.  It requires quality products and services, and clean, safe, and sanitary environments.

 If a store avoids taking the necessary precautions against hazards, their reputations could be tarnished and patrons would avoid purchasing from them.  It is important for a business to be known for the care they give to their clients.  A positive experience builds loyalty.  Loyalty turns into repeat business.  In turn, repeat business transform into profits.  It is more cost effective to retain clients than to spend an exorbitant amount of money in marketing, which may or may not work.

Marketing ploys are all too common and does not guarantee customers.  Instead focusing on a positive brand image, a clean and bright décor, and a clear differentiation against the competition, can make a store profitable. Logo floor mats can help reinforce the business image and provide internal marketing as customers shop.  By purchasing and installing logo floor mats, visitors associate their positive experience with the brand without being too direct or intrusive.  These commercial mats also minimize the risks presented above.  It is a solution that keeps on giving.  Logo mats accomplish safety goals presented by the quantitative risk assessment while serving as a reminder to consumers of the company brand and image.