Try this first
Take the batteries out and then re-install them. Mine was doing that when I put the batteries in the first time. After thinking about it for a bit, I tried taking the batteries out and putting them back in, kinda like I've had to do to my cell phone to get it unscrambled once in awhile. It worked fine after that. Then I took it outside and tested it to make sure it was functioning properly. I found my wife's beacon no problem.
Also, after shutting it off, turn it back on, write down the percent of battery remaining, shut it back off, wait a day, turn it back on and see if the percentage changed. Then you will know the problem has been resolved.