I’ve been in the pawn business for over 20 years and you better believe that I’ve seen my fair share of unhappy clients. The first time you’re faced with an upset customer, it’s a lot to take in. Even the most experienced brokers will have their hands full when it comes to a really disgruntled customer who thinks they’re in the right. Throughout my history in this business, I’ve learned a few ways to diffuse a situation and help both the customer and shop owner come out feeling satisfied, reassured, and respected. (more…)
*This post is presented in partnership with SMART Financial Operations LLC
There are a number of reasons to sell a pawn business. Perhaps you’re ready to retire and you don’t have someone to pass it onto, or you’re just ready to move on from the industry but don’t want to see what you’ve built shuttered up and vacant. I’ve been in this business for over 30 years, and have been involved in several hundred purchases and sales of pawn stores, both as the purchaser and the seller. There’s a lot that goes into the sale of a pawn business, and not all of it has to do with numbers. Preparing your shop for sale is a lot like getting a house ready for a showing. The numbers are just a part of the equation, because the details can really make or break a sale.
Text messaging is a great service that you can provide to your customers to help keep them up to date on their loans while providing you the ability to alert them to sales and promotions you’re offering in-store. In order to connect with your customers, they have to opt-in to receive your messages. Watch our Text Messaging: Opt-In Best Practices video below to learn how easy it is to opt customers in to your text messaging promotion programs.
We are consistently coming across shops changing their software vendor for a number of reasons, so we feel it’s important to provide resources to those who are looking to make a switch. When you’re entering into a SaaS agreement for the first time, you may have some questions or concerns. That’s normal. According to CIO Review, “The best means of protecting yourself is to carefully read and understand the terms of the contracts with your data vendors. Often these provisions can be negotiated—for example, you can require that your data to be anonymized when it’s used by the vendor.”
In my previous life as a small business owner, this was always the time of year when I was heads down looking to crank out sales. Having a multiple store chain and selling straight retail, the holidays was where I made my mark. At the time, I didn’t realize that the entire year leading up to the holiday season we were unconsciously making sure that we went the extra yard for our customers. This is always the correct approach when supplying and supporting a large customer base.
I’ve been working with people in some capacity for 27 years, and I always have been and remain a firm believer in the concept of teamwork. Recently in fact I experienced the power of teamwork firsthand here with our own PawnMaster team. The way they came together was nothing short of spectacular and something I’ve never witnessed before, and it’s really galvanized my belief and commitment to the teamwork concept. When you have a great team like we do, you think there’s nothing more they can do that will shock you but man I have to admit, I was wrong in this instance. Let me set the stage for you and share this real-life scenario, which will only reinforce why teamwork is vital to every business.
Time is short and every day matters. Each day is 24 hours that cannot be reclaimed. I believe it is important to take the time to invest in yourself and know where you want to go. Below are a few things I do consistently for my own growth, and believe these are helpful for anyone.
According to my employees, I make crack dip. It’s really nothing crazy and I haven’t had a flavor that was ever considered disagreeable. My secret ingredient supplier is no longer around, so I have had to find alternate resources and blends, but without fail I’m still told that it’s crack dip. So, you’re wondering; how does dip equate to Employee Incentives?
No product or service – or end user – is perfect. This is especially true when it comes to hardware and software. Most entrepreneurial-dominated industries are successful because the people who make up the industry focus on what they do best. In the collateral lending industry, PawnMaster users are heads down with their customers, loaning, buying, and selling. They don’t have the time to focus or be concerned if an issue arises around the technology they depend on to help operate their business. Should they have an issue, they know that they can make a call and get an answer, and never have to worry about getting their vendor on the line to help them.
There are several schools of thought when going to market with software and technology. Many companies pick the market they want to go after. The “upstream” market consists of the larger enterprises and public space. This market, albeit very lucrative, places great strain and demand on a technology company in a host of ways. Specifically, round the clock support, custom development, hyper-specific service level agreements, and of course, special reduced rates. If a technology firm is primarily seeking this kind of business and does not want to scale, the model works-but it is very tedious to sustain. This model can’t sustain the smaller downstream clients because of the lack of resources to succeed at both. Companies who are constantly shifting their focus and toggling from one client model to another are doomed to implode, and the client base on both ends suffer. Not as damaging for the larger customers who may have the resources to go out and build custom software for themselves, but for smaller customers these events can be catastrophic.