Get Started on Your Business Plan for 2018

| January 4, 2018

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  1. E-Commerce.  My kids have coined the phrase, “If you’re not online, you’ve flatlined.” to describe how their lives are so interwoven with the Internet and social media.  This also describes any pawn shop not utilizing various sales platforms (eBay, Amazon, Craigslist, GunBroker, etc.)  or social media such as Facebook and Twitter for marketing. Remember that rising inventory levels are a negative to the bottom line – its cash you already spent that’s now sitting!  The most active and successful pawnshops are constantly adding items to the Internet for sale.  In the old days when business was slow, my boss would tell me, “Go clean something!”  Now, the motto should be “Go post something!” (more…)

6 Problems Bad Management Can Cause

| December 28, 2017

header-6ProblemsBadManagementCause.pngMaking Employees Fearful

When staff fears management, it makes them unhappy about coming to work. Studies show that happy workers are more productive workers. It also makes them feel like they can’t approach their managers about an issue. This can be dangerous for a company because when that happens, the company cannot address the issue and it may be affecting more than one employee and come back to bite them. 

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Non-Competition Agreements as a Business Strategy

| December 22, 2017

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Why would you not want to protect your legitimate business interests, your intellectual property, your customer relationships, and your customer lists? Protecting your livelihood at all costs should be part of your business strategy.  Think for the future, and solidify the protection of all that you’ve worked for. There is one specific protection I believe is a must in your business, and that is a non-compete agreement. I would be kept up at night if I didn’t use these contracts.  They protect your customer base—the relationships and goodwill developed by an organizationin in terms of customer relations is ultimately what keeps you progressing.

Imagine that you’re a leader in your industry with a great reputation and suddenly, “Poof!” that blue chip list of clients is taken to a competitor by a former manager or employee. Why would you not want to use a non-compete agreement to prevent a former staff member from capitalizing on that goodwill and competing with their original employer? You work for years to build your competitive advantage, and a lot of that could disappear with the termination/resignation of a disgruntled or money-hungry former employee. We believe in this process at Data Age Business Systems. We protect our proprietary software, our intellectual property, and understand that we have a customer list worthy of the blue chip moniker.

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When to go Mobile?

| December 20, 2017

header-WhenToGoMobile.pngThere is an app for this, there is an app for that, there is an app for just about anything you can think of.  So what happens when the demand for something moves so quickly the supply can’t keep up?  No matter what the product is, this will be a problem.  In retail, it may mean that orders are not being filled and customer satisfaction goes down.  In the service industry, customers are having jobs not being done on time.  In Development, it is much worse.  When demand for technology reaches a high level, you get products built quickly and without much thought around security. Unfortunately, that is where the mobile app stands now. (more…)

Fluff or Substance; Which One Do You Want from Your Vendor?

| December 18, 2017

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When it comes down to your business, the answer to this question should be crystal clear. You rely on your vendor to help you operate your business on a day-to-day basis, during business hours and beyond. There should is no room for fluff when it comes to your point-of-sale software, just substance.

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Pay ’em and Play ’em

| December 14, 2017

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As I travel across this country touring pawnshops from coast to coast, the most common challenge facing owners is rising inventory levels.  Their monthly sales are simply not keeping up with the amount of “pulls”, also known as inventory added through forfeited loans and purchases.  The conversation usually begins like this:

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Metal Speaks

| December 13, 2017
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Sometimes we catch it ….. A client calls. Their shipment is prepared and ready to ship to our company. Weights are discussed. Hedge and advances are discussed… All good, right?

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