In the jewelry industry, keeping track of product is essential. Since most pieces are more costly and require more time to produce relative to other industries, jewelers have a heightened need for accurate inventory and product information.
How Valuable is Your (and Your Employees’) Time?
For a busy pawnshop, the speed at the counter directly translates to dollars earned. Customers expect to walk in with an item of value and walk out with cash in the absolute minimum amount of time. The faster the shop can write loans, take payments and make sales, the more customers they will be able to serve per day.
Lately, it seems like pawn software companies have been putting hurdles in place to slow you and your employees down when writing a loan only to benefit themselves. They make you enter information for items that isn’t needed. You have to describe every item as if it is expected to default and be posted to an online auction. (more…)
Markets for gold and silver are crazy
Markets for gold and silver are crazy as of late. $25 x 2 day swings up and down. As I’ve said before, it’s like an elevator but there is no “definitely”… Especially when you’re ready to settle a lot or hedge when shipping.
Keep an eye on the US dollar, stock markets, job markets, fed talks (interest), President Trump, Democratic Party, unruly activity both overseas and in the US. They will all have an impact on where metals will move — up, down or remain flat. It’s a Friday, as I’m writing this and markets are up $5 – used to be a “profit taking day” for traders for their weekend ca$h. It doesn’t roll like that any longer.
Inventory Turns Explained
When viewing the Inventory Turns and Inventory Yield in the Management Dashboard Report, it is very important to note the use of the word “Annualized”.
There are multiple methods for calculating turns that are acceptable for accounting. Two of the most common are Sales Divided by Average Inventory and COGS Divided by Average Inventory. (more…)
5 Helpful Hints for Pawnbrokers – Volume 4
You’re Invited! Beyond the Shop – Simple Steps to Success
Join us at the NPA Pawn Expo for our presentation offering you ideas you can take back and use in your shop right away — most of which WON’T COST YOU ANYTHING!
What’s Your Favorite PawnMaster Feature? Richard Lutz
5 Helpful Hints for Pawnbrokers – Volume 3
Tech Support Your Way
Here at Data Age we have a true understanding of what it means to be in need of help. We know the struggles that the shop owners and employees are going through on a day to day basis, so we make ourselves available to any and all questions or concerns. We’ve found that limiting ourselves to only one form of support just doesn’t allow us to reach every shop… For that reason we have multiple avenues to get your issues or questions handled.
Understanding Firearms Liabilities in Your Pawn Shop
Today I would like to discuss the topic of firearms and the types of liability that firearms create for you and your business. Many of our Pawnbrokers who deal in firearms and ammunition and or conceal or open carry weapons in their stores must understand the increase in liability it creates when running their business.