As evidenced by the fact that you are reading this, you are not the average pawnbroker. You are making an effort to improve yourself and your business.
These are the three tips I have for you today:
- Running a report will never cause harm. Don’t be afraid to look at a new report each day. You never know when you will find something useful to you. PawnMaster has hundreds of reports and many reports have variations on how they can be run. Try running the Inventory report #1 and select “Old Inventory” then run the same report and select “Aged Inventory” the difference is minor, but there is a difference and you might prefer one over the other.
- Keep in mind that some states have compliance needs that are provided in a state specific report. Just because it is called the “Illinois” report for example, doesn’t mean the information isn’t of use. Keep in mind it is your shop and your data, getting the information is what counts here.
- Also keep in mind some PawnMaster reports are “Live” and can not be back-dated, and PawnMaster is “Cash based” accounting reports, not “Accrual” based.
- Organization is the hallmark of a good pawnshop. If an employee can’t find the collateral for a customer picking up their loan, that customer is unlikely to return. Using the BIN feature makes it possible to go directly to the shelf where the item is. It allows the shop to perform case counts for jewelry and guns. And it allows for faster more accurate annual inventory audits.
- Have written policies and procedures for everything you do. Even if you run the shop alone. If a family member needs to take over for you in the event of an accident, they need a guide to help them take over for you. The written procedures should cover steps to open, close and every situation in between. Include policies on anti-money laundering, police confiscations, all the way down to how to answer the phone.
