What is typically the biggest asset in your store? Outside of your loans, it’s your jewelry inventory – yet very little money, time and effort is typically allocated for displaying your jewelry in the most effective manner. You’ve stocked your pawn shop with unique and fashionable jewelry you hope your customers will love. But stocking your store is only part of the equation. To move inventory, you’ll have to display your jewelry in a way that will catch your customer’s eye and show your jewelry in the best light – both literally and figuratively. You want to create a retail jewelry display that will not only attract customers but will keep them coming back for more.
Train your staff! A little help from the coin guy today. Sadly I do see some pawnbrokers who have paid decent money for this stuff which is usually not worth anything over it's face value.
First, what is a hashtag and why should you use it for your business?
I’m sure you’ve seen them. People post a pound sign (#) followed by a bunch of words clumped together, that can sometimes be difficult to read. What you may not know is that those hashtags become links. Click one and you’ll be served a list of posts using that hashtag. This can be great for your business because you can become visible to a potential customer who may not have known your store even existed because they were searching for, for instance, “#NationalPetDay”.
In today’s market, it's safe to say that "One Size Does Not Fit All." Options, personal preferences, and flexibility are essentials that business owners are looking for. They want to operate their business in a manner that is best for them, not their software provider. Owners are not looking to invest in software because their provider spouts off the latest buzz words, rather they prefer stability, reliability, and dependability.
- 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!”
Making 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.
We would like to extend an extra special thank you to our partners and customers who have contributed to our blog this year to help us put out valuable information.
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.