If you have not read the book Good To Great by Jim Collins you really should. The author speaks about how companies and people go from good to becoming great. One of the principals discussed is the Hedgehog principal. A Hedgehog is a very defensive critter. It does not employ offense and when threatened it rolls itself up in a ball and becomes impenetrable. This critter is the best at the world at this defense. In sales and as a company, before you move on to something else, make sure there is something you do great. Master this one great thing you do.
Save more, make more.
What is inventory turnover?
Inventory turnover is a measurement of how many times the retail inventory is sold during a twelve-month period.
While total store turn rates are important to know, turn rates are much more meaningful when viewed at the classification level.
Each year pawn shops can expect a spike in sales from Thanksgiving Day and throughout the Christmas season. This is a special time of year indeed, as item and jewelry sales spike on any given day as bargain hunters are out to fulfill their holiday obligations. Are you okay with the status quo or are you looking at last years’ numbers and trying to blow the doors off of them? This is a unique time of year to pull out all the stops; the choice is yours. Shops can generally see upwards of 30% of their total annual sales revenue during the holiday season each year. Do you have the data points available to you to capitalize on this unique opportunity that you have in front of you? Here are a few things to think about as you ramp up for this holiday season.
It is always a great pleasure for me to spend time with our clients. I have such respect for the operators in this industry and it brings me great pleasure in seeing them succeed. Today I had the pleasure of spending hours with one of our long time clients Gina & Josh Barkan. Gina and Josh have been using PawnMaster for 15 years. These guys are hard workers and they pride themselves on good business. Services and relationships is the name of their game and you can see this by the amount of traffic that comes through there doors. There shop is well received by the community. I enjoyed speaking with their team and getting valuable feedback from the trenches, which we always use to make ourselves better. I want to personally commend Gina & Josh with a Bravo! I also want to thank the entire PawnMaster family for their continued support. Twenty seven years of experience with almost three thousand clients that continually help us stay innovative. While so many other vendors struggle to attain long term growth, we pride ourselves on loyalty and history.
With all the unfortunate school shootings and other events that have prompted congress to push stronger legislation on gun control, this article shows how that has created a huge spike in firearm sales in the last few months. For those of you who sell guns at your stores, have you seen a spike in sales as a result of articles like this and other things you have been hearing on the news? PawnMaster pawn software does a great job of helping you stay compliant with our gun log and police reporting functionality. If you would like to know more about how we can help your store call us now 888-949-7296 or leave us a comment below. We would love to hear your comments or concerns.
Because we all use bar codes in our daily routine, we wanted to share this cool,yet informative infographic about the history of the barcode that is now turning 60. As you know PawnMaster uses several different types of barcode scanners that help you manage your inventory. Happy Anniversary Bar code! Today is the 60th Anniversary of the barcode; and if you’re interested in learning more fun facts like the ones above as well as how the barcode came to be, its practical uses, and how industries have implemented the technology today, check out the infographic below.
It's that time of year where things get bananas around the shop and the exchange of money really starts to flow. Will you, or are you ready as the influx of people start showing up ready to pawn, buy, or sell their items? PawnMaster can help you be that extra clerk, manager, or set of eyes you need when things get chaotic. Think of PawnMaster as your must trusted employee that always has your back! As we come into the heart of the holiday season, we are here to support you with any and all of your hardware and software needs. Feel free to contact one of our industry specialists for assistance 888-949-7296. Here is a great article we found about the upcoming holiday season.
Everyday we face challenges, whether they are training new employees, managing inventory, or unplanned circumstances. When life throws you a curve ball wouldn't it be nice to know that you have the tools and resources available in your pawn shop software to handle life's daily challenges? PawnMaster is the best employee you will ever hire! PawnMaster is the most robust pawnbroker software on the market with 25 years of industry knowledge and input from pawnbrokers all over the world just like you.
If you have a new employee who is new to the industry and not sure what to offer on various items, the internal price guide will take the guess work out by showing you a high, low and median price over the course of a date range as well as how many are in inventory. Isn't it nice to know that your pawn management software has your back when sometimes aren't sure if the people who work for you do?
Our price guide will help ensure you are only lending money on items you can turn and won't just end up sitting on your shelves along with the other 20 similar items. If you are in the market for a change or exploring what software is right for your company, we encourage you to speak with one of our industry specialists today 888-949-7296.
In one town in Kentucky, city council wants all pawn shops to keep computer records of how they got the items in their stores in an effort to reduce crime.
Have you ever wondered what to expect when going to visit a pawn shop? We do our best to not only educate our Pawnbrokers but we aim to inform the consumers as well. The National Pawnbrokers Association put out a great article below on the 6 Things Everyone Should Know Before Going To A Pawn Shop.