In this post, I want to talk about PawnMaster's “Price Guide”. You and your employees see it every day but have you clicked on it?
Does your shop carry any accessory items to upsell and complement other items in your shop? You know, things like alkaline batteries, phone chargers, guitar strings or ammunition? If you do then I hope you utilize PawnMaster to set reorder levels on those items by entering a max quantity of at least 1 or more. When you do this regularly, you can run Inventory report #4 “Inventory Re-orders-Primary Vendor” and know what needs to be ordered. Easy!
BONUS TIP: Those accessory items also have UPC barcodes printed on the packaging. PawnMaster cross-references those UPCs on the sales screen if you entered it when the item was added to your inventory. In other words, you don’t need to print labels for items that you sell that have preprinted barcodes on them.
PawnMaster has a tool that helps pawnbrokers get the most from their customer data called the Customer Snapshot, that little box on the right of the New Pawn screen that is displayed after selecting a customer. It lists the number of active loans, number of redeemed and defaulted loans, as well as the number of buys, redemption ratio, return ratio and total sales in dollars. This is important information. This is a quick-glance record of how your customers are treating you.
In my next post, you'll read about the Seven Habits of a Successful Pawnbroker. One of those habits is the effective use of the PawnMaster data. The first item I want to drill down on is running the Aged Inventory Report. This should be done at least quarterly, if not monthly. To view, this report, go to Reports and select the Inventory category. Select report #1, “Items in Inventory” and click print. On the first filter select “Aged Inventory”, on the second filter choose all items or select an item type to display. Generally, on the next filter, it is preferred not to include “Bulk Items”. Now enter your start and end days, such as 365 and 730, to display items in the shop more than one year but less than two.
Ted Lowenthal, Casa Grande Jewelry & Pawn
Ted Lowenthal has been using PawnMaster since 2009 and can’t imagine his business without it. Whether he’s tracking employee performance or firearm sales, Ted’s able to use PawnMaster’s powerful reporting capabilities to keep eyes on everything in his store. Ted knows that if he needs assistance, PawnMaster’s knowledgeable tech support team is available to help.
I’ve seen it more times than I care to remember—a room filled with pawnbrokers, and the question gets asked, “How many of you do regular inventory audits?” Only a few will raise their hands. Sadly, fewer yet will attest to using inventory reports generated by their software to MANAGE their inventory. It's safe to say that if someone wanted to increase their cash flow quickly, it would be done on the inventory and sales side of the business. Let’s face it; nothing is going to instantly change the amount of cash coming in from service charge payments and redemptions. Sure, there are long term strategies that can increase those but creating that buying frenzy and getting merchandise off the shelf quicker is the key to making quick cash!