Family businesses that manage to survive generation after generation leave not only a family legacy, but also the potential for tremendous wealth. For example, Walmart is presently the largest business in the world in terms of revenue, earning more than $500 billion in 2018. When the founder Sam Walton passed away in 1992, he left his retail empire in the hands of seven heirs.
Art and Sales. Two things I have had always had a natural inclination toward. After years of doing both, I realize the two have more in common than one would think at first. Both of these things require a level of creativity to master: art in a more literal sense of what you create and sales with the way you approach your clients and the deals that are being made. It’s easy to make things black and white but to think outside that box into the grey area is where artists and salespeople alike will experience true success.
According to an analysis by the Economic Policy Institute, the median working-age couple has only saved $5,000 for retirement, and 70% of couples have less than $50,000 saved. Considering retirement can last 30 years or more, having a solid savings plan is crucial to everyone’s well-being and long-term happiness – both yours and your employees.
Growing up in the 80s and being around pawn shops my entire life, I was surrounded by the stigma that the pawn world was ruled by men, and women-owned shops were very rare. Also prevalent was the mentality that the shop will just run and grow by itself. Many of the stores I encountered in those days gave little to no effort in the way of growth strategizing, growth monitoring, or new idea implementation.
- Keep Compliant Using Required Fields: In most areas of the world, collateral lending is highly regulated, and failing to abide by those regulations often results in heavy fines and punitive actions. One of the easiest ways to ensure that your employees are gathering all of the data needed for police reporting is to set required fields so a pawn or buy cannot be completed without all of the required customer and item information.
The first time someone asked me if there was any secret to my success, I thought the question sounded odd. I think that, in itself, is part of the secret to success; being humble. Don’t stay focused on what you’ve accomplished and always look towards achieving that next goal.