Every business in America today needs to be more in tune with their key metrics than every before. In fact we have found that the pawn business seems to be far behind many others in the ability to get good reporting and data that is needed. That is why we worked with software companies such as PawnMaster to create custom reporting for pawnbrokers just like you as our customers. A famous pawnbroker in the industry can be quoted as saying “When I got into the business, we could be right 1-2 times out of every 10 transactions and now we need to be right 9 out of 10 to make money!” We agree with this statement but what if you do not know what types of transactions make you the most money or worse yet, the ones that are hurting your business and costing you money. At Devoted Pawn Consulting, we will show you exactly what makes you money, how to ramp that up, and what things are causing a leak in the bucket so that you take your business (and your paycheck) to the next level!
We as a team help you define what key performance indicators you need to know, how to manage and track them, and more importantly we teach you how to use these metrics to understand what is going on in your business; both good and bad. We take those key learnings from the metrics and apply it to the pawnbroker training to make your business more successful. We have been told that our metrics are better, more unique and more accurate than that of even other pawnshop consultants and the best part is that they are Included in all Service Packages and can be an individual service. We believe that you need three types of reports for sure in your business. First, you need a store level metric report that is a snapshot AND a detail report that shows you the health of your business. This will tell you at glance if you are doing well, getting better or getting worse. Next, you will a detailed employee level report that is more detailed than any of the built in employee productivity reports. You need to know exactly who much money your employee is making (or costing you) per hour per week and you can use this to drill down on the findings of the store level report mentioned above. Lastly, you need to have a commission report for your team that only pays if they are making you money. if you are paying out commission on sales items that you lose money on or are discounted too much, it is costing you cash and you are paying a bonus on top of it! Contact us anytime for more information on these metrics or call us with questions at 727-580-5876.