17: Being Resourceful Makes You More Money

March 30, 2018

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Yigal Adato: 00:03 Hey everyone, my name is Yigal Adato and this is the Pawn Leaders Podcast, a podcast to help you make more money, stress less, and live an epic life all while working at the pawn shop.


Yigal Adato: 00:24 Hey pawn family welcome back to another episode of five minute Friday. And today I'm going to talk to you about something that happened in our mastermind group. If you don't know, I run a mastermind group called the Pawn Leaders Mastermind where we get together every single week and we talk about leadership, we talk about goals, we hold each other accountable, and the people in this group are really getting some amazing things done in their business and in their life. And we were talking about not being able to control a situation and we realize that in the conversation sometimes as business owners, sometimes as managers, we're actually comfortable with being uncomfortable. Now let me repeat that because I'm sure that it might sound weird. We're actually comfortable with being uncomfortable. And what I mean by that is that we're running the stores. There's a lot going on and maybe we don't have enough time to put out the jewelry.


Yigal Adato: 01:23 Maybe we don't have enough time to run our own social media ads and it makes us uncomfortable because we know that we're losing sales. We know that we're not marketing as well as we should be, but yet we're sitting here in this comfort, and we're not delegating as leaders. We're not becoming resourceful and finding ways to offload all that stress or offload that noise in order for us to really lead the business. Now, what does resourceful need? Resourceful means being able to solve problems with what you have or finding methods and ways to solve a problem. Looking outside of what you would usually do. That was even hard for me to say. And as we spoke about this in the group, we realize that being able to offload something, and one example was of this was getting a virtual assistant. Another example was hiring edge pneumologist to be able to price jewelry. We realize that because these things weren't done many were leaving a hundred k a year on the table.


Yigal Adato: 02:39 And it's funny because they would leave the hundred k on the table in order not to pay two or $3,000 a month to get something done. Now you do the math. If you were to paid $2,000 a month, let's say $24,000 a year to make an extra hundred k a year, would you do it? Well, I think the obvious answer is yes. Would you hire a virtual assistant that's international and maybe pay them $400 a month or $500 a month to be able to get rid of the noise and do some of the work that you don't want to do so that you can produce more money in the store. I mean, just picture that you hire the VA and now you have more time to be on the floor and all of a sudden you sell a $3,000 ring and you make $1,500 on the ring let's say, so you pay out $500 to the VA and now you've just made an extra thousand dollars because you had the time to do what you needed to do. See, leadership isn't about getting it all done yourself. Leadership is about leading a team that you can delegate the work too. So, you have the time to do what needs to be done, sell more, think about marketing strategies, create a better culture in your stores.


Yigal Adato: 04:03 So, remember to become resourceful. Remember to look outside of the box and say, how can I delegate this work so that I can make more money? How can I delegate this work so that it gets done? Forget, make more money so that it actually gets done. Because if it's not done, it's just going to sit there and collect dust. Like many of the TVs that you have or many of the items in the inventory that you have. So, with that I'll let you go. Thank you so much for listening to another five minute Friday. And remember, if you not in the Pawn Leaders Podcast community on Facebook, please join us. It's an incredible community. People are asking questions, we're learning. Experts are coming in to talk.


Yigal Adato: 04:46 And I look forward to seeing you guys in there and have an
incredible weekend. And I'll talk to you guys soon.


On today’s episode, I share some insights from a recent mastermind discussion. A lot of times as leaders we get comfortable with being uncomfortable. Listen in on this episode as I share some strategies you can implement immediately to stop leaving money on the table.


Yigal Adato

Yigal is a 3rd generation pawn broker, and is now a mentor, coach and educator with the pawnbroking industry.

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