Sad to Hear These Types of Things from a Pawnbroker
It's no secret that pawnbrokers have a lot on their plate. Between dealing with customers, handling inventory, and managing the books, there's a lot to keep track of.
And unfortunately, one of the main sources of stress for pawnbrokers is the constant flow of negative feedback they receive from customers. But pawnbrokers can take steps to improve their business by learning how to deal with this type of stress in a healthy way.
In this blog post, we'll discuss the key to improving your pawn business and mitigating the main source of stress for pawnbrokers.
l had an amazing conversation with a pawnbroker who said, "Hey, let's get on a phone call. Let's talk."
We talked about how they've been in the pawn business for a long time - twenty-plus years, multiple locations, but they're so lost at the moment, even though they've joined many Facebook groups.
There's a lot of free information, but it's not the right information.
As we dove deeper into what was going on with life, you know, the biggest concern and comment I heard is that pawnbrokers have so much stress. And that pawnbrokers are so overwhelmed with the business, the marketing, and the strategy that they don't know where to go from here.
What's next? What to do? How can I do anything else?
So we talked about it and realized that when you have a plan in place, you can structure your leadership, marketing, and strategy and get a clear vision of where to go next. You get a clear vision of the path to take on how to grow your business.
Now, why is culture important in the pawn shop?
The culture is crucial, since you won't be able to achieve the goals that you want if you don't have a strong team culture. Allow me to give you an example of how important culture is in running a business.
So I took my wife's car this morning to go get serviced. As I dropped off the car, the guy looking up at the car was like, "Seriously," he said, "You have seven recalls! I've never seen this. This is insanity. I can't believe it!"
All I wanted to do was return my vehicle because of the way he scared me. You can tell in his eyes that he wasn't happy with where he was working because if he had seen the seven recalls, he would've said, "Hey, sir, you know, we've got a couple of recalls on here, but don't worry. We will get this fixed right for you. Thank you so much for bringing it in. Thank you so much for trusting Honda with your service."
I would have been calm, but I'm now freaked out about what more recalls might occur. And I'd think, "Is the car still safe to drive?" "My wife drives it. My two kids are in there."
It's not only about how workers react to one another. Culture is also about how your clients interact with them.
So what's the key to pawn shop success?
The key is having a plan, focusing on your team culture, and being willing to change things. If you're feeling overwhelmed, it's time to take a step back and analyze your business.
See what you can do to improve your pawn business!
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The bestselling book Pawn Profit Pillars gives out the RIGHT information in a systematic way. It covers leadership, marketing strategy, and epic customer experience. You can order your copy today at www.pawnprofitpillars.com
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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