The Magic Key to Success
I feel like all pawnbrokers want the "key to success" and want to be told what exactly they need to do in order to succeed.
Talking to hundreds of pawnbrokers and meeting the most successful ones in the industry, I noticed that there are two things that successful pawnbrokers have or do.
What are those two things?
Those two things are not what you expect: consistency and accountability. These two qualities promote a positive work ethic and create an environment in which people feel comfortable taking risks.
BEING CONSISTENT
A leader who is consistent in their actions and decision-making is someone who employees can trust and respect. It's clear that leadership is essential for any pawnbroker who wants to be successful. But it's not always easy to achieve.
Pawnshops that are consistent in their procedures are the ones that tend to do well. They have a set way of doing things and they stick to it.
They don't change their prices daily or weekly, they don't take items in on a whim, and they don't make promises to customers that they can't keep.
Being consistent shows your customers that you are reliable and trustworthy. It lets them know what to expect from you and your pawnshop.
Consistency is important because it shows your customers that you're reliable and that they can count on you to be there when they need you. It's also important for building trust and creating a loyal customer base.
Many pawnbrokers go to conferences, watch videos, and always looking for the next shiny object. But what's lacking is consistency.
Inconsistency breeds insecurity.
That's something that no one wants in their life, yet so many of us experience it on a daily basis. Whether it's you or a manager changing your minds about a procedure or your partner's inconsistency in respecting your needs, it can be incredibly frustrating. And when it comes to inconsistency, there's no one more prone to it than leaders.
A leader who is inconsistent in their actions and decision-making is someone who employees can't trust or respect. After all, how can you follow someone who can't even follow through on their own promises?
If you're a pawnbroker who wants to be successful, then consistency is key.
There's no confusion or doubt, which creates a sense of security for everyone involved. So if you want to be a successful pawnbroker, start by being a leader that people can trust and respect.
Be consistent in your actions and decisions, and you'll be well on your way to success.
BEING ACCOUNTABLE
We all need someone to be accountable to whether it's a boss, a parent, or a friend.
Pawnbrokers are no different.
We need someone to hold us accountable for our actions. That's why we have laws and regulations in place to make sure pawnbrokers are acting responsibly. But accountability isn't just about following the rules.
It's also about making sure you're doing your best to help your customers. That's why you need to train your team to be knowledgeable about the products they're selling and to provide great customer service.
The most successful pawnbrokers I've met have all had someone they were accountable to. They had someone they could go to when they made a bad decision, when they were feeling down, or when they needed advice. This accountability helped them stay on track and achieve their goals.
Accountability is so crucial especially if you want to grow your pawn business. If you're not accountable to anyone, it's easy to make excuses and put off important tasks. But if you have someone you're accountable to, you're more likely to stay focused and achieve your goals.
So if you're looking for the magic key to success in growing your pawnshop, Accountability and Consistency are two things that can really help you out!
Are you consistent and accountable?
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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