Managing Inventory
“We can’t keep doing this. We know we should be bar coding”. Pawn shop owners often justify not doing things right from the get-go and ultimately regret it. Short-minded pawnbrokers commonly find themselves sitting on inventory longer than necessary and losing the opportunity to have more cash working for them.
Many pawn shops have lost substantial opportunities by not fully implementing technology to manage their inventories. Often pawnbrokers separate inventory items and list them for auction losing the opportunity to sell it faster at the counter. Amidst the chaos that has evolved with growing business they have created environments where employees or customers can take advantage of them.
The ramifications of operating a business without properly using technology can result in the loss of hundreds of thousands of dollars a year. It impacts every aspect of a pawn operation and too often shackles the owner to micromanagement practices, therefore causing a loss of time to manage their business to new levels of success and profitability.
| Customer Fraud | Employee Embezzlement | Managing Inventory | Growing Pains | Multi-Store Management |