Being a consultant for 20 years or longer in some capacity, one thing that I have found is true about every business owner regardless of the industry. That truth is that what they want in regard to changing their business for the better is not usually what is actually needed to make lasting improvements. A perfect example of this would be the one thing that we get the most calls about. We are known for the fact that we create and help implement a custom commission plan for our clients that turn out to be very effective and lucrative for both the staff and ownership. What the callers do not understand is that the commission structure can only come to be after we know the business model perfectly, understand the staff, the business needs, and their goals as well as the level of experience that the team has. None of this can be done without a thorough evaluation or understanding of the business. For this, we use the Pawn Health Check™. This is a highly involved process that covers a lot of ground including hands on training and more. So when we get a caller that says “we do not want your entire consulting package, just give us your commission plan and bonus structure”, what you need to realize is that even if we have done 1,000 consulting clients in the same industry as the caller, the commission plans for each and every single client in those deals are unique to the individual company. You can even read more about that in this related article. Your return on investment, even if we did just give you a known commission plan that we have created for a like business, will never be a fraction as good as if you paid for the entire package. As it relates to the pawn business, here is more reasons why:
In our service packages, we always begin the process with an understanding of the team, their duties, your business model (what interest rate you charge, etc.) and most importantly your key metrics. These cannot be taken into consideration if we just take your money and sell you a commission plan. Next, we dig into their behavior in front of customers. We look at how they deal with them, how they talk to them, the words they use, how they qualify loans, how they price and sell and merchandise and so much more. Then we do hands on training to correct and improve any behavior that we noticed as well as adding our trademarked pawnbroker training. Again, if we just sold you a commission plan without knowing these things, how could it possibly be the “best in the business”? The training has to be tailored to grow the pawn balance in a way that collects more interest and not less. Blowing up the pawn balance without it being good loans does not increase your profit. Likewise, we teach you to sell more and discount less, thus growing your retail profits in two ways. After, and only after this (and many other things that we train on) are we able to begin to craft the perfect commission structure for your pawnshop. This is because the commission and bonus need to be paid if and only if the behavior that we train on translates to improved profits. If we just sold you a canned commission structure without the rest of this trademarked process, it can’t possibly be the best and it will not be the return on investment possible. In summary, we could just take you money and sell you a canned product or an ala carte menu of our services, but we can assure you in most cases, what you need is far more complicated than what you want. Contact us anytime for more information or call us directly at 727-580-5876.
