How to Capitalize for the Looming Economy and Pawn
PAWNSHOP CONSULTING SERVICES
Pawnshop Consulting Services and their necessity in this vastly changing landscape in which we live in are more necessary than ever before.
As the founder of the Pawnshop Consulting Group and a second generation pawnbroker, I am proud to be celebrating 50 years in the industry this year (2023).
For better or worse, the industry has transformed itself more in the last 35 years than in it’s 3000+ years of existence.
The Pawn Industry has an ancient and a long history, follow this link for more on that subject:
ANCIENT HISTORY OF PAWN
Surviving in the New Millennium is however becoming far more difficult than in years past.
Public Money showed up in the late 80’s with the advent of large corporate operators, and technology has become most prevalent to compete in today’s highly competitive landscape.
PCG formed 22 years ago this past January in Florida and has serviced more than 500 clients in 40+ countries around the world and remains an industry leader in the space.
I consider it a compliment when you look back and see all of the competitors that you have created and are chomping at the bit for a piece in the industry, and in the consulting space particularly.
Fortunately, the Industry is big enough for many and I have always encouraged clients to utilize consultants on a variety of levels to enhance their business acumen and their business.
TODAYS PAWN ENVIRONMENT
We are witnessing record levels of store closures over the past decade on a world-wide basis and in the USA.
It is estimated more than 5,000 stores have closed in the Philippines in that time and in the USA store counts have dropped more than 2000+ in that time frame as well.
For the USA, some of that is consolidation and some of it is extinction practices that eliminated many, and more are on the horizon.
Failure to adapt and adopt is the biggest killer of businesses in all arenas.
Half of the Fortune 500 companies here 10 years ago, are gone today!
Fifty-two percent of the Fortune 500 companies from the year 2000 are now extinct. That’s not a typo. In less than two decades, more than half of the brands that were on the Fortune 500 list in 2000 no longer exist.
Fifty years ago, the life expectancy of a Fortune 500 brand was 75 years; now it’s less than 15. It has been predicted that an estimated 9,000 companies could find their way on and off the Fortune 500 list over the next six decades.
The Business Apocalypse has caused the demise of many once-thriving corporations. Companies we used to adore like Toys “R” Us, Tower Records, Pets.com, Blockbuster, and Kodak are no more. So what’s causing all this? And how can your company avoid this grave danger? I believe it starts by first accepting the Four Truths of the Business Apocalypse:
1. Companies are perishing at an alarming rate.
2. We are afraid of change.
3. What got you here won’t keep you here.
4. You need time, but you don’t have time.
On top of all of this, the overall Economic Forecast we live in NOW is not good.
ECONOMIC FORECAST IS NOT GOOD
As cited from the IMF – International Monetary Fund, they have this to say about what they see coming right now, see link below:
IBIS World is predicting negative trends for the Pawn industry well beyond 2026, according to this latest update they have released:
PAWNSHOP CONSULTING SERVICES
I may be speaking from a biased position, however, in my view with the critical issues we see our clients struggling with every day, it is more important NOW to really focus on the core business model and enhance on all levels.
Today, Pawnshop Consulting Group boasts a world-wide client base and provides a very robust capacity for support, training, and course corrections for those we serve in the Pawn Industry.
We have the skills, the ability, and the knowledge to assist with high-level consulting / training and support to carry you and your business to whatever levels you may seek.
We have had many clients we have served that over the years, ask themselves after we have worked with them, why did we wait so long?
Consulting Services are just another investment in your business. Are you investing in yours?
On the Business coaching and Consulting, today Pawnshop Consulting Group has expanded well beyond just the consulting side of the business which is very robust.
Post the Pandemic world, Pawnshop Consulting Group and our affiliate partner, Alan Nelson with PawnTrain have created hundreds of levels of online, one on one, coaching and consulting with high-level training.
On the training and support side, we offer those for affordable monthly subscriptions that allow a high degree of support, with flexibility of time and scheduling. .
In the end, we can offer a very robust level of training support, and in a sense, act as the back office for many of our clients while hiring, training, and monitoring all aspects of the operations including the financial indicators.
Of course, we always recommend on site Pawnshop Consulting as it is highly recommended before we begin any ongoing training repetitions and other, we have the complete picture of the operator and the operations in this fashion.
This allows for us to have a full understanding of all aspects of the operation, the operator, and the personnel we may have the opportunity to work with.
What are you waiting for? The call is always free, and WE live to serve.
Pawnshop Consulting Group, LLC.