Friday, May 20, 2011

Time to change your system - No more reasons why you can't have it all - Bravo has arrived !

I was introduced to this business when I was nine years old. At that moment I knew I would join the three generations before me and become a pawnbroker. I began working alongside my mom and dad, they taught me everything they knew. Cameo Jewelry and Loan was established in 1959. I would head down to the shop every Sunday to learn the ins and outs of the business. My first substantial contribution came about that summer, when I invented a manual loan inventory location process. My parents continued to use “the loan finder” for the next 10 years.

After receiving an accounting and systems degree from Arizona State University I was home-bound for Reno in my ‘72 green and white Capri. My mind was imagining every possible way to improve our store performance. With only 5 employees there were a lot of hats that needed to be worn. In the years that followed and still even today, Pawn Systems became my hands-on directive. It is the essential element that led our company to unparalleled success.

In 1986, an Apple IIe came out of pawn. Thrilled, I hired two customers whom were engineering students at the University Nevada – Reno. They wrote my first computerized inventory system. From that $200.00 program, Tom and Ed started their own company and I became their primary customer.

In 1999, after 2 generations of Pawn operating systems, a complete IT department and a 3 million dollar budget, we launched PRIMA. Pawn – Retail – Internet – Management – Analysis system. PRIMA was the first and is still the ONLY enterprise operating system for Pawn.

On the cusp of an Internet revolution, we knew where we wanted and needed to be. PRIMA’s design enabled us to move forward with both a comprehensive multiple store enterprise and a complete ecommerce solution. Five years later, coupled with a 2 million dollar a year budget, PRIMA became the eminent system. No other operator in the pawn industry has been able to duplicate it.

In 2005, I sold Superpawn to Cash America. Superpawn’s purchase price was unprecedented by every valuation method used. Superpawn’s historic worth was created by PRIMA. The essence of Superpawn culture was the diversity of the people. Our company was comprised of old school pawnbrokers, managers from Fortune 500 companies, graduates from great Universities, and regular hard working people. PRIMA enabled all of these people to each reach the highest level of competency and contribution. I always believed you need to give the best people the best tools – and that’s what we did! Our system’s purpose was 1) make it simple for employees to operate the store 2) enhance the employee’s opportunity to spend more time with the customer. As an operator, I envisioned the system to do the heavy lifting; I wanted my employees always to have the time to make the important investments in taking care of the customer.

In January 2010 a confluence of resources emerged - I got bored and (more importantly) two former engineers became available through the devastation of the current economy. These guys wanted to continue pursuing our dream to deliver a PRIMA “light system” through the web utilizing the latest Microsoft technologies for small companies; offering outstanding value at the lowest cost. And that is what we’ve done with the introduction of Bravo – all of the powerful attributes of PRIMA but for single-store operators. Additionally, we have resurrected the availability of PRIMA for mid-size and large companies. PRIMA is better than the operation systems of Cash America, EZ Corp, and First Financial… COMBINED! Seriously, it really is.

I am ecstatic to introduce our products to you. Together we can do away with the system deficiencies this industry has come to accept-for once and for all!

Wednesday, May 18, 2011

Bravo Update ATF compliance.

Bravo Update ATF compliance

One of Bravo’s key features is its complete administrative and management for firearms.  Bravo’s efficient processes assists store operators complete compliance with minimal effort.  Great News for firearms dealers.

This has been an extraordinary experience.

We decided to introduce Bravo to the ATF offices for a non-official review. 

As one of the prerequisites business owners are obliged to file a variance to use software to assist in the management and record keeping for ATF licensees.  The feedback to software vendors then comes through the businesses second hand.  In order for our customers to avoid this, we decided to make the first move.  A visit with ATF.

We met with a 25 year veteran compliance officer and a senior officer of the ATF.  “ We always said this would be nice if someone could provide this information to us”  This was said with reference in accordance to what the ATF is permitted to see.  “ This would make our jobs easier and our audits more efficient, the store operator should like this”.  More efficient for the ATF means less work for store owners.  Music to my ears, needless to say.

Of course there was one caveat.  My heart started to pound, here comes the F-bomb.  “ We need to see this report, as shown in our regulations, exactly this way “.  Done in 2 weeks (example included) !

After 45 minutes showing the live version of Bravo in their spooky offices.  Which was pretty cool on  many levels.  One of the officers offered to organize a visit to Washington D.C. to meet with the top brass of ATF and show them this system.

Off to Washington D.C. we go.

Bravo Store Systems
The future of Pawn

Sunday, May 1, 2011

Make more profit with less ! Great systems can do this !

It is my personal mission to help business make more profits and become more competitive. 

This article includes 3 key ingredients.  Make more Net Profit with less cash.  Turn your cash faster.  Keeping a close eye on your scrap process

Our competitors are coin , scrap, refiners, buy & sell, and like acquires.  Some of these businesses have regulatory advantages.  The business of Metal exchange (cash for gold) is a line of business and should not be analyzed or viewed as a stand-alone business model.  It is one of the many lines of businesses that a business can add to their other businesses lines like the watch battery business, car stereo, musical instruments and hundreds of other niche opportunities.    

High margin businesses like the Gold exchange business, which is easy to do, attracts competition.  As an example, the payday industry are currently expanding into this business and they will inevitably push the margins down.  

Market competition dictates the margin, and competition will push there competitive advantages in a direction that suits there business model.  It’s just prudent for us to be prepared and get ready for more competition.  Just hope someone like Wal-Mart does not come to the market.

Gold is cash.  It’s the most liquid hard asset we take, which means there is virtually no inventory carry cost.  You can send in the material and receive cash in your account faster than a head of lettuce.

If you run a well-organized business, working on small margin, as low as 3 - 5%,  you could have a pretty nice business model.  The transactions needs to flow with precision and frequency.  We need to build our internal competencies so that we make it hard for others even to think about getting into one of our business lines.

Whether it’s a new metal gun, or a refiner that pays 100% of the metals they refine ( I spoke to a Pawnbroker in Florida that said his refiner keeps his stones and diamonds), or a better process to create operational efficiency (acquiring the items properly at the counter can result in as much as 6% more net profit),  we as an Industry need to be the leader through smart competitive strategy and execution.

The bottom line is the bottom line.  Net Dollars in our pocket.  We can make more if our margins go down. We can make more profit dollars by being more efficient, make less mistakes, and make sure we are getting the highest return from our refiners.  And, if we can increase or maintain our margin forever, even better.

How BRAVO can help you...

I believe that every category of merchandise that we can acquire in our stores are a line of business.   Tools 36% margin, TV’s 30%, Purses 42%, Bikes 52%.  Firearms 26%, as an example.   Bravo Store Systems includes 650 categories with the ability to see margin and turnover at a glimpse by Manufacture and Model.   If high margin categories is your interest, there are many categories that reach up to 80% margin.  Bravo Store Systems also shows by category the dollars that are generated.  So, although you might be making $10,000 on Tools with a 36% margin,  you might be making $30,000.00 on TV’s with a 30% margin. 

With Bravo, now it is easy for Store owners to see the roll up of this activity, down to the specific item, real time, anytime, anywhere.  Bravo is 100% web based. 

The first to sign up get the entire system for $149.00 per month, per store.  I am offering a live web demonstration of Bravo.  Just give me a call.