Vernon Stading - Pawnshop Consultant
Vernon Stading- The Perfect Pawnbroker Commission Plan
Vernon Stading, the Founder of Devoted Pawn Consulting, is an expert at helping pawnshops and jewelry stores make more money, grow their loan balances, and increases sales. His Trademarked and famous Pawn Process™ Training allows their average clients to see increases of 30% in loan balances, interest/service charges, and retail sales.
You may be wondering “Why do I even need a commission structure for my team,” or “What is the perfect one for my business model”? This is something that we believe very strongly in and that we want to address here today. In fact, we even talk about this in our Pawn Health Check because we feel it is that important. First let’s start with why do I need a commission plan in the first place.
Why Do I Need a Commission Structure in Place?
According to Forbes and many other studies, employees that receive a performance based commission produce nearly 30% more work, sales or productivity. What would your business be like if your staff produced 30% more? Sold 30% more? Here at Devoted Pawn we believe this impact to be much greater than these studies can ever show because having a commission structure that actually promotes the behavior you need the team to perform and then incentive them when they achieve the results makes the customer service experience even better. It will also lower your turnover and help you attract better talent. This is effective because your team needs to first buy into what you are trying to do, and then must be able to see what is in it for them before they perform the work that is needed to the fullest potential. What could your business look like if your employees sold more, made you more money, were more productive and your turnover was less and allowed you to attract better talent? We help our clients with this all the time and would love to discuss what your perfect commission structure looks like. Contact us for more information. This brings us to the second question, “What is the perfect commission model for my business”? This interactive workshop will help you define and create your own custom commission and bonus plan for your pawnshops!