1st Batch on Gadget Appraisal Training

1st Batch Gadget Appraisal TrainingCONGRATULATIONS  – MIMPSS – 1st Batch Graduates for Gadget Appraisal Training!

1) Mr. Lino Naguit – Sta. Monica Pawnshop, Inc. (San Fernando Pampanga)

2) Monette Mangulabnan – Sta. Monica Pawnshop, Inc. (San Fernando Pampanga)

3) Gretchen Pagcu  –  Sta. Monica Pawnshop, Inc. (San Fernando Pampanga)

4) Helen Romero –   HTR Pawnshop (FloridaBlanca, San Fernando Pampanga)

5) Angielet Tolentino  –  Rural Bank Luisiana

6) GlaizT. Balahadia – Rural Bank Luisiana

7) Maurine P. Villamor – Rural Bank Luisiana

Pawnshops need to be proactive about raising productivity and their employee’s skills

A lunch break at the training session for JPA Pawnshop in Tarlac Province

Last week I posted on a report in the Philippine Star that highlighted the mismatch of skills of the unemployed and the skills needed to fill the new jobs the economy is producing.  In the story, Labor Secretary Rosalinda Baldoz characterized the situation like this: “Jobseekers have difficulty finding jobs because they possess skills that are not needed by companies.”

(Click here to learn more about the Philippine Star story.)

In my earlier post I said that this dilemma may have brought Philippine pawnshops to a crossroad. Pawnshops in the Philippines are growing and while there is a high unemployment rate the simple fact is the skills needed to fill positions in the growing pawnshop industry are unlikely to be found in the ranks of the unemployed.

So where will the worker come from to fill the news jobs.It is easy to suppose that pawnshops can lure employees away from each other but that does not address the basic imbalance that there are more jobs in the pawnshop industry than qualified applicants.One solution to the problem is application of technology within pawnshops in order to run a more efficient operation. Technology is always going to be a part of the solution. In one example computerized software can make an impact on productivity. Another critical example is analytical devices like precious metal testers and diamond that can make assessing quicker and more accurate at the same Time. This type of productivity improvement is always going to be part of the solution.

(Click here to see the MIM Pawnshop Skills and Services “Pawnshop Tool Catalog.)Training the successful JPA graduates

After productivity improvement come the basic skills of the employees themselves. First, when employers add computerization and precious metal testers to businesses employees have to run the computers and the testers.

There will always be a manual component to jewelry assessment. My field experience also tells me there is already a problem with pawnshops using faulty procedures to assess gold and diamond jewelry. This can be disastrous for a pawnshops profit margin. Proper loan values cannot be determined without an accurate assessment.

(Click here to see the MIM Pawnshop Skills and Services Skill Courses.)

In the examples above the skill set of the employees are critical. If a pawnshop industry is going to grow and thrive the problem of skilled employees has to be addressed.

Earlier this week the Wall Street journal published a story that shows this mismatch of skills between the unemployed workers and new economy jobs is not unique to the Philippines. It is also characteristic of the economy in the United States. There are two important aspects to the story that I think are applicable to the Philippine pawnshop industry. It shows that a lack of skilled employees can impact a business’s growth, sales revenue and bottom profits. It also showed what some companies there are doing to overcome the problem.

At Mechanical Devices, which supplies parts for earthmovers and other heavy equipment to manufacturers such as Caterpillar Inc., part owner Mark Sperry says he has been looking for $13-an-hour machinists since early this year. The lack of workers is “the key limitation to the growth of our business and to meeting our customers’ expectations,” says Mr. Sperry. He estimates the company could immediately boost sales by as much as 20% if it could find the 40 workers it needs.

Trips to several job fairs yielded almost nothing, so the company set up a 10-week training program to create its own machinists. Out of the first group of 24 trainees, 16 made it to graduation.

(Click here to learn more about the Wall Street Journal story.)

The first thing to note about the case above is that a lack of skilled employees is costing the company, Mechanical Devices, 20% in sales revenue. I believe it is not going too far to say that could also be the circumstances the Philippine pawnshop industry.

The second thing to note is that the company is now proactively combating its crisis by setting up an in-house training program. That is what I promote and that is what my clients are doing. It may be the only way out of this situation.

If you own a pawnshop, do not be caught short of productivity improvements and skilled employees. Be proactive and solve the crisis before it affects your profit margin. If you are in need of answers contact me and I will work with you to improve your productivity and help you to set-up in-house training programs. My consulting and training programs are the best in the country and are designed to make your pawnshop a success.

The pawnshop industry dilemma: Where will the qualified workers come from to staff a growing business?

A July 14, 2010 story in the Philippine Star story tells us that “at least a million Filipinos have quit looking for work according to Labor Secretary Rosalinda Baldoz, from the Department of Labor and Employment (DOLE).  “Baldoz said jobseekers have difficulty finding jobs because they possess skills that are not needed by companies.” The story also noted,

“At this time, it take months or almost a year for employers to find the right workers to fill in vacancies in their companies and the situation could even get worse unless the mismatch problem is properly addressed,” said Criselda Sy, director of DOLE’s Bureau of Local Employment (BLE). (Click here for the more on the Philippine Star story.)

There lies the dilema of the the pawnshop industry. There is a large pool of unemployed workers available for hire but they do not possess the skills needed for new work. Can a pawnshop owner in need of competent staff afford to wait a year in hopes of finding a qualified appraiser to hire? And due to the fact that pawnshops are one of the few growing enterprises in the Philippines, qualified appraisers may be in high demand and expect higher rates of pay – if they are available at all.

It is very doubtful that a pawnshop owner can wait a year in a growing business atmosphere to hire a needed appraiser. One solution is to try and use equipment such as precious metal testers to take some of the manual work out of the assessing business. (Click here to view the precious metals testers available from MIM Pawnshop Skills and Services Pawnshop Tool Catalog.) Another solution is in-house training. (Click here to view the training courses available from MIM Pawnshop Skills and Services.)

It is clear that assessing gold and diamond jewelry will become ever more important in the world of higher jewelry prices. Precious metals are now at the highest level in a decade and many projections have them going higher for years to come. A pawnshop cannot afford mistakes in jewelry assessments as those mistakes will come right off the bottom line of profits. It is also safe to assume that pawnshops will see more fake items as connivers try to pawn fake gold and jewelry to capitalize on the high prices. The only defense against fake jewelry is proper assessing.

Pawnshops owners may be at a sort of crossroad. Pawnshops require a skill set not easily found in the population of workers.  And even with the high unemployment rate in the Philippines pawnshops may not be able to hire qualified personnel to staff a growing business.

The solution to the problem may be that pawnshops have to take it upon themselves to ensure proper assessing either with tools that lessen the manual labor involved in assessing or with raising their present assessors’ skills. More than  likely pawnshop management will decide that the solution will be a combination of both. One thing for sure is that a pawnshop cannot wait a year or more to find the qualified workers to staff a solidly growing business.

In the Pawnshop Industry Training Is a Must

Pawnshops in the Philippines are still poised for more expansion. This is on top of the very large growth in the pawnshop industry over the last several years.  This is partly because of the demand for financial services that pawnshops provide. Filipinos who do not have access to banks and other lending institutions can go to a pawnshop and receive cash for a hard asset in a few minutes rather than trying to go to the bank for a loan.

This growth in the pawnshop industry represents new jobs, new opportunities and new challenges. For an individual looking to get started in the pawn industry this is an opportunity to get a new profession. For the owners of pawnshops it raises the challenge of making sure that their assessors are properly trained.

Training will be an important component of the pawnshop industry in years to come. An individual that has training will surely be hired to a position before one that doesn’t have training. And an individual will also surely find it easier to move into a higher position if they have the proper training. For pawnshop owners, the challenge is to make sure their staffs are properly trained to avoid costly mistakes

In today’s world, pawnshops see more electronic instruments like cell phones than in the past and less jewelry. Yet the ever rising prices for precious metals make appraisal for gold and silver just as important as it ever was. The last thing a pawnshop needs is a bad appraisal on precious metals.  This is where the training comes in.

Training is the process of developing skills in order to more effectively perform a specific task. It emphasizes achieving a certain level of skill attainment. And the goal of training is to teach someone to be able to successfully perform a procedure such as appraising jewelry for its gold content or appraising a diamond for its karat value.

Of course, training costs money.  And whether it is an individual student or a pawnshop that is paying for a training course there is always a cost benefit analysis to perform. An individual must ask him/herself will this training benefit me and, in the end, will I get more out of it than I put into it? If a pawnshop is thinking of training its staff, they must also determine if the training will add to their profit margin. In other words, no one pays for training just to spend money. There has to be a benefit from it.

First, for an individual looking to get started in a new career, I believe training in pawnshops skills is training in the right industry. The job growth is there to make the training valuable.

Second for an established pawnshop, the growth of the industry and rising precious metals prices make training a must. A pawnshop that makes incorrect appraisals is a pawnshop that won’t be around long.

This is where the training from MIM Pawnshop Skills and Services outperforms its competitors. My training is part lecture but very much a hands-on course that takes the student from the beginning to the end of a procedure. I believe in the hands-on method where the more you practice a skill the better you get at it. Some may believe that is old-fashioned but in my experience it works best. After a hands-on training course the students come away with better skills than an all lecture course.

I go over the material as often as is necessary and I am always there to guide and answer questions. I have been in the pawnshop industry my entire adult life and  I take pride in teaching the procedures that have worked for me throughout my career.  I know these procedures will work for you. Finally, I take the right amount of time on a subject and cover the points necessary to perform proper appraisals of gold and diamonds.

If you are interested in getting into the pawnshop industry, my training will help get you started. If you are an established pawnshop, training your staff with my courses will lead to more accurate appraisals that go to your profit margin.

In either case, don’t hesitate to contact me for details.

MIM Pawnshop Skills and Services Appraisal training courses include but are not limited to:


  • Tools and equipment and the art to use
  • Distinguished the different “ KARAT “ fineness in gold
  • Procedure in testing gold
  • Procedure in appraising gold
  • Formula in computing the conversion of troy ounce into grams
  • The computation of gold volume per karat per gram (loan value /market value)

MIM Pawnshop Skills and Services consulting can make a difference in your pawnshop operations

Through my many years in the pawnshop industry I have been employed at every level of the industry. I have managed inventory, performed appraisals and approved transactions large and small. I am familiar with pawnshop regulation compliance, pawnshop security, pawnshop auctions (I am a certified as a pawnshop auctioneer by the BSP) and pawnshop accounting techniques. It is through this lifelong learning in the pawnshop industry that I am able to offer my services as a pawnshop consultant to those just beginning in the industry or to already established pawnshops. I do this as another aspect of MIM Pawnshop Skills and Services.

To gain a better picture of just what kind of consulting MIM Pawnshop Skills and Services has to offer it is probably best to describe what a consult does. A consultant is usually a person brought in from outside the organization to help solve a problem. A consultant offers insight, advice and experienced based strategies that can help an organization more effectively reach its goals by solving problems.  The goal of my consulting is to solve problems and bring more money to the bottom line of a business.

As a consultant I can provide advice about an aspect of the business to make the organization more effective. For instance, as a consultant to an established pawnshop I can analyze their current strategies and make suggestions for improvements. These suggestions might be to provide more staff training, better accounting methods or more security precautions.

Consulting by MIM Pawnshop Skills and Services can help by offering a set of skills or services that compliment the already established procedures within an established organization.  Or, if opening  a new pawnshop is your goal MIM Pawnshop Skills and Services can help by offering strategies to get you started.

Among the areas of expertise that MIM Pawnshop Skills and Services consulting can help you with are:

1.   Pawnshop Business Management

  • Strategic measures
  • Pawnshop malpractices
  • Pawnshop policies
  • Supervision
  • Physical inventory
  • System on auction sale
  • Accounting system
  • Public relations

2.   Pawnshop Operations

  • BSP registration requirements for new pawnshops.
  • BSP rules and regulations
  • Legal aspects
  • Standard operating procedures ( SOP )
  • Bookkeeping
  • Location
  • Security

If you are in need of experienced pawnshop consulting contact MIM Pawnshop Skills and services. I am here to help you.

A Congratulatory Note

MIM Pawnshop Skills and Services congratulates Rolando Aldana and Alvin Medina upon completion of  MIM’s gold appraisal and diamond appraisal courses this week.

MIM Participates in the Pamilyang OFW-SME Network Foundation, Inc. Job Fair

Empowering the OFW & SME families through Information, Opportunities, and Benefits


Event Sponsor: Pamilyang OFW-SME Network Foundation, Inc.
Event: Pamaskong Handog sa Pamilyang OFWs at MSMEs
Held at: Megatrade 3 , SM Megamall , Mandaluyong City
Date: Dec. 27 & 28 – 2009
Time: 10am – 9pm 

MIM pawnshop Skills and Services was invited to the event by Maricris and Cristine – organizers of the Pamaskong Handog sa Pamilyang OFWs at MSMEs.  I was asked to share with the OFWs and SME families about my knowledge jewelry appraising and pawnshop operations. The foundations main purpose is to help upgrade the knowledge of the OFW families and SME (small and medium entrepreneurs) and encourage entrepreneurs of the community. During my presentation I gave away 10 free certificates for MIM’s  jewelery appraisal courses. 

The event was held last Dec.27 and 28 of 2009 at the Megatrade Hall 3,SM Megamall in Mandaluyong City. The event was set-up with participant’s booths in order for guests to make the rounds round and get brochures from different kinds of businesses that they would like to enter into. There were lots of participants present like COPE (Institute for Career opportunities & Programs for Empowerment, MORINGAlicious, Lins Refilling Station, MT Tutor Online (MTTO), Health Care’s Bio-healthcare, ULTIMA Entrepinoy Forum Center, MIM Pawnshop Skills and Services, and a lot more. Many Philippine newspapers like the Abante Tonite, Abante, Daily Inquirer, Manila Bulletin and more were also there. 

On the morning of the first day, December 27, 2009, my son Mark, his friend  and I set up the MIM pawnshop Skills and Services booth to be ready to distribute MIM’s brochures to interested people. The official event started singing the National Anthem and then the speakers presentations began. After each ones talk a there was a raffle draw from each participants and they are from time to time promote the business of the participants. 

I was the last speaker on Sunday  to my surprise the audience, even after listening to a full day of speakers, was very interested in what I had to say. I displayed to them some of the tools that i had brought and briefly explained some of the procedures I use to certify jewelry. During the talk I gave away 10 free MIM hands-on one- day courses that cover both gold appraisal  and diamond appraisal for which the participants will receive certificates. 

On the second day,  December 28th, I had a lot of interaction at my booth as the event’s participants strolled by. It was a great two days for MIM. I have had a lot of good feedback from the event and made some good contacts and I am excited about the upcoming training for those who won the free courses. 

I would like to thank the Pamilyang OFW-SME Network Foundation,Inc. for inviting me to attend.