The Importance of Compliance

Looking into a dictionary, one can find that the word“compliance” means that an individual or a group conforms with or obeys a set of rules or regulations determined by the law or any governing body.

When it comes to a business and corporate management, compliance refers to the company obeying all of the legal laws and regulations in regards to how they manage the business, their staff, and their treatment towards their consumers. The concept of compliance is to make sure that corporations act responsibly. So why is this important in a business?

Listed below are the benefits the concept of compliance brings into any business.

Avoidance of Criminal Charges

This is, perhaps, the most beneficial importance of compliance in a business. No business wants to face criminal charges for not adhering to the law. There are so many different regulations and laws in regards to how a business should manage its staff, how stock is handled, how advertising is handled, the rules of engagement when buying and selling, rules on negotiating with customers, on employee salary, safety rules, and so many others..

Building Positive Reputation

The success of your business pretty much depends on its public image. When a company starts facing several court cases, the general public will lose their trust in the company and sales in products and services will eventually drop. Compliance will ensure that a company can uphold a positive image and build consumer trust. This also helps build consumer loyalty, since customers are more likely going to return to a service or product from a company they identify as trustworthy.

 

Compliance is so important, and I want to personally thank everyone at our Money Matters location for working so diligently on the compliance training that has been assigned so far.  You truly are making strides to ensure that we are a world class corporation.  Keep up the good work!

LaTessa

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A Few Quotes For Friday

Good listeners generally make more sales than good talkers. – B.C. Holwick

Minds are like parachutes– they only function when open. – Lord Thomas Dewar

A great man is made up of qualities that meet or make great occasions. –James Russell Lowell

Better to slip with the foot than with the tongue. – English Proverb

The price of wisdom is eternal thought.Frank Birch

Have a great Weekend—Louis

 

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Perseverance

 

Perseverance is a key to success. We all have tough days that we have to push through. I have witnessed a lot of you push through stressful days and wanted to share a few quotes on perseverance.

Perseverance is not a long race; it is many short races one after another.

 ~Walter Elliott

Don’t be afraid to give your best to what seemingly are small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones will tend to take care of themselves.

~Dale Carnegie

Perseverance is the hard work you do after you get tired of doing the hard work you already did.

~Newt Gingrich

 

Have a great day!

Will

 

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The Roller-Coaster Ride of a Loan

As all of you know each time of the year presents different challenges in our stores.

January – March – it’s all about pay outs

April – June – it’s all about growth and control

July – August – it is all about collections

September – December – it’s all about growth

With collections becoming the focal point in the next few months, I thought I would share some points on collections.

1 What determines the success of Collections is our relationship with the customer.

2. When do collections begin? It begins the second the customer walks in our door.

3. What are the two most important up-front tools we have to help us collect?  a) A complete application.  b) A strong loan closing.

4. Courtesy calls – It reminds the customer of their obligation, it increases the number of customers paying on time, it identifies disconnected phone numbers.

5. Payment in full – Always start with payment in full. Set the expectation and hold customers accountable.

6. Who is in control of the conversation when making a collections call? The person asking the questions.

7. Positives on a collection call. When a customer is called about a debt, they are automatically defensive. The best approach is to defuse the situation and turn it into a positive.

  • Let the customer know we are here to help them.
  • Find out what happened that caused them not to pay.
  •  Let them know we want to help them find a solution.
  • In most cases we want to be able to keep them as a customer, remind them that if they pay their debt we will be glad to re-loan them. We want our customer to know, we want them to always have a place to turn when they need extra cash.
  • Let the customer know as long as they are in debt they can’t be our customer, and we want them as our customer.

Each day have a plan, have a focus and have a goal. What you do each day will determine your success. Make each day count. Happy collecting!

Tommy

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Congratulations!

kitt doing talent

 

Lynn Johnson who works in our Auction office has a very talented grandaughter Kitt Plunkett.  Kitt represented Itawamba County this past week and weekend in the Outstanding Teen Pageant in Vicksburg.  We are very proud of Kitt and her accomplishments and we know her MiMi is too!   – Luke

Balance, peace and joy are the fruit of a successful life.  It starts with recognizing your talents and finding ways to serve others by using them. – Thomas Kinkade

 

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Pride

pride

/prīd/

noun

A feeling or deep pleasure or satisfaction derived from one’s own achievements, the achievements of those with whom one is closely associated.

A couple of weeks ago I went to the Fayette office to do an audit and I was so impressed.  I could tell that Christie and Susan try their best to make sure that all our values from our Vision and Values statements are met, and it definitely shows.  But I also noticed that they had something that makes them extra special.  Pride….they take such pride in their office, their work, their customers, and everything they do.  These ladies and the pride they take in their work should inspire us all.

 The only lifelong, reliable motivations are those that come from within, and one of the strongest of those is the joy and pride that grow from within, and one of the strongest of those is the joy and pride that grow from knowing that you’ve just done something as well as you can do it.-Lloyd Dobens

Keep up the great work Christie and Susan!

Have a great Tuesday! LaTessa

 

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Summer Outing

photo1 photo3 photo4 photo5Our summer outing to Six Flags was a huge success!! Everyone had a blast and the weather was perfect. A HUGE thank you to Luke for giving us the opportunity to go!!

Have a great day! Meredith

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GOOD LUCK!!!

I would like to say “Good Luck” to Robb LeBlanc and the gang at Choice Pawn on their grand opening today, but I know you all have put in the time and the effort it takes to be successful. Great job on putting together and mentoring a great team. I look forward to watching your hard work pay off.

-Will

Shallow men believe in luck. Strong men believe in cause and effect.

-Ralph Waldo Emerson

 

Diligence is the mother of good luck.

-Benjamin Franklin

 

Inspiration is one thing and you can’t control it, but hard work is what keeps the ship moving. Good luck means, work hard. Keep up the good work.

-Kevin Eubanks

 

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Capping Off a Great Month

Saturday marked the end to a very successful month for Montgomery Enterprises.

First, Money Matters finished last week with impressive numbers compared to budget.  Overall, our revenues were well ahead of budget.  Way to go!

Secondly, Approved Auto was successful in hitting monthly goals and actually sold a car on Saturday to put them at their sales goal for the month.  Thanks for making it happen Approved Team!

Also, Zack and the guys at the shop did a great job this past weekend with the auction.  The auction had a sales goal for the day and we ended up beating it by 15%.  We were extremely pleased with the results of their hard work.

Finally, Saturday marked the first day Choice Pawn was open in the new building. Although we are still in transition from the old building we are on course to be ready for our grand opening this coming Friday.  We expect to have a huge day Friday!

Let’s make June even more successful!!! — Luke

“The successful warrior is the average man, with laser like focus.”  Bruce Lee

Choice Pawn on Saturday Morning
Choice Pawn on Saturday Morning

 

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Coming Together

ChoiceFul

 

 

 

The Choice Pawn team has been hard at work in preparation for the Grand Re-opening of the Fulton location for Friday June 6.  The soft opening will be tomorrow in order to take advantage of the auction crowd this weekend.

At Choice Pawn we have formed an absolutely dynamic team that we expect to do great things.  The Choice Pawn experience will be like no other in the industry.

Good luck to the crew at Choice Pawn as they begin operations in the new location! — Luke

Unity is strength. . . when there is teamwork and collaboration, wonderful things can be achieved.” Mattie Stepanek

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