Music Retail

George Hines, owner of George's Music Stores, Inc., provides valuable tips and insights through these sales training materials, videos and course.  Website: http://www.georgesmusic.com/  The course is structured to allow you to start and stop as needed, and to easily get back to the area of interest. The course index below shows the topics in each chapter.

File Attachments: 

daily_journal_SAMPLE.pdf

From the 2008 NAMM Show, George Hines reveals his tips to increase profitability for music retailers. 

Fred Bramante from Daddy's Junky Music Stores, Inc., tells the story of how Daddy's began to implement their sales training program.  Daddy's stores are located in Connecticut, Maine, New Hampshire, Massachusetts, New York, Rhode Island and Vermont.

Website:  www.daddys.com

Welcome to the Financial Management for Music Stores course.  Join Alan Friedman, Friedman, Kannenberg & Co. PC, as he covers the essential financial tools and ways to manage your retail store's finances and increase your financial ease of doing business. 

Once you've completed the course, you can take a brief online test (that includes videos and training materials) to receive a Certificate of Completion. 

Welcome to NAMM’s Financial Management web resource.  This site is intended to provide you with an online educational resource for “best practices” in the fiscal management of a retail music store. 

A variety of key financial topics will be addressed, with more to be added over time. These topics will be categorized under the following major financial areas of store operations: 

Alan Friedman talks about today's competitive marketplace, and why it’s imperative for music store owners to be able to generate, understand and act upon key financial reports, often on a daily basis.   While generating sales and other revenues is “mission one” for most retailers, proper fiscal management is a close second in terms of the most important activities for any music store.   

Why is inventory management important?  Like all other business owners, executives and managers, music retailers have the inherent responsibility of carefully managing operating revenues, expenses and cash expenditures in an effort to preserve and maintain cash flow. But music retailers have the additional responsibility of managing inventory levels—the largest ongoing cash expenditure of any typical retailing business.

How much inventory should I be buying for a store the size of mine?  Buying inventory is easy—buying the right amount of inventory at the right time is a bigger challenge. It’s no secret that retailers in the music products industry often suffer from having too much inventory on hand. There a variety of reasons for this situation, ranging from the vast number of stock keeping units (SKUs), to vendor purchase requirements for coveted product lines. But most high inventory levels result from both a retailer’s love of product and a lack of understanding of the key tools and measurements used in effective inventory management.