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 t
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.
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:
Bill Mendello is Chairman and CEO of Fender Musical Instruments Corporation. With his depth of experience and unique ability to understand and solve complex issues associated with engineering, manufacturing and finance. Bill has proven to be a universally respected and admired leader of the iconic Fender family.
Henry Juszkeiwicz, CEO of Gibson Guitars, appears as a guest at NAMM U's Breakfast of Champions session, interviewed by NAMM CEO & President Joe Lamond.
Presented By George Hines
From the 2008 NAMM Show, George Hines reveals his tips to increase profitability for music retailers.
During this NAMM U session, financial guru Alan Friedman of Friedman, Kannenberg and Co. revealed the keys to successful inventory management. According to Friedman, it begins with knowing what products to buy and how many to buy. He armed music retailers with a simple and easy formula to do this.
Marty Albertson became Chairman and Chief Executive Officer of Guitar Center, Inc., in 2004. He joined Guitar Center as a salesperson in 1979 and has held various positions of increasing responsibility with Guitar Center since. Marty served first as Advertising Director and in 1984 became National Sales Manager. In 1985, Mr.
Participative Selling for Music Retailers, Part 4: Presenting Products and Creating an Irresistible Choice
Presented By Greg Billings
Now that you have built rapport with your customer and have properly qualified their needs, it’s time to present options—your products and services—offer an irresistible choice and gently guide the customer to a decision.