Finance and Business Principles
Video
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:
- Inventory Management
- Financial Accounting and Reporting
- Banking and Financing
- Store Operations
Target Audience
These resources are designed for owners, managers and employees of retail music stores. The materials focus on the basic financial principles you need to understand in order to operate a retail music store successfully.
By reading and applying these principles, you should be able to:
- Understand how to manage inventory effectively
- Correctly report different types of revenue
- Calculate how much to spend on sales salaries, rent and advertising
- Create a budget for your store
- Approach your bank for financing
- Recognize the signs of internal fraud
Again, we welcome you to these financial resources and encourage you to check back often as new topics are added.