Presented By Alan Friedman, Bob Popyk
Do you have one too many products celebrating a birthday at your store? Is distressed merchandise choking your inventory? At the 2015 NAMM Show, Bob Popyk, sales expert and Music Trades Magazine columnist, and Alan Friedman, music retail financial guru and partner at Friedman, Kannenberg & Co., teamed up to reveal practical ideas to move obsolete and dated merchandise out the door.
At 2014 Summer NAMM, Robert Christie, owner of A & G Central Music, gave music retailers the straight skinny on repair shop profitability. He focused on the financial side of a successful repair department, how to apply the same sales strategies you use on your sales floor with repairs and how the repair shop interacts with your overall business strategy. “All of these contacts we have with the customers are an opportunity to sell our repair shop,” Christie said.
Presented By Jeff Ponte
The school year is drawing to a close. If you have kids, you’re probably planning for their summer activities. But have you looked further into the future—to the day when your kids say “goodbye” to home and “hello” to the college dorm? And when that day arrives, will you be financially prepared to pay for their higher education?
Whether the economy is strong or sluggish, it’s wise to keep a fiscal tight rein on your business. This will protect you during downturns and maximize your profitability in more stable times. Establishing a fiscally sound operation requires simple and long-term changes, but rest assured: There are steps you can take today to get started. Tracy Leenman of Musical Innovations shows you how.
Presented By Lori Supinie
Just as you can’t build a house without a plan, you can’t build a profitable music retail operation without a roadmap. Lori Supinie, president of Senseney Music in Wichita, Kan., offers her 10 best "do's" for stress-free financial operations. Use this as a checklist to keep your music retail business in the black, create a fiscally minded staff and prevent employee theft.
Presented By John DelGrego
Many business owners have an inflated sense of what their companies are worth. If you want to increase the value of your music store, you need to boost your bottom line. Identifying and exploiting your company's value drivers will result in improved operations and greater profitability. Business valuation expert John DelGrego shows how.
Presented By Cris Behrens
Key financial strategies from "40 Tips for Music Professionals 40 and Under"—a NAMM U session presented at The NAMM Show 2013. The session was hosted by CJ Averwater (pictured), Cris Behrens and Ryan West of NAMM YP (Young Professionals). Use this as a checklist, and share it with your employees.
Presented By Jeff Ponte
If you own a music retail business, you may well follow a do-it-now philosophy—which is, of course, necessary to keep things running. Still, you also need to think about tomorrow, which means you’ll want to take action on your own retirement and business succession plans. Jeff Ponte of Edward Jones looks at your options.
To attract customers, your store should be filled with cool products that customers want and need. But finding out what customers want can be daunting. Leslie Faltin of Instrumental Music Center explores three questions to ask yourself before committing to a purchase order.
Presented By Donovan Bankhead
One of the biggest problems most music retailers face is inventory. They have too many products that aren’t moving and not enough products that are. This can be fixed by avoiding a few key pitfalls and identifying the winners and losers in your store. Learn how from Donovan Bankhead of Springfield Music.