Presented By Lori Supinie
Do you know what’s profitable at your store and, more importantly, exactly what products and operations are not? Having a hunch doesn’t count. Only when you know where your profits really are can you make the best decisions to maximize your bottom line. Lori Supinie of Senseney Music shows you how to manage your profitability.
A recent news report estimated that the average American household spends about 4 percent of its annual income on gasoline. Plus, most freight shipments that get delivered to our doors arrive in vehicles running on diesel, which is even more expensive. For this reason and many more, we have to keep a close eye on our daily freight costs. Mike Guillot of Mississippi Music shows you how.
Presented By Lori Supinie
As a music store owner, you can’t escape budgeting. At The NAMM Show, Lori Supinie of Senseney Music urged retailers to view their companies’ budgets in a new light. She walked the audience through the essentials of the budgeting process and explained why you need a budget, how to prepare a budget and how you can use your budget throughout the year.
What are the warning signs that internal fraud or theft might be occurring at my store? Every year, statistics are compiled about internal fraud and theft that happens in U.S. retail stores—and those statistics are startling:
How do I convince my bank to lend to me? There’s an old saying, “The time to get a banker is when you don’t need one.” That’s because most people wait until there’s a severe cash flow crisis before they contact a banker to obtain a much-needed loan. Unfortunately, a retailer's chances of getting a loan are greatly diminished if the store is unprofitable and losing money. But even the most pro
Watch this video for an easy lesson on creating a budget and steering your music store toward profitability and success.
How much should I be spending on advertising? Advertising is an important expenditure for any retailer. Yet the field is always changing, which requires you to explore and consider new avenues of delivering your message to keep the image associated with your store fresh and to attract the best customers to your store. The good news is that with changing advertising media, some of these new way
How much should I be spending on rent? Everyone knows the old saying about rent and retailing: “It’s all about location, location and location.” As relevant as this statement is today, the Internet has greatly impacted rent expense and has made its measurement somewhat convoluted. Your customers can now research virtually any product they want via the Internet, which leads directly to the key
How much should I be spending on sales salaries? Sales salaries are one of the most debated areas of the retail landscape because different types of music dealers (full-line, combo/MI, school music, keyboard and print only) in different parts of the country find it difficult to determine appropriate compensation for sales staff. It’s not unusual to find salespeople feeling underpaid while the business owner (and many times the accountant) suggests that sales staff are either fairly, or typically, over-compensated.
How should I be reporting all of my store's revenues? “I laid off my repair technician three months ago because money was tight. We’ve been scrambling to catch up with the repairs and now my road rep told me we’ve lost four accounts because our repairs have gotten so bad. What should I do?”