How much inventory should I be carrying at any point in time? Managing inventory levels is arguably the most difficult challenge for any retailer, music retailer or otherwise. The challe...
In simple terms, "inventory turns" refers to the number of times you sell your entire inventory, in dollars, over a 12-month period. Your inventory turnover is calculated by dividing your...
What is Gross Profit and how much should I be earning? Gross profit is a financial term referring to the direct result of sales performance and impacted by a few different variables. Wh...
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 ...
Why is inventory management important? Like all other business owners, executives and managers, music retailers have the inherent responsibility of carefully managing operating revenues,...
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...
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 mu...
During this NAMM U session, Alan Friedman of Friedman, Kannenberg and Co. revealed the keys to successful inventory management.
According to Friedman, inventory management begins with kno...
