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:
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.